Tuesday, April 19, 2011

Concerned Shareholder Update

We wish to thank our many fellow shareholders that have contacted us with words of encouragement and suggestions regarding our press release in connection with the proposed Plan of Arrangement between Century Mining and White Tiger Gold.

We have been unexpectedly inundated by your emails and messages since our press release dated April 18, 2011. Please forgive us if we are temporarily unable to keep up with replies to your kind messages. We also wish to acknowledge that we have had emails from shareholders that were completely unaware of how other shareholders felt about the Plan of Arrangement prior to the press release.

Many shareholders have inquired as to what we expect to accomplish as a result of our press release. Our intention with the press release was to let you, our fellow shareholders, know what our views are with respect to whether we can support the proposed Plan of Arrangement and that we feel that at this time we cannot support it, for the reasons we set out in in the press release.

For those of you that have asked, we are not currently intending to solicit proxies;we expect that raising the level of discourse with respect to the Plan of Arrangement will lead to better information being available so that all shareholders can make their own fully informed decisions as to whether they will support the Plan of Arrangement.

Our legal counsel has advised that the Plan of Arrangement must obtain the approval of the Ontario Superior Court of Justice before it can proceed. For our part, we are evaluating all options which may include making an application to address the Court during the proceedings by Century to obtain the Interim Order or, in the event the Plan of Arrangement is approved by the shareholders, at the Final Order stage of the Plan of Arrangement.

We greatly appreciate your kind words and support.

The Concerned Shareholder Committee

Nu2au had an excellent observation / question about the WTG share price (on Stockhouse)

This is my Stockhouse comment to his original post:


TRUTH vs LIES---why we are going to win...

Long time ago I came accross the following quote from Mahatma Gandhi: "When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it---always!"
TRUTH vs LIES...no contest. Case closed!

Do Not Solicit No Votes

We must be very careful not to actively solicit No Votes for Registration in the Anti-Merger Registration.  We can post all we want on all of the reasons why we think the merger is a bad idea, and why we have personally voted our shares as being against the merger, but we must let others decide whether they wish to add their shares to the Anti-Merger Table.

Soliciting of votes, when a takeover/merger has been announced, may be in violation of securities law and we certainly don't want any of the contributors to the blog to be facing legal action.

CMM - Operating Gold Mines - Quebec & Peru - Canadian Gold Producer with significant GOLD Reserves

I believe the title says it all and yet we are currently trading at $0.37 to $0.38 touching upon the 52-Week Low.

The wonderfully written NR by our intelligent committee has greatly contributed to our goal for fairness and success.

With any luck, the Committee’s NR opened the door to a stronger understanding in how Max and his minions have carefully calculated the taking over of CMM in a mindless unfair and manipulative fashion.

A message to Max and his minions: No you cannot have our money, our shares, our retirement, our RRSP’s, our Mutual Funds and so on which we worked DAM HARD for. Welcome to Canada where the minority shareholders are no pushovers and dam Bloody F’ing intelligent...

White Tiger - PLUMMETTING!!

Down 45% since Mar 12.

Crash & Burn Baby. Crash & Burn.

IAMGOLD or Kinross?

I've spent quite a bit of time lately sorting through a list of gold producers of relevant size to identify white knight candidates for CMM. Based on a number of factors including valuation, cash costs, location of assets, growth strategy and available cash, I believe Kinross (KRG) and IAMGOLD (IMG) are the strongest candidates (there are other strong candidates… but these two are the strongest). I have contacted both companies regarding the wonderful opportunity to make a highly accretive acquisition. If any of you (including members of our committee) have contacts with upper level management of either of those companies, please feel free to get into contact with them to make a pitch as well.

I believe CMM is a particularly good fit for IMG. IMG’s mines are located in countries with relatively higher political risk, so buying CMM would help diversify their mine portfolio into more politically stable countries and attract greater investor interest. In the next year, IMG will be experiencing declining production (before their growth projects kick in during 2013); acquiring CMM would immediately help offset that decline. On a run-rate basis, IMG will have similar cash costs to CMM (~$550/oz). IMG trades at ~$7100/oz of 2011 production and ~$200/oz of reserves & resources. This compares to CMM which is trading at ~$2000/oz of 2011 production and ~$83/oz of reserves & resources; obviously this would be a highly accretive acquisition for IMG. Furthermore, IMG is flushed with cash having recently divested minority interest (18.9%) of a mine in Ghana for $667mm. The mine is expected to produce 181k oz of gold a year. IMG management would look really damn smart if they sold a minority stake in an African mine at a reasonable valuation and used part of that money to acquire an extremely undervalued mine located in Canada and Peru. And I didn’t even mention the fact that CMM has massive exploration upside.

Obviously, a well capitalize buyer like IMG would not be afraid of CMM’s past liquidity issues and would have no problems finding the right engineers to properly develop our Lamaque mine. It makes so much sense for IMG to acquire CMM that it shouldn’t even take much convincing. However, we do need to make sure that their management is aware of this incredible opportunity. NOTE: only contact their management if you know someone there and please don’t pester them with a million emails.

EDIT: I've deleted the posts in the comment section because they were off-topic.

Dudley-Do-Right Comes to Moscow-John Helmer Article

Thanks to Doc for posting this:

John Helmer, Moscow

The three greatest Canadians of all time are Glenn Gould, Pierre Trudeau, and Dudley-Do-Right. A poll of Canadian businessmen in Moscow recently recommended Wayne Gretzky and Bobby Orr to displace the first two. The Canadian Broadcasting Commission nationwide poll of 2004 put Tommy Douglas and Terry Fox at the top. Then too, Gordon Lightfoot (“If You Could Read My Mind”) was at no. 33 and Leonard Cohen (“Bird on the Wire”) at No. 46.

Nobody has ever challenged Dudley-Do-Right, who also wins the handsomest Mountie of all time award. Although Dudley stopped appearing in 1970, he keeps getting his man.

This time it’s not Snidely Whiplash but Maxim Finsky (right)

The tale of Finsky’s plotting in the Canadian goldmining sector has already been told on March 31. A week later, Mikhail Prokhorov joined the plot. Since the start of this month, the Finsky vehicle White Tiger Gold (WTG:CN) has lost 14% of its market capitalization. Yesterday, after Dudley-Do-Right made his appearance, the share price fell 5%. That’s value destruction totaling C$51.7 million.

1-month share price chart for White Tiger Gold

And what has Snidely Whiplash been up to? — the takeover by one goldminer he controls White Tiger Gold, of Century Mining (CMM:CN), a second goldminer he also controls. Since March 31, CMM’s share price has fallen by 19%; in yesterday’s trading, it dropped 6%. Value lost, C$39 million over the past six weeks.

What happened yesterday was the release of a detailed analysis of the takeover plans of Finsky and several of his Canadian associates by a group of Canadian shareholders in Century Mining.

The allegations against Snidely, I mean Finsky, are grave. He and his associates are charged with conflict of interest in misrepresenting the underlying value of the assets in the proposed combination of goldmining assets, and strong-arming Century Mining’s minority shareholders by imposing a break-fee penalty as large as 5% of the company’s market capitalization at the time the White Tiger takeover was announced. As Century Mining’s market capitalization has subsequently dwindled, this C$13.5 million penalty has risen to 8% of the total. Violations of various Canadian exchange rules have also been charged in releases from the group.

Here is their analysis. In Moscow Finsky was asked, for the third time, to respond. He declines.

Century Mining Corporation
Concerned Shareholders

Read more: http://www.businessinsider.com/dudley-do-right-comes-to-moscow--steps-on-maxim-finskys-plot-2011-4#ixzz1JySZiyDh

Monday, April 18, 2011

Century Mining Corporation Grants Stock Options

BLAINE, WASHINGTON--(Marketwire - April 18, 2011) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announces that it has granted a total of 930,000 stock options, including 650,000 options to independent directors and the balance to employees of the Company. The stock options are exercisable into common shares of Century at an exercise price of C$0.425 per share for a period of five years. Century's common shares closed at C$0.425 on the TSX Venture Exchange on April 14, 2011.

Century has 434,036,751 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan, a maximum of 43,403,675 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 930,000 options, a total of 14,921,667 shares have been reserved for issuance pursuant to outstanding option grants. A further 28,482,008 shares are available for issuance pursuant to future option grants at this time.

About Century Mining Corporation

Century Mining Corporation is a Canadian gold producer and holds strategic land positions in Canada, the United States and Peru. The Company's strategy is to grow to its gold production through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.

On behalf of Century Mining Corporation,

Daniel J. Major, President & CEO

For comments

With regards to the Concerned Shareholders NR (below).

Century Mining Corporation Concerned Shareholders Question Business Combination with White Tiger Gold Ltd.

Century Mining Corporation
Concerned Shareholders

Apr 18, 2011 14:25 ETCentury Mining Corporation Concerned Shareholders Question Business Combination with White Tiger Gold Ltd.

TORONTO, ONTARIO--(Marketwire - April 18, 2011) - In connection with the recently announced proposed business combination (the "Business Combination") between Century Mining Corporation ("Century") and White Tiger Gold Ltd. ("White Tiger"), a number of concerned shareholders of Century (the "Concerned Shareholders") are questioning the soundness of the decision by management of Century to enter into the Business Combination with White Tiger. The parties appear to have moved very swiftly from entering into a letter of intent (the "LOI") to a binding agreement and it is not clear to what extent Century had sufficient time to perform due diligence with respect to White Tiger. It appears to the Concerned Shareholders that the parties' rapid signing of the binding arrangement agreement dated effective March 11, 2011 (the "Arrangement Agreement") and disclosed by Century under its www.SEDAR.com profile on March 14, 2011 was driven by conflicted parties that have a network of insider relationships.

At this time, the Concerned Shareholders are not in a position to vote in favour of the resolutions required to be approved by the shareholders of Century to give effect to the Business Combination for a number of reasons. The reasons for that decision include:

Board of Directors Conflicted

Public documents disclose that Kirkland Intertrade Limited ("Kirkland", controlled by Maxim Finskiy), the controlling shareholder of White Tiger, is also a controlling shareholder of Century together with Gravity Ltd. ("Gravity", controlled by Fran Scola). Kirkland and Gravity (together, the "Controlling Shareholders") are described in a press release of Century dated January 4, 2010 as being associates. Pursuant to a shareholders agreement dated December 30, 2009 (the "Shareholders Agreement") among Kirkland, Gravity and Century, the Controlling Shareholders have the right to place a minority number of their nominees on the Board of Directors of Century. Due to the resignation of the former President & CEO who also served on the Board of Directors, during the time the LOI was entered into, three of the five directors were either conflicted or not "independent" directors, either by virtue of being Controlling Shareholder nominees or by virtue of also being an executive officer of Century – additionally, Daniel Major, a Director and also the President & Chief Executive Officer of Century (and therefore not considered an "independent" Board member under applicable securities laws), is the former Chief Operating Officer and the current non-executive Chairman of Ecometals Limited ("Ecometals") and has served on its Board of Directors since December 3, 2008 with Fran Scola (who in addition to controlling Gravity, is a shareholder, director and former Chief Executive Officer of Ecometals), Keith Hulley and William Lamarque (all appointees at one time or another of the Controlling Shareholders to the Century Board pursuant to the Shareholders Agreement).

No Evidence Independent, Unconflicted Committee of Century Directors Reviewed Business Combination

The Board of Century, as currently constituted, does not have a majority of directors who are not conflicted or independent of the Business Combination. It is not known if an independent, unconflicted committee of directors of Century reviewed and approved the proposed Business Combination prior to it being executed; the public record of Century discloses only that a "special committee" was struck but does not disclose whether only directors who were independent or not conflicted were named to it. While the special committee retained a financial advisor, according to Century's publicly released documents the financial advisor appears to have reported to the full Board and not to the independent, unconflicted directors. There is no evidence that such directors met separately from the conflicted members to consider the Business Combination or the report of the financial advisor. Consequently, the Concerned Shareholders believe that the Board of Century may be unduly and disproportionally influenced by the Controlling Shareholders and therefore an unacceptable conflict of interest exists with respect to the Business Combination for which adequate control measures and proper and customary procedures to ensure both the Company and its shareholders were treated fairly may not have been put into place.

The Ontario Securities Commission recommends, in situations where there is a potential for an unfair advantage for an interested party as a result of that party's conflict of interest in connection with a transaction such as the Business Combination, that the negotiations for such transaction be carried out by or reviewed and reported upon by a special committee of disinterested directors. The Concerned Shareholders are of the view that the best interests of Century were not properly taken into account in the determination to enter into the Business Combination agreement since the Board of Directors as a whole is conflicted in this matter for the reasons stated above.

Unfavourable Tax Consequences to Canadian Holders of Century Shares.

The press release of Century dated March 14, 2011 discloses that the Business Combination will constitute a taxable transaction for Canadian-resident shareholders (and may be a taxable transaction for shareholders residing in other jurisdictions). As the Business Combination is an all-paper deal with the deemed value of the consideration being potentially not representative of the actual value of Century and White Tiger (see below), Century shareholders will be forced to reach into their pockets to pay any tax accruing to them in connection with the exchange of their Century shares for White Tiger shares or be forced to sell some of the White Tiger shares in order to fund the tax payable. As this will affect a sizable number of Century shareholders, the market price and liquidity of the White Tiger shares may be negatively affected. There can be no assurances that Century shareholders will be able to sell their White Tiger shares in sufficient quantities or at a price that will permit them to fund any tax liability. It does not appear that sufficient thought was given to structuring the transaction in a manner that would be more favourable from a tax perspective to the Century shareholders.

Unreasonable Break Fee of $13,500,000 Payable by Century

While the Concerned Shareholders recognize that a break fee is sometimes necessary in transactions such as the Business Combination, the Concerned Shareholders believe that the amount of the fee in respect of the Business Combination is unreasonably high, as it is more than 5% of the market capitalization of Century on March 11, 2011 (the effective date of the Arrangement Agreement). Moreover, it is questionable whether Century even has the cash to fund this break fee, as evidenced by the fact that current management of Century determined it was necessary to take out bridge loans from White Tiger, with a total commitment amount of $4,000,000, at the time it entered into the Arrangement Agreement. It is unclear how the Board of Directors could have determined it was in the best interests of Century to commit to a break fee that the company could not pay, particularly where it was out of the control of Century whether the break fee would become payable – among other conditions, the break fee was payable if the consent of the Deutsche Bank AG, London Branch, an arm's length third party, to the Business Combination was not obtained within 14 days of the date of the Arrangement Agreement.

Excessive Break Fee Deters Other Bidders

The Concerned Shareholders believe that the break fee will deter any other bidders from coming forward with a proposal superior to White Tiger's since the requirement to pay the break fee to White Tiger will make Century far less attractive to such third party bidders. Since there is no disclosure on Century's public record that the Board conducted an auction or pursued other alternatives to maximize value prior to entering into the binding Arrangement Agreement with White Tiger, the true value of the Century shares to other interested parties may never be known. The Concerned Shareholders believe that agreeing to such an unreasonably high break fee is a clear signal that the parties recognize that only White Tiger and its shareholders will benefit from this transaction, corroborated by the fact that no break fee is payable by White Tiger in the event it terminates the Business Combination.

Serious Questions About the Value of White Tiger's Shares

The Business Combination is an all paper deal, with each Century share being exchanged for 0.4 of a White Tiger share (the "Exchange Ratio"). On December 22 and 23, 2010, White Tiger completed the sale of 24,880,210 subscription receipts at price of Cdn$1.00 per subscription receipt (which constitute more than 20% of the currently issued and outstanding White Tiger shares), which were exercised for 24,880,210 shares of White Tiger on December 23, 2010. On December 31, 2010 the shares of White Tiger began trading on the Toronto Stock Exchange (the "TSX"), closing that day at Cdn$1.75. At the close of trading on March 10, 2011, the day immediately prior to the effective date of the Arrangement Agreement, the closing price of White Tiger's shares was Cdn$4.55. There has been no news publicly released by White Tiger which would appear to account for this 355% increase in the price of White Tiger's shares since the subscription receipt financing on December 23, 2010, or the 160% increase in the price of White Tiger's shares since they began trading on the TSX on December 31, 2010.

On the trading day immediately prior to the effective date of the Arrangement Agreement, White Tiger's shares closed on the TSX for Cdn$4.55, effectively valuing the Century shares at Cdn$1.82. However, the closing price of White Tiger's shares immediately traded lower on announcement of the Business Combination, closing at $3.55 on March 15, 2011 and have since fallen by more than 34%, closing on the TSX at Cdn$3.00 on April 15, 2011.

The Exchange Ratio

The Exchange Ratio appears to be driven by the trading price of White Tiger's shares and not from a balance sheet or prospects perspective. As noted above, the Concerned Shareholders believe that there are serious questions in respect of the trading price of White Tiger's shares. In fact, the joint press release of Century and White Tiger announcing the Business Combination on March 14, 2011 disclosed that the Century special committee believes the trading price of White Tiger's shares on the TSX many not be indicative of the intrinsic value of such shares. The Concerned Shareholders believe that the failure by the Century Board to negotiate a fair price for the Century shares evidences that the best interests of Century and its stakeholders were not fully taken into account when agreeing to the Exchange Ratio.

Individual Shareholder Devaluation.

As noted above, Century and White Tiger have disclosed in the joint press release of March 14, 2011 that the trading price of the White Tiger shares do not represent the intrinsic value of the shares. The Concerned Shareholders believe that the true value of the companies post-merger is the aggregate of the assets of the combined company and that the Exchange Ratio does not reflect that view.

A shareholder holding 100,000 shares of Century prior to completion of the Business Combination would see her percentage ownership of the combined entity decline from .023% pre-merger to .0138% post-merger, a reduction of approximately 40% (which percentage reduction applies regardless of the number of shares of Century owned prior to the merger).

Consequently, the value of each Century shareholder's interest in the merged company will be seriously eroded unless White Tiger were to bring assets to the table pursuant to the Business Combination that make up for this devaluation in interest; however, in the view of the Concerned Shareholders there is no evidence on the public record that this will be the case. It appears to the Concerned Shareholders that the combined asset value of the merged company will not be sufficient to adequately support the Century shareholders' current level of interest.

Concerned Century Shareholders

There has been considerable feedback from various shareholders of Century expressing their views and concerns about the Business Combination. The Concerned Shareholders have retained Wildeboer Dellelce LLP and encourage all other concerned shareholders of Century to contact them at the e-mail addresses below to share their opinions:

Richard Bowden richard.bowden@gmail.com
James D. Curry jdcurry@eastlink.ca
Larry E. Hoover larryhoover@nexicom.net
Rainer G. Hummel rghum@cogeco.ca
Fred Jerrett fjerrett@shaw.ca
John Smrke johnsmrke@yahoo.com

For more information, please contact

Century Mining Corporation Concerned Shareholders
Richard Bowden


Century Mining Corporation Concerned Shareholders
James D. Curry


Century Mining Corporation Concerned Shareholders
Larry E. Hoover


Century Mining Corporation Concerned Shareholders
Rainer G. Hummel


Century Mining Corporation Concerned Shareholders
Fred Jerrett


Century Mining Corporation Concerned Shareholders
John Smrke


Friday, April 15, 2011

More $.425 options

(per SEDI)

Expiry date - April 13, 2016

Campoy - 250,000

White Tiger = BROKE??!!

White Tiger Gold Current Cash: $16 Million Over the next 2 to 3 years the Company [WTG] anticipates that it will need to widen the Savkino mine, construct a new crush and screen unit and build new processing facilities. Approximately US$20-25 million would be required to complete these activities. A second stage capital expenditure program of US$10- 15 million may be carried out depending on the availability of additional funding. Dalsvetmet anticipates that approximately US$11 million will be required in order to continue its exploration and development activities on the Nasedkino licence area. http://www.whitetigergold.com/site/investors/pdf/mda_dec312010.pdf It's no wonder White Tiger wants Century Mining....If anyone is wondering where all of the profits from San Juan/Lamaque are headed....Finisky needed a good milk cow to fund all his pet projects in Moscow.

the TREND continues

540 members have indicated their displeasure with the merger offer.

Of these 466 have indicated that they do not want WTG paper, 74 have indicated that they would accept 1:1 WTG:CMM.

To day, 257 members have indicated their holdings at 80,460,912. These numbers indicate that 283 members or 52 % have still to add their holding to the list. (up 5% in the past week)

I'm going to suggest that those still standing in the wings have large holdings and they are holding back until the Management Information Circular is presented.

I am also going to indicate that the CMM Shareholder's Committee position would be further enhanced if they (and Finskiy and Associates who we know are monitoring) had an idea of the size of the anti-merger sentiment. As such I'm going to request that those who are still standing in the wings with their positions consider posting to the Anti-merger listing.

None the less, Finskiy and Associates have even more reason to be concerned by the numbers even as they stand today. Within the past week, 23 addtional members have indicate their displeasure...... and the TREND continues.

(and yes I do know the anomalies in my methodology... but the TREND is the TREND)

$.425 options

(per SEDI)

Expiry date - April 13, 2016

Lamarque - 200,000
Sheridan - 200,000

Wednesday, April 13, 2011

Update From CMM Committee

We are pleased to report that members of our committee attended a very productive and positive meeting with our lawyers today.

Following the meeting the committee held a conference call meeting during which the opinions of the legal team were shared with the entire committee.

You can expect to hear further reports and details regarding these discussions as soon as the upcoming weekend.

We can tell you now that these meetings could not have been more positive. We look forward to further communications with you very soon.

CMM Shareholders Committee

the CONFERENCE CALL.... ... what the hell happened?

(earlier today I posted the following commentary on Agoracom and since we all seem to be keeping track of each other on both sites I left it at that. I wrote this to indicate observations and used a little levity in the process. (in order to help our sanity) However, I am also starting to question Daniel Major's qualifications. Within 32 days of becoming the C.E.O. of CMM he destroyed his credibiity and our trust in him. Within 98 days (today) we want him, the Board of Directors and Max Finsky out of CMM. In all my years in Senior Management, the fall of Daniel Major from the grace of CMM Shareholders in such a short time is unreal.)

.......................................................... here's what I wrote previously

I did not expect the tone of the Conference Call yesterday.

As Daniel Major proceeded into his monologue it became very apparent that he was

Not as Gung Ho…Low keyed…Subdued….

Worried inflections…..Defeated…..Demoralized…..off balance

This was in total contrast to the cock sure and arrogant Daniel Major that we heard in the past few encounters with him. I’ve needed time to relisten, reflect and respond to what transpired.

So what else happened during the call?

  • We were informed that the record date had still to be set
  • That “White Knights” could still be hiding in the bushes.
  • There were only 5 callers asking 10 questions (previously 11 callers, 17 questions)
  • Total conference call took 29 minutes,(previously, just the Q & A took 39 min.)
  • J.L. told Daniel Major that he was not trusted by shareholders

….. and that Daniel Major (after only 98 days on the job as C.E.O.) should be Fired for incompetence and the Board of Directors and Senior management are acting as “TERRORISTS”

Is something unexpected and worrying starting to develop in CMM Management’s supposed “Slam dunk” plans ? Have they gone back to the drawing board in light of the reaction that they are getting from shareholders? They may be licking their wounds but……

As my dear friend “Julius Ceasar” once said…..” beware the sly wounded Fox”.

(or something about a knife in the back of CMM Shareholders)

If YOU are having a bad day….. Listen to this (complements of T.E.)


Tuesday, April 12, 2011

Sending an Email to the Regulators Is Good for Your Health

My fellow enraged CMM shareholders, I have recently found great serenity in emailing the applicable regulatory agencies. My blood pressure has dropped a minimum of 20 points each time that I hit the send key. In wishing this blissful state be made available to my fellow CMM investors, I have included a cut and paste of my letter along with a list of regulatory agency phone numbers and email addresses:

British Columbia, Canada

604 899 6644

Ontario, Canada
416 593 8314

This is what I wrote. Feel free to use any or all of my ideas.

Inquiry Officer,
                      As a small shareholder of Century Mining, I humbly request that your fine organization proceed with a formal investigation into the proposed takeover of Century Mining by White Tiger Gold. My chief concerns are:
  • The original agreement to see that minority shareholders be represent on the BOD has been blatantly violated for some time now.
  • The principle investor in both Century Mining and White Tiger Gold stands to have > 50% controlling interest in the new British Virgin Island’s Corporation with present CMM and WTG board members having prominent positions.
  • The BOD’s of both WTG and CMM are effectively controlled by the same individual.
  • Fair market value for CMM can not occur when there are these obvious conflict of interest residing on both BOD’s. Realistic pricing can be seen on two articles written by Dennis Boyco for Gold Minner Pulse. Here are the links:
http://www.goldminerpulse.com/blogs/century-mining-valuation.php http://www.goldminerpulse.com/blogs/whiteTigerGold.php
  • Recent cash-in of 25,000,000 CMM Warrants, originally owned by the major stockholder, but later sold to ‘private interests’ just prior to the cutoff date for merger vote eligibility is highly suspect, in my opinion. This action can easily be construed to be a means to influence the outcome of the minority stockholders approval of the proposed merger. These warrants should not be counted.
In support of the above listed claims, I have attached a timeline of events. Also, here is a link to an article written in Business Insider by John Helmer titled, Maxim Finsky's New Adventure -- Pulling Teeth, Extracting Value From The Tiger.


I am not alone in objecting to an effort to steal my hard-earned shares. Here is a link to a recent pole at Stockigloo:


We are well in excess of 200 shareholders representing 80,271,912 shares, who are collectively asking the fundamental question, "At what point will this shenanigans stop?" It is my sincere hope that you can help us out in this matter.

Attn Shareholders' Committee

Hey guys,

Would one of you please contact me via private message. I have a suggestion to make regarding our approach to our lawyer that I think would really help our cause. I come from a law background so I know how law firms function. I have tried to get Sudbury North to give me a call, but have not had any luck thus far.

There's been some concern among the Committee that I am a mole. Please understand that I am simply offering you guys a suggestion and NOT TRYING TO SPY ON YOUR STRATEGY. I am not asking you and HAVE NEVER ASKED YOU to divulge any vital information to me. It's up to you guys to determine if I'm full of crap. But if you don't hear me out, you'd be doing yourself (as well as your fellow investors) a great disservice. I've been a very successful investor for a very long time... you can judge me by my ideas, not by your preconceived notions.

If you contact me by private message, I can give you my phone number. The person I talk to would preferrably also be the one who will be meeting with our lawyers (to prevent information slippage).

cone crusher basics


Our Comments on the Conference Call

I pressed star 1 five times, several times when there "is no one in the que.
I am using skype but that should not be a factor.
Not feeling very good.

Century Announces Restart of San Juan Mill Operations

Peru's OSINERGMIN Rescinds Shutdown Order

BLAINE, WASHINGTON--(Marketwire - April 12, 2011) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce that as of Friday, April 8, 2011 Peru's OSINERGMIN (the Supervisory Agency for Energy and Mining Investment of Peru's Ministry of Mines) has rescinded its closure order, and that that full milling operations at the San Juan gold mine were resumed immediately. Because of the government action the San Juan milling operations were affected for a total of 16 days.

President and CEO Daniel Major noted, "We are glad to have the OSINERGMIN issue resolved without extended downtime of the San Juan milling operation. Century is committed to working with OSINERGMIN and the Ministry of Mines to assure that the Company is in compliance applicable government and environmental requirements in the permitting, construction and operation of our tailings disposal areas."

Monday, April 11, 2011

Tomorrow's Conference Call suggestion

Can I suggest that while I, like many others, would like to take a piece out of Daniel Major and his conduct ...... that we leave time-room open for our big guns..... namely, the Century Mining Shareholder's Committee or for those who are close to understanding this ridiculous scene and could ask the difficult questions.

Keep in mind that Daniel Major, from his last Conference Call, appears to only have 39 minutes of stamina for the Q & A.

If it appears that questioners are no longer in the que and the operator is soliciting more questions..... then open up and let Daniel Major have it with both barrels.

Tomorrow will be an interesting day.

Am I Crazy?

With 2010 results released and share price in the toilets, I am planning to add to my CMM holdings in a big way in the next few days. Before you automatically dismiss me as being on crack, please read my reasoning below and give me constructive feedback:

The biggest risk to buying CMM shares now rather than two weeks ago is obviously the loss of various important shareholder rights following the record date. New shares bought after the record date no longer carry the right to vote and, more importantly, dissent. So why buy now?

I believe CMM is a wonderful buying opportunity now because we've already been hit with Finskiy's best shot and we're still standing. The broken crusher & Peru tailings dispute were designed to shake out the loose hands and make the company appear in dire financial straits. All loose hands have now been shaken... any further negative catalysts before the meeting date would likely alarm securities regulators and start an investigation on share price manipulation. Thanks to the $7.6mm from warrant exercise, our debt problems have effectively been solved (very important piece of information that we just learned on Monday). As a result, I think this is as low as the stock can go in the near term (i.e. next 3 months).

Now let's look at the upside. Even if you ignore the possibility of a sweetened bid or a white knight bid (best case scenario), CMM shares at this price look very attractive even assuming the current merger proposal gets approved. Think about it this way. The new corporation will produce 140k oz of gold per year within the next next half a year at a cash cost of ~$600/oz. Comparable, well capitalized, TSX listed companies are worth $1 billion. With a share price of $0.445, CMM shareholders are basically implying that WTG shares are worth $1.11 (0.445 / 0.4 = 1.11). At $1.11/share, the new combined corporation will have a ridiculously undervalued market cap of $320mm ((471 * 0.4 + 100) * 1.11). Yes, under this scenario, you will have to get in bed with the Russian, which means you may be subject to more ambush (cuz we don't know what he's truly thinking)... but please understand that YOU ARE ALREADY IN BED WITH THE RUSSIAN... the guy owns 40% of CMM.

So, in summary, what I'm trying to say is that at this price, CMM has limited downside and excellent upside... if the bid gets sweetened or if there's a white knight bid, then GREAT! Having more shares at this price makes it a lot more profitable to tender to a white knight bid of $0.90. Otherwise, even if this current merger gets approved, your downside would be limited since the current share price implies that the new combined corporation is worth $320mm... which is ridiculously undervalued. By saying undervalued, I'm assuming Finskiy doesn't destroy shareholder value anymore... which is obviously a big question mark.

Two material business developments

that should have been disclosed to the market immediately via news release, in my opinion.

From the MD&A report on Century`s website (in the subsequent to end of 2010 part of the report):

1) Century received $7,650,000 from warrants (the 25.5 million that Finskiy likely sold to friends) in the recent March and April periods. It`s interesting how the warrants were exercised just prior to last day (cutoff date) for shares being allowed to vote, but yet they were not exercised just a bit earlier in the period of the cone crusher / WTG bridge loan period. I guess one does not have to be a genius to figure out which way the 25.5 million shares will be voting, eh? And, no geniuses required to conclude that the chances are pretty good that these 25.5 million shares will suddenly be allowed to partake in the Majority of Minority vote (where they would have been excluded if were still controlled by Finskiy). Goodness, has anything been so predictable in the history of mankind?

``f) In February 2011, the Company was advised that its significant shareholder had sold substantially all of its remaining warrants which it acquired in December 2009. As a result, the Company‟s right to require the significant shareholder to exercise these warrants became unavailable. However, in March and April 2011, 25,500,000 of these warrants with a weighted average exercise price of $0.30 were exercised for gross proceeds of $7,650,000.``

2) A verbal agreement has been reached at San Juan and a written version is expected with a week. How is this not material news, warranted of an immediate news release to the market?

``g) In April 2011, the milling and processing operations at the Company‟s San Juan Gold mine in Peru have been suspended in compliance with an order from OSINERGMIN (the Supervisory Agency for Energy and Mining Investment of Peru‟s Ministry of Mines ) regarding the tailings disposal areas at the mine, which OSINERGMIN alleged were not properly permitted. The Company provided documentation demonstrating the appropriate permits were properly issued and filed a formal petition to lift the order, and has met with OSINERGMIN and the Ministry of Mines‟ to resolve the dispute. OSINERGMIN has verbally notified the Company that the order has been lifted and written notification is expected within the next week. Management believes that based on their projected startup of the mill that losses will equal at least one week‟s production.``

Dissent mechanism, and the share certificate

I regret having made an error in that post that was quoted in the comments here. I later corrected myself, but it's better to just post the relevant subsections of S. 190 of the Canada Business Corporations Act, and then give them a quick summary.

190. Right to Dissent


(5) A dissenting shareholder shall send to the corporation, at or before any meeting of shareholders at which a resolution referred to in subsection (1) or (2) is to be voted on, a written objection to the resolution, unless the corporation did not give notice to the shareholder of the purpose of the meeting and of their right to dissent.

Notice of resolution

(6) The corporation shall, within ten days after the shareholders adopt the resolution, send to each shareholder who has filed the objection referred to in subsection (5) notice that the resolution has been adopted, but such notice is not required to be sent to any shareholder who voted for the resolution or who has withdrawn their objection.

Demand for payment

(7) A dissenting shareholder shall, within twenty days after receiving a notice under subsection (6) or, if the shareholder does not receive such notice, within twenty days after learning that the resolution has been adopted, send to the corporation a written notice containing

(a) the shareholder’s name and address;

(b) the number and class of shares in respect of which the shareholder dissents; and

(c) a demand for payment of the fair value of such shares.

Share certificate

(8) A dissenting shareholder shall, within thirty days after sending a notice under subsection (7), send the certificates representing the shares in respect of which the shareholder dissents to the corporation or its transfer agent.

So, the first thing to do, filing a notice of dissent, is simple. You use plain language to declare that you object to the resolution (the merger resolution, in this case), and that you wish to dissent. If the resolution passes, you have 20 days to send in a written notice demanding a payment of fair value for your shares. Within 30 days after that, you have to send in your share certificate(s). So, you have up to 50 days after the resolution passes to obtain the share certificate(s) and to complete the submission. (I say "up to 50 days", because each of the clocks ticks off separately. If you file your demand for fair value after only 5 days, the 30 day clock to submit the share certificate starts right then.) All submissions should be by registered mail, as you may need to verify receipt of the submissions. You should also make sure your brokerage is aware of your intention, so that they can freeze your shares until you decide whether to follow through.

During that 50 day period, you can change your mind, and decide to accept the company's offer. (This actually happens quite frequently.)

Shares held in tax sheltered accounts cannot be filed in dissent, as you cannot obtain the share certificates without withdrawing the shares from the sheltered account. The tax-sheltering structure is a trust entity that makes you the indirect owner of the shares. It may or may not be worthwhile to pull shares out of a TFSA, but I sincerely doubt that it would make sense to pull them out of an RRSP/RESP, unless you can replace them with cash at the then current market price.


Century Mining Reports Year-End 2010 Results

-- Century Mining Corporation ("Century" or the "Company") (TSX VENTURE: CMM) reported its consolidated financial and operating results for the year ended December 31, 2010...............................Outlook Century is continuing with the ramp-up of production at the Lamaque project in Val d'Or, Quebec, and expects to achieve commercial production in the third quarter of 2011. An important part of the Lamaque development is the North Wall, which is expected to be producing ore late in the second quarter.

By: Marketwire
Apr. 11, 2011 08:31 AM

Saturday, April 9, 2011

Century Shareholders Committee update

Today, the Century Shareholder Committee held a lengthy and very productive meeting. Unfortunately, Sudbury Novice is feeling unwell, so I have been seconded to provide you all with an update on the progress we have made.

The committee has a broad and diverse base, and it is very gratifying to learn how well we work together. We have considered many different potential strategies, but we have been drawn towards two from among all those available to us, from the very beginning. We have comfortably arrived at a clear consensus, and we believe that you will support our decisions.

Our next step is to meet with representatives of one of Canada’s most prestigious securities law firms, which will occur early next week. After the committee can reconvene to consider the recommendations of legal counsel, we will formalize our strategy for release to our fellow shareholders.

Century Mining is required to distribute the Management Information Circular to shareholders no later than 21 days before the Special Meeting. We anticipate that the MIC will be distributed 3-4 business days before that deadline, suggesting that it will be in the mail by April 15-18, in advance of that 21-day threshold, which falls on April 21. Our strategy will most likely be released shortly after the public release of the Management Information Circular. We will need to give it a complete and careful review, in order that we may ensure that our strategies have addressed any and all relevant considerations revealed in that document, before we go public with our response.

The Committee expects that it will soon be necessary to raise funds, to cover legal costs, the cost of obtaining a shareholder’s list, and other sundry expenses. Please give some thought to what you might contribute to our collective cause. We will give explicit details for depositing funds to the Committee, once we have made the appropriate arrangements.


In my opinion, if the company is taken over, and I don't doubt that it will, because "The

Saviour" has manipulated the share price to date in order to buy up a-la-cheap,

transferred shares and warrants to friendly hands and created a false sense of

distress for CMM in order to make this takeover palpable.

I see two scenarios unfolding here:

Scenario 1) In the event that he wins the day, there will be a significant number of

shares dissenting (my take is 50 million shares out of 80 million), a judgement value

for CMM may be set based on an asset value only ie. actual proved gold resources in

the ground+MInes+Mills:

As taken from goldminorpulse.com

Projected fair market valuation as a gold producer: US$341.36 per ounce of Au Eq.

Century Mining Corporation in situ metal value is 100% from gold. Therefore Century Mining Corporation should be valued on the Gold Producer Valuation Line or even at a small premium. Projected fair market stock price for Century Mining Corporation is derived using the projected fair market valuation at start of production of US$341.36 per ounce of Au Eq.

I will use only the proven, probable, measured & indicated gold reserves (leaving out the inferred estimates as an asset at Lamaque and San Juan) + mines and mills value,

Taken from CMM's website

Lamaque: Proven, Probable, measured & indicated = 2,420,876 ounces

San Juan: Proven, Probable, measured & indicated = 202,791 ounces

Total gold: Lamaque + San Juan is 2,623,667 ounces, based on the above value of US$341.36 per ounce.

2,623,667 oz x $341.36 = $895,614,967

Lamaque Mine+Mill is "Original cost of mine+expenses to return mill to operational status minus depreciation" = Approx. $75 million

San Juan Mine+Mill is "Original cost of mine+mill minus depreciation" = Approx. $10 million

Total value of CMM including only Lamaque assets+San Juan assets

and not including all other potential properties in Peru, Quebec, Alaska

& north west territories.

$895,614,967 + $75,000,000 + $10,000,000 = Approx.

$980,000,000./, approx. 427,000,000/outstanding shares = $2.29/sh.

Note: the remaining un-exercised warrants will not be exercised by Finskiy et-al until after the merger, in order to keep them away from the eyes of the OSC/BCSC, so they will not be included in this calculation.

If 50 million shares out of 80 million at present, dissent, the cost to to the saviors from Russia would be approx. 50,000,000/sh. x $2.29 = $114,500,000 at a minimum.

Now maybe you can see why we do not have to vote NYET to this deal in order to win, we just have to abstain from voting and dissent in order to kill this the deal, if they decide to continue anyway it, will cost them big time, so the dissenters will win really big and the yes camp will be stuck with WTG shares which will drop like a rock after the merger.

Scenario 2) The whole merger will be aborted, end of subject.

I know my numbers are all hypothetical, only a few are based on true data from true sites, but as you can see this whole sordid mess, and it is a dogs breakfast, will be an another expensive endeavor for Mr. Finskiy and associates.

So Ladies & Gentlemen please choose your poison and may the winners have the last laugh.


SORRY about that, I don't know what happend.

Just pulled this from a website.
Intergeo for 2011 IPO, president confirms
Posted on Tuesday, 05 Apr 2011 15:00

Russian copper and nickel miner Intergeo is planning an initial public offering (IPO) on the Toronto Stock
Exchange later this year, according to press speculation. Business daily Vedomosti said the business would
divest 10.0 per cent of its equity in a private placement as part of the flotation. The paper cited Intergeo’s
president Maxim Finskiy, who said a reverse takeover is also an option under consideration.

The group is owned by precious metals tycoon Mikhail Prokhorov, estimated by Forbes this year to be the
world’s 32nd richest man with a net worth of USD 18.00 billion.

Reuters cited Prokhorov as saying Intergeo is worth at least USD 3.00 billion – which implies a valuation of
upwards of USD 300.00 million for the private placement.

Finskiy, who is on the board of gold miner Polyus Gold, said the IPO would take place later this year.
Before he became president of Intergeo, Finskiy also served at Norilsk Nickel as deputy director general.
Both these mining firms went public while he was working for them.

Established in 2008, secretive Intergeo counts metals, mining and energy investor Onexim among its major
shareholders. Other Onexim portfolio companies include Polyus Gold and the aluminium giant Rusal.

Little is known about Intergeo; the press and its major shareholder say it is a mining concern, though the
most recent available Federal Anti-Monopoly Service statement lists it as a geological surveyor.
The website is not currently accessible.

Prokhorov is Russia’s third richest person, according to Forbes. He has moved his efforts from Russian
mining and banking to US basketball team the New Jersey Nets.

Onexim, which was founded by Prokhorov in 2007, bought an 80.0 per cent stake in the Nets for
USD 200.00 million in May 2010 from American property developer Bruce Ratner.

If these jokers say that Intergeo is worth $3 billion, then it's probably only worth about $300 million.

This is getting really interesting.

For those who do not know what Mr.s Finskiy & Prokhorov look like, feast your eyes on the following two
web pages.



Here is another newsletter that has picked up our Takeover story, it does not take sides, it just talks about social medias and how they are being used, quoting some of our blogs post as an example.


@ 32 days, 23 hours, 20 minutes, 36 seconds........

512 members have indicated 'NO" to the present proposed Merger. Of these, 442 have indicated their "NO" interest in WTG paper and 70 would consider a 1:1 offer. However, of the 512 total, only 256 have indicated their CMM holdings position comprising 80,257,912 shares.

In other words, 50 % of those investors who have indicated "NO" to the proposed merger are standing in the wings and still to be heard from.

@ 12:30 pm ADT we still have 32 days, 23 hours, 30 min., 49 sec.

I'm wondering if we're seeing the Telethon phenomenon where charity donations struggle to the objective until the last minute and then ...... WHAM !

..... the proposed merger is defeated.

At 50 % unknown, can Max Finskiy take this chance of seeing his proposed merger defeated ?

(.... and yes I do acknowledge the anomalies in my presentation.)

Friday, April 8, 2011

Additions to Information Links

A Blog member emailed me to ask that I make the document "Finskiy's Planned Takeover" available for download so that it could be distributed as an attachment to inquiries/complaints to regulatory agencies and media.  I have added a link to download the document in pdf format at the top of the "Information Links" on the right side of the page.  I have also updated this version to add that the takeover offer was made on January 24 - before Finskiy and Scola transferred their shares and warrants out to friendly hands, presumably to be counted in the minority vote.

I also added a link to John Helmer's article.


Fellow CMM minority shareholder. here is something to think about. I just looked up the definition of CONSPIRACY (civil) on Wikipedia. I found the following: "An agreement between persons to deceive, mislead, or defraud others of their legal rights, or to gain unfair advantage."
Carib's well documented table of Finskiy's planned takeover of CMM brings up the legitimate question for us: is/was there a conspiracy to defraud minority shareholders? I wonder....

Quote of the day, without a doubt......

The effect of the merger is to have existing small shareholders transfer 60% of our investment in CMM to the new company without receiving anything in return. Finskiy's money is NOT going to finance continuing development at Lamaque, we are. The cheaper Finskiy gets CMM for at our expense, the less he has to invest to bring CMM's assets to full production. Management is claiming that WTG is here to save CMM with financing ... at an insanely high cost to most CMM shareholders, while lining Finskiy's pockets with 60% of our gold. Without our consent, management has decided to finance their mistakes by stealing 60% of our ownership in CMM and handing over to Russian thieves. If management was properly and honestly serving their fiduciary responsibility to all shareholders, they would not be selling 60% of our shares for a few bucks in financing.

Thank you SigmaLamaque from Stockhouse for finding this wonderfully written and quite truthful quote...

Thursday, April 7, 2011

WTG news


while on the ....... SINO (ICG) - SOVIET (CMM) Border

Integra Gold Corp. Intersects 14.7 g/t Gold Over 3.5 Meters at the No. 5 Plug on the Lamaque Project

Historical diamond drilling results on the No. 5 Plug include:

222.86 g/t gold over 2.13 m

80.54 g/t gold over 0.61 m

35.08 g/t gold over 3.20 m

36.21 g/t gold over 1.37 m

....... and exactly where is the #5 Plug ?


It is nice to read about drill results and progress for a change .... unfortunately it is across the fence in our neighbour's yard.......

Are we going to need our finest Canadian Peacekeepers to settle the conflict on the SINO-SOVIET Border if one side happens to blast across line into the other's territory ?

Excuse the hell me ! ........ WE ARE IN CANADA !

Wednesday, April 6, 2011

Comments on Today's News Release

When was the last time Century has produced production numbers, including ounces produced from Lamaque and San Juan in less than 45 days? Never! This news had to be put out today – 6 days after the end of the quarter and one day before the record date for voting of shares. Are the numbers real or fictitious?
Considering what has gone on in the last month can anyone be surprised by the published numbers? IMO either they were going to be understated or production was going to be deliberately slowed down to create the low numbers, and so there was no surprise.

With mill throughput of 944 tpd in January and 788 tpd in February at Lamaque, a total of 85,448 tonnes milled in Q1 works out to a nice round number of exactly 1100 tpd in March. Mine production averaged 1168 tpd in February, up from 971 tpd in January, so you would expect a number greater than 1200 tpd in March. Major told us in early February that the second egress to the Bedard Dyke had just been completed which would enable greater production from BD. We also would have had a stockpile of ore from February due to the crusher breakdown. So why did we only mill 1100 tpd in February? Why not 1500 tpd?

The next issue is the grade of 2.2 g/tonne. On the Feb 4 CC, DM said the low grades in Q4 of 2010 were because they were processing a lot of development ore from the non-resource area, but said that “we are already seeing the grades picking up in the New Year”. He went onto say that that at the BD “the second level is coming in at a much better grade”. He estimated that the average grade for the year would be 3.75 g/tonne. So to me, the grade reported for Q1 of 2.2 g/tonne is certainly suspect.

Now let’s look at San Juan where in Q1 the number of ounces declined by 13% from Q1 2010. This is what DM said about SJ on the Feb.4 CC. “We had a very positive start down there and we’re already ahead of budget”. The budget for this year was 24,000 oz. – an average of 6,000 oz/qtr. You’d expect a number of somewhere between 5,000 oz and 5,500 oz in Q1 based on the Feb 4 enthusiasm.

The March 8 news release said that all capital projects, including the refurbishment of the third mill have been placed on hold. On the Feb 4 Call, DM told us that refurbishment of the third mill would enable the mill to process 2,000 tpd and above. This would be completed in April leading to mill throughput of 2,000 tpd beginning in May. The March 8 NR put that on hold because of dire financial conditions. In today’s NR we are told that the third mill refurbishment has been completed and it is only April 6. That means the mill can process 2,000 tpd right now.

The March 8 NR said that operations of the contractor developing the North Wall would be delayed until May “at the earliest”; today we are told that he has already been re-mobilized.

Remember the March 8 NR came out after the bridge loan agreements were in place.

The tone of today’s news release was softened considerably to make the so-called bad news more credible and believable. I think it accomplished that goal by the relatively heavy selling compared to the previous days’ volumes. Haywood didn’t read last night’s message as they dumped over 500,000 shares today, so the news had its intended effect.

I expect we’ll see a dramatic improvement in Q2 numbers. There is still no mention of lowered guidance for 2011. I think the Q2 numbers will include significant unreported production from Q1 which will make the Q2 numbers appear better than they really are.

One should really go back and listen again to the February 4 conference call.

Stock research portals Ian R.Campbell comments


E-Mail Responce by the Investment Industry Regulatory Organization of Canada


Thank you for your email concerning Century Mining Corporation (CMM) and White Tiger Gold Ltd. (WTG).

Please note that staff at Investment Industry Regulatory Organization of Canada ("IIROC"), routinely monitor trading and review all instances of unusual trading. As such, this information has been forwarded to a trading analyst for further review. Due to our confidentiality guidelines, we are unable to comment on or disclose any information about any matter being reviewed, and as such, you will hear nothing further from us in this regard. However, please be assured that appropriate action will be taken. If you do see further evidence of this, with specific details, dates and times, please feel free to forward your concerns.

Mergers and Acquisitions of publicly listed companies do not fall under IIROC’s jurisdiction. As such, I have taken the liberty of forwarding your email to the British Columbia Securities Commission (“BCSC”) for your concerns involving CMM and to the Ontario Securities Commission (“OSC”) for WTG, for their review and response. For your reference; the BCSC can be reached by email at inquiries@bcsc.ca or by telephone at 604-899-6644 and the OSC can be reached by email at inquiries@osc.gov.on.ca or by telephone at 416-593-8314 or toll free at 1-877-785-1555.

Public corporate information on a company, including their filings can be found on The System for Electronic Document Analysis and Retrieval (“SEDAR”). The website address is: http://www.sedar.com/homepage_en.htm.

Another website you may be interested in is The System for Electronic Disclosure by Insiders (“SEDI “), this has insider transaction information. This website address is: https://www.sedi.ca/sedi/SVTWelcome?locale=en_ca&pageName=splashPage.

IIROC exists to develop, administer, surveil and enforce trading rules through the Universal Market Integrity Rules ("UMIR"), in the Canadian securities market. You may find out more about UMIR by clicking on this link: http://www.iiroc.ca/English/ComplianceSurveillance/RuleBook/Pages/UMIR.aspx , or by visiting our website at http:www.iiroc.ca then selecting "Compliance and Surveillance" from the menu options at the top. Proceed to IIROC Rule Book and select "Market Integrity Rules - UMIR".

If you have any further concerns, please do not hesitate to contact us at any time.


Juan Gomez on behalf of


Charmaine Wall
Inquiries Officer
Investment Industry Regulatory Organization of Canada
T: 416.646-7299
F: 416-646-7271

Today`s NR


To Mr. Major`s credit, I felt that this was a much more balanced NR (relative to the cone crusher NR). I`m not going to speculate on the motives behind this new approach, but it is a welcomed approach regardless.

Obviously, aside from the Finskiy issues, there are some significant challenges. They need to get the grade up at Lamaque (as we have all harped about since mid 2010). It`s positive that they completed the mill refirb - to be able to process 2,000 tpd once they get there. It`s also positive that development work on the North Wall will restart soon (with potential first ore production in about 3 months time).

Let`s hope they can work things out with OSINERGMIN in the near future and get milling at Peru going again. It`s good that they will be mining and stockpiling ore during the shutdown period.

Hello to Bigjohn, Wingfong and others. Thanks for the thoughts. I still glance at the blog on a daily basis. I feel sad for all of the long suffering Century shareholders. Everyone deserves a lot better than this. I likely will not be posting too much going forward. I will still try to post from time to time though. I need to better manage some other areas of my life - nothing too serious.

more of Max Fin and friend plans

Well it may become apparent again that fair Markets ARE meant to be tested (by some people).
There is more Max Fin (former CMM saviour)news of interest from our good friend John Helmer in Moscow.

"When we last put down the telephone to Maxim Finsky’s office at Intergeo in Moscow, he wasn’t saying much of anything about his attempt to persuade Canadian shareholders to accept his proposed merger of two junior goldminers he controls, White Tiger Gold and Century Mining.

Just three days later, he and his old school chum ...."
for all the article go to http://johnhelmer.net/?p=5074
For the previous recent article by Mr. Helmer about our CMM dance with Max Fin go to http://johnhelmer.net/?p=5052

Tuesday, April 5, 2011

Update From CMM Committee

First, the committee wishes to thank everyone for their valuable input.

The Century Mining Shareholders’ Committee met this evening to discuss a variety of subjects.

Over the last two days, we have been receiving numerous pieces of information from shareholders, and we now believe there is sufficient weight of evidence to warn shareholders that we are expecting some negative news to be released by the Company, perhaps as early as tomorrow.

We have heard about negative or poor operational results at Lamaque, as well as the possible shutdown of the operation in Peru.

We would like to remind shareholders that the recent news release about the cone crusher failure at Lamaque was written with an excessively negative tone, and we expect the same thing to occur with this imminent news release.

We believe that their intention is to shake the tree as hard as they can, just before the record date (Thursday April 7), as it is possible to settle trades executed tomorrow before the end of business on the 7th, allowing those shares to vote in May.

The Committee is not in a position to recommend or dictate strategies to shareholders.

However the company's strategy here is transparent. It is designed to purposefully frighten retail shareholders into selling their shares, into their hands, in order for the company to obtain as many shares as they can before the record date.

We urge you not to take the bait, and to remain calm in the face of this manipulation.

In fact, we believe that the best defence is a good offence, and that a good strategy for anyone opposed to the merger is to turn the tables and beat them at their own game.

An artificially depressed share price at this time presents an excellent buying opportunity while at the same time keeping shares in friendly hands.

The Committee is working strongly towards the development of multiple strategies to both protect and enhance shareholder value.

Please continue to submit information to the Committee, as this notice was made possible only with your collective contributions and support.

We are also working towards the development of a Poison Pill strategy, which may be executed as a last resort. When the timing is right, individual strategies will be clearly described, and complete guidance will be offered. We will keep you as well informed as we are able.

CMM Committee

White Tiger Gold site

This is an open post for all observations and notes about the White Tiger site. Keep all posts on topic please. Objective data only.
Good day all!

I have just spoken to my Broker (National Bank Financial) re the dissent topic, I was told that since I have part of my CMM shares in an RSP account, I will not be able to take those out to use as dissent shares.

They basically iterated that those shares are part of my RSP and cannot be removed without being replaced with cash. So my only alternative is to buy out those shares from my account at market value, then I'll be able to receive the certificates and combine them with my other free trading shares.

So, if anyone can advise me of anything different, I will be forced to either, buy out those RSP shares at market, or leave them where they are and vote those as a "NO" to the merger.

Production05---We miss you!

Hi Production05. I hope you are following the Blog. Just wanted to say hello, and to let you know that you are missed. I hope & pray that your health is OK.
All the best; bigjohn37

Dissent versus voting rights

The two concepts are entirely distinct from one another. My post was to try and provide a framework of comprehension to separate the two concepts.

All shareholders of record, whether as beneficial shareholders (shares held by your broker in the broker's street name), or registered shareholders (shares held directly) will receive proxy documents, without any further action required. If you're a shareholder of record on April 7, you will receive proxy documents, and you can vote your shares online, by mail, or in person at the Special Meeting.

Dissent is not about voting no to the offer. If you dissent, you lose your right to vote your shares. Your proxy will be cancelled by the act of registering dissent. Dissent is about seeking a "fair value" for your Century shares, and is a long drawn out process that can take years, and may require a number of court appearances. Apart from sending in a notice of dissent, which must be received by the company two days (I think that's what the NR said) before the meeting date, the process of dissent really only begins if the merger is approved by all the non-dissenting shareholders. So, if you dissent, you take a risk that your vote might have made a difference at the meeting itself. You also take the risk that the court will say that the fair value was the offered value, and you will have lost all that opportunity value of your investment, and may also be saddled with the legal costs incurred by WTG.


Can my Broker Vote my shares per my Instructions?

Hope Flash does not mind, but I thought his question was important enough to post. I believe many people are confused about this process too including myself.

flash said...
My shares are in various roker accounts. Are you telling me that my broker cannot vote my shares as per my instructions? Are you telling me that I have to get physical possession of the share certificate and then have that registered swith Century or its agent before I can get to vote them?
Please clarify and indicate what are the steps.
Thank you.


The migration to the new site has been a failure. Please use your old credentials and ignore any emails you may have received from me(stockigloo) about new accounts or passwords.

Sorry for the inconvenience

Monday, April 4, 2011

Site upgrade

Hi gang

This site will be upgraded and migrated sometime in the next 24 hours(It could be in the next hour if I get real ambitious). That means it will be down for a short period of time(I'm hoping I don't run into any trouble and its only down a few minutes).

Unfortunately registered members will have to create a new password on the new site. I can migrate the profiles but not the passwords. I will probably send out an automated email to all members with a temporary randomly generated password. When you log on to the site you can change it immediately.

I'll have more to say about the new site once its up and running.

So to reiterate...if the site is down check back in a bit.

dissent is a specific term in securities law

There was some confusion on Stockhouse that I addressed with the following post, and I was asked to copy it over here, as well. Here goes....

I'd like to clarify some terminology that is being misused in these discussions. One of the most important errors is to use the word dissent to describe shareholders who oppose the merger transaction proposed by WTG. In common usage, dissent is the antonym to consent; the meaning is 'not in agreement with', as opposed to 'in agreement with'. In securities law, dissent is a specific form of opposition to the underlying transaction, in which the dissenter seeks a "fair value" payout (almost always cash), rather than the proposed payment (either securities, cash, or a combination thereof), which they believe to be inadequate.

In order to dissent (the procedure is spelled out in Section 190 of the Canada Business Corporations Act http://www.canlii.org/en/ca/laws/stat/rsc-1985-c-c-44/latest/rsc-1985-c-c-44.html), a shareholder must be in physical possession of the share certificate. Therefore, a beneficial shareholder (shares held in a brokerage account) cannot dissent, as he is not in possession of the share certificate. In order to dissent, a shareholder would have to become a registered shareholder, by requesting their broker to instruct the transfer agent to issue the physical share certificate. That takes some time, and a nominal fee is involved. (Your broker is the registered shareholder, and should co-operate with the initial filing of the notice of dissent. After that, you will have to proceed by obtaining the share certificate, and following the explicit steps described in the CBCA.)

The WTG merger document includes a clause that if more than 5% of registered shareholders file notices of dissent, then WTG has the option of cancelling the transaction. They are not obligated to cancel it. They may choose to proceed, if they desire. Because dissenting shareholders lose voting rights, that may be to their advantage, as pro-merger votes would face reduced opposition, but I'm getting a little off on a tangent.

The stockigloo website, as well as many posters here, are using the word dissent in its common usage, but it is incorrect to use the word that way, solely because the word has a clearly defined meaning in securities law. The stockigloo register of dissatisfied shareholders might better be called that, or shareholders opposed to the offer, or something similar. That list is nothing more than a demonstration of unified opposition. It has no legal standing, and confers no benefits, nor limits any rights.

The record date must fall between 30 and 60 days prior to the special meeting being called. The transfer agent holds a list of all registered and/or beneficial shareholders, each such shareholder being a 'shareholder of record'. That list of names will be used to determine who is eligible to vote, and who will receive the proxy documents, and the Management Information Circular describing the proposed transaction. Those documents do not have to be sent out until 21 days before the meeting, although they are typically distributed 3 or 4 days before that minimum threshold, to ensure compliance with the law.

For retail shareholders, today was the last day to buy shares which will create a record of the transaction being recorded by the transfer agent, prior to the official record date. That is because the settlement period for retail trades is 3 business days. However, there are institutional trades that settle in 1 day, so that is not a universal guideline. Moreover, share certificates can be transferred on the record date, so long as the transfer agent receives the appropriate documentation before the close of business on the 7th.

We will have to see just how the proxies are set up. It may be that a NO vote will be registered by any shareholder who does nothing. Or, the documents might indicate that a failure to register the proxy allows management to assume that the vote is YES. My point is, we will have to see how the documents are drafted before we can determine what needs to be done.

I am a member of the Century Shareholders Committee, formed to oppose this merger as it is offered. We are working very hard to determine effective strategies. I trust that you will remain patient, as it takes time to work through all of the possible outcomes. We will provide public statements as soon as we feel we are in a position to do so. One does not negotiate in public. We hope you understand why that is so.