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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: maxncompany	6/22/2006 3:22:50 PM
	of 78413

CMM.V News Century Mining acquires half-century San Juan lease 2006-06-22 15:19 ET - News Release Ms. Margaret Kent reports CENTURY MINING'S PERUVIAN SUBSIDIARY GRANTED 50-YEAR MINING AND OPERATING LEASE FOR SAN JUAN GOLD MINE Century Mining Corp. has confirmed that San Juan Gold Mines SAA has granted Century Mining Peru SAC, a wholly owned subsidiary of Century Mining, a 50-year mining and operating lease covering all of the San Juan claims. This allows Century Peru to operate the San Juan gold mine and carry out exploration work on the concessions. All gold produced from the San Juan concessions will be 100-per-cent attributable to Century Mining's account. Century Peru will be responsible for financing all future capital, operating and exploration expenditures on the mining concessions. San Juan will receive a 10-per-cent net profit interest from gold production at the mine after repayment to Century Peru of capital, operating, exploration and management expenses. Century Peru has a 60-per-cent controlling interest in San Juan and also has 100-per-cent interest in the surrounding exploration concessions that were acquired as part of the acquisition of San Juan. A 60-per-cent share of any net-profit interest payment made to San Juan will also be attributable to the company. Margaret Kent, president and chief executive officer, said: "The granting of the mining and operating lease to our Peruvian subsidiary is the culmination of our plans to gain control of 100 per cent of gold production from the San Juan mine and to carry out exploration and development on the San Juan concessions." We seek Safe Harbor.

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