Anyone follow Century Mining ? Last week they had their biggest one week percentage move in 2 years. I have stuck with this situtation for 2 1/2 years and it has been a frustrating ride, but I believe it is finally turning around for real now. It appears to be the most undervalued junior producer out there:
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Message 24209210
biz.yahoo.com
Press Release Source: Century Mining Corporation
Century announces updated NI 43-101 reserves and technical report for the Lamaque mine
Friday January 11, 12:34 pm ET
<< -Company reports total proven and probable reserves of 1.13 million oz.- Additional measured and indicated resources of 624,000 oz. and additional inferred resources totaling 2.8 million oz. >>
BLAINE, WA, Jan. 11 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today it has received an updated NI 43-101 compliant reserve and resource report and technical study authored by Mr. Callum Mark, M.Sc., P.Geo. of Clearwater Resources Ltd. (CRL), designated as the Qualified Person, for the Lamaque underground mine located in Val d'Or, Quebec. The new reserve and resource estimates and technical report were produced from data compilation that has been ongoing for the last 12 months, underground development and exploration work, and confirmation of actual operating costs incurred since the underground mine commenced operations in May 2007. The new technical report for Sigma and Lamaque meets NI 43-101 disclosure standards. The updated report incorporates current mine plans and operating scenarios for the ramp up of production at the Lamaque operation.
"We are extremely pleased with the results of the NI 43-101 technical report, which substantiates the significant reserves and resources remaining at Lamaque. It should be noted that assuming a gold price of US$800 per ounce and using an exchange rate at par US$/C$, the internal rate of return for the Lamaque project is 232%, and the net present value of the mine operation (using discounted cash flow analysis at a discount rate of 5%) is C$297 million. The Lamaque operation will become an important part of the Company's future, providing Century with substantial production in an environment with no political risk, a highly skilled workforce and exceptional additional exploration potential. We believe that the results of this study will substantiate to current shareholders and future investors the value of this asset," said Margaret Kent, President and CEO of Century. << |
