Tanoose.
Thanks for making sure I got over to Century Mining's booth at PDAC in 2005.
As of the most recent publically available information, the current share structure should be pretty close to this, inclusive of the recent financing.
Issued and outstanding
111,332,664
Warrants
19,976,990
Convertible Debentures
0
Options
4,325,000
Fully diluted
135,634,654
At C$1.45, Century Mining is one of, if not the, most undervalued gold mining companies at the present time. Current production projections for 2006 of 4700 tonnes per day grading at 1.8 gpt with a cash cost of US$325. Current production (approx 3900 tpd) is being hampered by lack of availability of mining equipment in the open pit. The first of 4 new 100 tonne trucks begin arriving in early June, which will dramatically improve tonneage delivered to the 5000 tpd mill. There is also the ability of increasing capacity to 6000 tpd, with the inclusion of the onsite rod mill.
January 2006 production results were quite good.
centurymining.com
<em>"The Company is pleased to report that unaudited operating results at the Sigma Mine in January were ahead of budget. The mine produced approximately 8,400 ounces of gold (budget 7,570 ounces) from approximately 121,400 tonnes of ore (budget 137,700 tonnes) at an average head grade of 2.28 g/t gold (budget 1.80 g/t). The estimated cash cost was approximately US$300 an ounce (budget US$326 an ounce)."</em>
Development plans for 2006 at the Sigma Lamaque Complex in Val D'or Quebec should see the company ramping up production to 100,000 ounces per annum from the Sigma open pit, and 100,000 ounces from the Lamaque underground. Full production of approx 200,000 ounces for 2007 is projected at Sigma Lamaque.
Century Mining recently entered into a partnership with the operators of San Juan Gold Mines in Peru.
centurymining.com
The potential of this first acquisition can be seen in the Golden Champune prospect. A potential 185 million tonnes grading at 1.5 - 3.0 gpt has been estimated in the past, but is not NI 43 101 compliant. There is however a substantial historical data base for the Golden Champune deposit, and according to company officals, they plan on moving a large portion of this prospect into NI 43 101 compliancy within the next 6-12 months.
Current plans for the company are to upgrade the 150 tpd operation at the San Juan Gold Mine to 700 tpd within the next 6 months, which should see 60,000 ounces production on an annualized basis exitting 2006. Century's share of 60% equates to about 35,000 ounces.
Without any further acquisitions, and enough money raised in this latest financing to pay for all acquisition and development costs in Val D'or and Peru, Century Mining should be producing at least 235,000 ounces of gold in 2007, with estimated average cash costs under US$300/oz.
Again, thanks Tanoose !! |
