Century Mining Clarifies Production Estimates for the San Juan Gold Mine
Thursday May 18, 10:19 am ET
biz.yahoo.com
BLAINE, WASHINGTON--(CCNMatthews - May 18, 2006) - Pursuant to an press release dated May 17, 2006 Century Mining Corporation (TSX VENTURE:CMM - News) wishes to clarify production estimates for the San Juan Gold Mine in Peru.
The Company disclosed operating projections and costs from a report entitled "Three Years Business Plan for Empresa Minera San Juan Gold Mines S.A.A., Arequipa, Peru", prepared by Dr.-Ing. Jurgen Kowalewski and dated November 8, 2002. Those statements should not be relied on as the report is not NI 43-101 compliant.
The Company has budgeted the following gold production from the San Juan gold mine: 2006 - 5,000 ounces at an estimated cash cost of approximately US$250 an ounce; 2007 - 20,000 ounces; and 2008 - 80,000 ounces. These projections are not based on a feasibility study as the mine is currently in operation and the mine and 700 tonnes per day mill have produced gold economically at much higher capacity in previous years.
About Century Mining Corporation
The Company forecasts gold production of 90,000 ounces at a cash cost of US$325 to US$350 an ounce from its Sigma Mine in Quebec in 2006. The Company owns the dormant Carolin gold mine in southwestern British Columbia; nine precious metals exploration properties located on the historic Juneau Gold Belt in Alaska; and production and exploration properties in Peru.
Margaret M. Kent, Chairman, President & CEO
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and as amended in Section 27E of the 1934 Act.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
Contact:
Tom Thomsen
Century Mining Corporation
Investor Relations Consultant
(877) 284-6535 or (360) 332-4653
tthomsen@centurymining.com
Graham Eacott
Century Mining Corporation
Vice President, Investor Relations
(877) 284-6535 or (360) 332-4653
(360) 332-4652 (FAX)
geacott@centurymining.com
www.centurymining.com
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Source: Century Mining Corporation |
