Century Mining's Peruvian Subsidiary Granted 50-Year Mining and Operating Lease for San Juan Gold Mine
Thursday June 22, 3:00 pm ET
ca.us.biz.yahoo.com
BLAINE, WASHINGTON--(CCNMatthews - June 22, 2006) - Century Mining Corporation (TSX VENTURE:CMM - News) announces that San Juan Gold Mines S.A.A. ("San Juan") has granted Century Mining Peru S.A.C. ("Century Peru"), a wholly owned subsidiary of Century Mining Corporation, 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% attributable to Century Mining Corporation's account.
Century Peru will be responsible for funding all future capital, operating and exploration expenditures on the mining concessions. San Juan will receive a 10% 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% controlling interest in San Juan and also has 100% interest in the surrounding exploration concessions that were acquired as part of the acquisition of San Juan. A 60% share of any net profit interest payment made to San Juan will also be attributable to the Company.
Margaret Kent, President & CEO said: "The granting of the mining and operating lease to our Peruvian subsidiary is the culmination of our plans to gain control of 100% of gold production from the San Juan Mine and to carry out exploration and development on the San Juan concessions."
About Century Mining Corporation
The Company forecasts gold production of 100,000 ounces of gold at a cash cost of US$325 to US$350 an ounce from its operating Sigma, Lamaque and San Juan mines 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 & C.E.O.
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
(360) 332-4653
tthomsen@centurymining.com
Graham Eacott
Century Mining Corporation
Vice President, Investor Relations
(360) 332-4653
(360) 332-4652 (FAX)
geacott@centurymining.com
www.centurymining.com
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Source: Century Mining Corporation |
