Century Mining Provides Update on Drilling Program in Peru and Progress at Sigma Mine
Century Mining Corporation
TSX VENTURE: CMM
OCTOBER 5, 2006 - 16:30 ET
Century Mining Provides Update on Drilling Program in Peru and Progress at Sigma Mine
BLAINE, WASHINGTON--(CCNMatthews - Oct. 5, 2006) - Century Mining Corporation (TSX VENTURE:CMM) is pleased to provide an update on its exploration program in Peru and on production in the Sigma pit.
Exploration in Peru
The Company's exploration team in Peru is mobilizing surface and underground drills at the San Juan (Pampas) and San Juan (interior) sites. The Company has completed access roads, drill platforms and other ancillary work to expedite the exploration program on receipt of the Class B exploration permit from the Ministry of Mines. The Company has secured drill equipment and contracted major vendors for support of the program.
Century is still awaiting receipt of the Class B permit for drilling at San Juan. The delay in issuing the permit is due to the large number of permit applications that the government is reviewing because of the high level of exploration activity in Peru. Century is also finalizing the application of the other exploration permits for the San Juan exploration block. The Company continues to recruit senior and project level staff in Peru to properly conduct the exploration program so that a technical report can be produced to NI 43-101 standards of compliance.
A widely spaced reconnaissance sampling program has commenced on the Santa Clarita porphyry Cu-Au target and age date samples have been collected on the Erika porphyry property to investigate its relationship to the Paleocene porphyry belt of southern Peru.
The San Juan Mine has taken delivery of new mining equipment including a larger compressor to facilitate mining in the Mercedes vein.
Progress in Sigma pit
The Sigma Mine in Quebec has reached several milestones in terms of daily production and sustained total production in September. Over 1.0 million tonnes of total material (ore and waste) were moved from the Sigma pit in September, an increase of 15% from August. The fourth and final 100-ton haul truck was delivered in the last week of September. Over 40,000 tonnes per day of total material have been removed from the pit during the last two weeks.
Margaret Kent, President and CEO commented, "We share shareholders' frustrations over the continued delays while we wait for the exploration permit to be issued before we can start our exploration program at the San Juan Mine. Our staff in Peru are working diligently with the Ministry of Mines to expedite the approval process.
We also experienced delays at Sigma in receiving the four new haul trucks. The first truck was not delivered until mid-July. The amount of total material we have moved from the pit on a monthly basis has increased by 65% from June till the end of September. We are pleased with the significant improvement in operations at the Sigma pit. The new haul trucks and the new RC drill will facilitate the implementation of our long-term mine plan and achievement of production targets over the life of the mine."
About Century Mining Corporation
The Company forecasts total gold production of 85,000 ounces of gold at a cash cost of approximately US$385 an ounce from its 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 23,000 ha of exploration properties in Peru.
Margaret M. Kent, Chairman, President & C.E.O.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.
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 INFORMATION
Century Mining Corporation
Brant Jones
Manager of Investor Relations
(877) 284-6535 or (360) 332-4653
Email: bjones@centurymining.com
or
Century Mining Corporation
Graham Eacott
Vice President, Investor Relations
(877) 284-6535 or (360) 332-4653
(360) 332-4652 (FAX)
Email: geacott@centurymining.com
Website: www.centurymining.com
INDUSTRY:
Manufacturing & Production - Mining & Metals
tanoose...................at least something has come out?? |
