Century Mining Increases Interest in San Juan Gold Mines S.A.A. to 82.6%
Thursday January 4, 3:52 pm ET
ca.us.biz.yahoo.com
BLAINE, WASHINGTON--(CCNMatthews - Jan. 4, 2007) - Century Mining Corporation (TSX VENTURE:CMM - News) announces that the Company has increased its interest in San Juan Gold Mines S.A.A. to 82.6% from 60.0% pursuant to the conversion of US$10.0 million of debt held by Century Mining Finance Corp., a wholly-owned subsidiary of Century Mining Corporation, to equity. The remaining 17.4% interest is owned by the past and present workforce of San Juan Gold Mines, approximately 1,100 shareholders. On completion of the conversion of debt to equity, Century will continue to hold US$4.0 million in outstanding debt, secured by assets of Compania Minera Erika S.A.C. Since acquiring a controlling interest of San Juan Gold Mines in May 2006, Century accounts for 100% of gold production, subject to a 10% NPI owned by San Juan Gold Mines, of which Century now owns 82.6%.
Margaret Kent, President & CEO, commented, "This increase in the Company's interest in San Juan is part of Century's plans to continually expand our interests in Peru, while maintaining a positive relationship with the workforce as our partners. We remain committed to our fundamental growth strategy in South America, which will contribute to increased production, while at the same time reducing overall cash costs."
About Century Mining Corporation
Century Mining is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru. The Company owns and produces gold at the Sigma and Lamaque mines in Quebec that historically have produced over 9.4 million ounces of gold. In Peru this year Century acquired control of the San Juan Mine where the Company accounts for 100% of gold production. Century's growth strategy is to acquire gold producing assets in South America that will substantially reduce the Company's consolidated total cash cost of production and where there is exceptional exploration potential to expand production at these mines.
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:
Brent Jones
Century Mining Corporation
Manager of Investor Relations
1-877-284-6535 or (360) 332-4653
Email: bjones@centurymining.com
Graham Eacott
Century Mining Corporation
Vice President, Investor Relations
1-877-284-6535 or (360) 332-4653
(360) 332-4652 (FAX)
Email: geacott@centurymining.com
Website: www.centurymining.com
Source: Century Mining Corporation |
