Century Mining withdraws offer for Sulliden
Friday January 25, 7:46 pm ET
- Company will focus on Lamaque and San Juan mines
biz.yahoo.com
BLAINE, WA, Jan. 25 /CNW/ - Century Mining Corporation (CMM: TSX-V) today announced that it has withdrawn its takeover bid for Sulliden Exploration Inc, which was announced on November 28, 2007. Century has notified the depositary that the offer has been withdrawn and instructed it to return all shares that have been deposited.
Since the commencement of this takeover bid, Sulliden's defense has been to portray Century in a very negative light. Century disagrees with these assertions and is disappointed that the board of Sulliden has failed to see the benefit of combining with Century, which could have ended the litigation and created a new mid-tier gold producer. Century will maintain its current position in the litigation over the Shahuindo property in Peru.
The focus of Century at this time will be to continue building its portfolio of operating and exploration assets, which include the Lamaque and San Juan mines.
Margaret M. Kent, President and C.E.O. of Century Mining commented, "With gold spot prices above US$900 per ounce, it is unfortunate that Shahuindo is the subject of litigation. Century's focus is on building and operating mines resulting in wealth creation for our shareholders in this gold cycle. It is regrettable that our objectives do not appear to be aligned with those of Sulliden's management."
About Century Mining Corporation
Century Mining Corporation 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 Lamaque mine in Québec that historically has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. Century subsidiaries also operate the Rosario de Belen mine where it accounts for 100% of both gold and silver 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.
On behalf of the Board of Directors,
"Margaret M. Kent"
Chairman, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this
press release.
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.
While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
For further information
Brent Jones, Manager of Investor Relations, E-mail: bjones@centurymining.com, Phone: (877) 284-6535 or (360) 332-4653, Fax: (360) 332-4652, Website: www.centurymining.com
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Source: Century Mining Corporation |
