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Century Mining Closes Flow-Through Share Financings
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10 Jan 2008 19:09 ET BLAINE, WA, Jan. 10 /CNW/ - Century Mining Corporation (CMM: TSX-V) announces today that, subject to regulatory approval, it has closed a non-brokered private placement of 5.6 million flow-through shares at a subscription price of C$0.50 per flow-through share for gross proceeds of C$2.8 million. This financing was previously announced on November 21, 2007. Century paid a finder's fee of 6% cash and broker warrants equal to 4% of the number of flow-through shares purchased by investors introduced to the Company. All of the securities issued under this private placement are subject to a four-month hold period. The proceeds of this flow-through share financing will be used for exploration at the Company's Lamaque properties in Quebec. Century also announces that, subject to regulatory approval, it has closed a non-brokered private placement of 3,154,715 flow-through shares at a subscription price of C$0.35 per flow-through share for gross proceeds of C$1,104,150. This financing was previously announced on December 24, 2007. For introducing certain investors to the Company, Century paid a 6% cash finder's fee. All of the securities issued under this private placement are subject to a four-month hold period. The proceeds of this flow-through share financing will be used for exploration on and near the Company's Lamaque properties in Quebec. About Century Mining Corporation Century Mining Corporation is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Canada and Peru. The Company owns and produces gold at the Lamaque mine in Quebec which 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 own Rosario de Belen 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 November 28, 2007 Century issued a take-over bid for Sulliden Exploration Inc. at an exchange ratio of 0.72 Century shares for each Sulliden share. 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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