Century Mining Corp. (CVE:CMM) Hitting New Highs Day by Day

Century Mining Corp. keeps hitting new price highs on a mad rally lasting since the beginning of March.

With the price going up over 9% on Friday the stock has hit yet another year high. The resistance area to be seen in the horizon is at $1, which has proven itself in 2007. The fundamentals are mixed as well, so long term price appreciation is far from certainty. Financial results are anticipated to be released this month.

Positive developments that have been sustaining the price:

• The top line is on a sustained improvement;
• Bottom line positive and growing;
• Cash position very strong considering the CND$60.75 million funding closed in January this year;
• In March the company also eliminated $1 million in debt by issuing stock.

On the bad side, the share dilution was 34% over the last year, which related to the disposition of debt. Cash flow would be negative if not equity and debt issuance.

The company's drilling results from March indicated intersection of high grade gold veins on their Lamaque Gold mine. Final results are still pending. The company has distributed the announcement stating they had a significant production improvement in the fourth quarter.

The company had problems with workers going on strike in February. With the issue resolved and mining resumed the price has been rallying as well.