From Montreal Gazette:

The historic Lamaque gold mine near Val d'Or, northwestern Quebec, may have a more stable future with the merger by share exchange of owner Century Mining Corp. and Russian-controlled White Tiger Gold Ltd.

Century last week reported production problems at Lamaque that reduced output from the projected annual 70,000 ounces to 75,000 ounces and squeezed the company's financial resources.

Century bought Lamaque from the bankrupt McWatters Mining in 2004 and later reopened it. The mine closed in 2008 and was restarted again early last year after a refinancing. Well-known mining executive Margaret Kent resigned as CEO last July and Daniel Major replaced her.

Russian mining entrepreneur Max Finskiy controls Toronto-listed White Tiger Gold, which operates a gold mine in Siberia, and is a major shareholder of Century, which besides Lamaque has a gold property in Peru. Major will head the merged company with combined annual production of up to 120,000 ounces and exploration properties in Russia.