ALGAMARCA
REFUTES SULLIDEN PRESS RELEASE AND ACCURATELY STATES FACTS
Lima, Peru:
Compania Minera Algamarca S.A. (Algamarca –
May 31, 2007) today refuted claims made today by Sulliden
Exploration Inc. that there has been any progress in their favor in the ongoing
litigation in Peru.
Algamarca denies that the Superior Court of Cajamarca dismissed legal
actions taken by Algamarca regarding the status of the registration of the
Shahuindo mining concessions (File No. 111-2006). In fact, the Superior Court
of Cajamarca merely declared itself incompetent to hear the matter for reasons of
jurisdiction and therefore remanded the matter to the Attorney General located
in Lima.
Algamarca has appealed this position taken by the Superior Court of Cajamarca
to the Constitutional Court of Peru since the Court erroneously relied on new
legislation regarding jurisdiction introduced following the initiation of the
original legal proceeding. Notwithstanding such appeal by Algamarca, remanding
the matter to the courts in Lima
would not affect the position of Algamarca in this litigation and Algamarca
remains very confident of a positive outcome in any hearing on the merits of
this matter.
Algamarca similarly denies that the Supreme Court of Peru rendered any
judgment regarding the procedural remedies subject of File No. 169-2006.
Inversiones Sudamericanas withdrew File No. 169-2006 in favour of proceeding
with File No. 008-2006 in the Superior Court of Humachuco.
There remain more than 15 open legal proceedings relating to the
Shahuindo Project. Sulliden’s statement that only “one …[legal
proceeding]… remains outstanding” is simply incorrect. Other
specific misrepresentations by Sulliden include the following:
Sulliden Statement: “Algamarca legal actions dismissed
– Supreme court upholds Sulliden appeal.”
Actual Status: The
Supreme Court of Peru has neither heard nor ruled on any matter referenced in
Sulliden’s press release. The Supreme Court of Peru did remand File #
3146-2006 to the Superior Court of Cajamarca for resolution and it agreed to
hear File #169-2006 but no trial date has been set.
Sulliden Statement: “The Superior Court of Cajamarca
rejected Algamarca’s petition (Accion de Amparao) by Resolution dated
April 23, 2007 (File No. 111-2006).”
Actual Status: The
Superior Court of Cajamarca merely declared itself incompetent to hear the matter,
a position being appealed by Algamarca on the basis of the erroneous
application of a new rule enacted subsequent to the filing of the original
petition.
Copies of the relevant court documents will be posted on
Century’s website (www.centurymining.com) as of May 31, 2007.
As previously stated, after a thorough legal review completed by the
Company and its advisors, and a review of the history of the dispute that has
surrounded the title to the Shahuindo mining project, Century believes that the
companies it purchased (see separate press release issued on May 16, 2007) were
the rightful owners of the properties and associated surface rights and that
Sulliden’s case is without merit.
Margaret Kent, President & CEO of Century, commented, “Today
Sulliden issued statements implying that Sulliden was successful in parts of
the Shahuindo litigation. That would be a clear misrepresentation of the facts.
No issues of substance were decided by any court in the matters referenced in
Sulliden’s press release. Furthermore, the decision of the Supreme Court
to uphold the injunction on registering surface rights in Sulliden’s name
cannot be challenged. Substantive legal matters are still pending and we are
very confident that the courts in Peru will rule in favor of
Algamarca, thereby confirming Century’s South American subsidiaries as
the rightful owners of the Shahuindo property. While we are hopeful for a quick
resolution to this dispute, future appeal processes may take several years to
complete.”
For further information, please contact:
Brent Jones
Manager of Investor Relations, Century Mining Corporation
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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responsibility for the adequacy or accuracy of the contents of this press
release.
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