Wednesday, September 15, 2010
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Press Release
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Century Mining Announces $5,000,000 Private Placement
Century Mining Corporation ("Century" or "the
Company") (CMM: TSX-V) is pleased to announce that it intends to
complete a private placement financing of 12,820,513 units (the
"Units") of the Company, at a price of $0.39 per Unit, for
gross proceeds of $5,000,000. Each Unit will consist of one common share
and one-half of one common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will be exercisable for one common
share at $0.60 for 18 months from closing.
The Company will pay a finder's fee of 5% of the gross proceeds of the
private placement. The completion of the private placement is subject to
regulatory approval by the TSX Venture Exchange and completion of
documentation. All securities issued under this private placement will be
subject to a four-month hold period.
The proceeds from this offering will be used for the continuing
commissioning of its Lamaque Gold Mine operation in Val d'Or, Qu�bec,
Canada, and as working capital. Century has been advised that Kirkland
Intertrade Corp and Gravity Ltd. have consented to the Offering and will
not exercise their pre-emptive rights in respect thereto as provided in
the current Shareholders Agreement.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds
strategic land positions in Canada, United States and Peru. The Company's
strategy is to grow to an intermediate gold producer through existing
mine expansions and acquisitions of other strategic and synergistic gold
opportunities.
On behalf of Century Mining Corporation,
"Keith
Hulley"
Interim CEO
For further investor information, please contact:
Peter A. Ball, Director of Investor Relations
E-mail: pball@centurymining.com
Phone: (360) 332-4653
Toll Free: (877) 284-6535
Website: www.centurymining.com
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Caution Concerning
Forward-Looking Information
This press release
contains forward looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of applicable Canadian
securities laws. We use words such as "may", "will",
"should", "anticipate", "plan",
"expect", "believe", "estimate" and similar
terminology to identify forward-looking statements and forward-looking
information. Such statements and information are 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 statements and information involve 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 information and accordingly, readers
should not place undue reliance on such statements and information. 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
commodity 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 included in this Annual
Report, in our Annual Information Form and in other filings made by us
with the Securities and Exchange Commission and 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.
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