Friday, September 17, 2010
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Press Release
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Century Mining Announces Additional $1,200,000 Private Placement
Century Mining Corporation ("Century" or "the
Company") (CMM: TSX-V) is pleased to announce, due to strong
interest in the Company's activities, an additional private placement
financing of 3,076,923 units (the "Units") of the Company, at a
price of $0.39 per Unit, for gross proceeds of $1,200,000. 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 cash 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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