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TORONTO,
ONTARIO--(Marketwire - Nov. 29, 2007) - Glencairn Gold Corporation (the
"Company")(TSX:GGG)(TSX:GGG.WT)(AMEX:GLE) announces that it
has changed its name to Central Sun Mining Inc. and implemented a share
consolidation on a one-for-seven basis effective November 29, 2007. The
name change and share consolidation were approved by shareholders at
the Company's special meeting of shareholders held on November 29,
2007. Shareholders also approved the issuance of an aggregate of
19,095,714 post-consolidation common shares and 9,547,857
post-consolidation common share purchase warrants upon the deemed
exercise of subscription receipts issued on October 22, 2007. The
Company's new Stock Option Plan and amended Share Bonus Plan were also
approved by shareholders.
"This represents the completion of three significant features of
the Company's restructuring plan announced on October 2, 2007,"
said Peter Tagliamonte, President & Chief Executive Officer.
"We now look forward to implementing the remainder of our new
strategic plan by completing the conversion of the Orosi Mine (formerly
Libertad) from heap leaching to conventional milling and carrying out
our exploration program along the Nicaraguan Gold Belt."
Effective at the opening on Wednesday, December 5, 2007, the Company's
common shares and common share purchase warrants currently listed on
the Toronto Stock Exchange under the symbols "GGG" and
"GGG.WT", respectively, will commence trading under the new
name Central Sun Mining Inc., the new symbols "CSM" and
"CSM.WT", respectively, and on a one-for-seven consolidated
basis. Also effective at the opening on Wednesday, December 5, 2007,
the Company's common shares currently listed on the American Stock
Exchange under the symbol "GLE" will commence trading under
the new name Central Sun Mining Inc., the new symbol "SMC"
and on a one-for-seven consolidated basis.
As a result of the consolidation, the Company has approximately
59,284,528 common shares outstanding and approximately 90,450,000
common shares on a fully-diluted basis. Outstanding common share
purchase warrants and stock options have been adjusted to reflect the
consolidation.
Letters of Transmittal will be mailed to registered holders of common
shares on November 30, 2007 requesting them to forward the certificates
representing their common shares of Glencairn Gold Corporation to
Equity Transfer & Trust Company in Toronto, Ontario in exchange for
certificates representing the number of common shares of Central Sun
Mining Inc. to which they are entitled.
As a result of the consolidation, commencing on December 5, 2007, the
terms of the currently outstanding $1.25 common share purchase warrants
listed on the Toronto Stock Exchange have been adjusted pursuant to the
warrant indenture governing these warrants such that seven previously
outstanding warrants will entitle the holder to purchase one common
share at a price of $8.75 until November 26, 2008.
About Central Sun Mining
The Company is a gold producer with mining and exploration activities
focused in Nicaragua. The Company operates the Limon Mine in Nicaragua
and plans to convert the Orosi Mine in Nicaragua to conventional
milling and expand annual gold output. It also holds an option to
acquire a 100% interest in the Mestiza gold property which is located
70 kilometres from the Limon Mine. The Company focuses on efficient and
productive mining practices to establish a firm base of quality
operations. Central Sun Mining is committed to growth by optimizing
current operations and expanding mineral reserves at existing mines.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to
the completion of the Company's new strategic plan, the future
financial or operating performance of the Company, its subsidiaries and
its projects, the future price of gold, estimated recoveries under the
milling plan, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital for the mill
project, operating and exploration expenditures, costs and timing of
the development of new deposits, costs and timing of future
exploration, requirements for additional capital, government regulation
of mining operations, environmental risks, reclamation expenses, title
disputes or claims, limitations of insurance coverage and the timing
and possible outcome of pending litigation and regulatory matters.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is
expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state
that certain actions, events or results "may",
"could", "would", "might" or "will
be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: general
business, economic, competitive, political and social uncertainties;
the actual results of current exploration activities; actual results of
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
gold; possible variations of ore grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; political
instability, insurrection or war; delays in obtaining governmental
approvals or required financing or in the completion of development or
construction activities, as well as those factors discussed in the
section entitled "General Development of the Business - Risks of
the Business" in the Company's annual information form for the
year ended December 31, 2006 on file with the securities regulatory
authorities in Canada and the Company's Form 40-F on file with the
Securities and Exchange Commission in Washington, D.C. Although the
Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company does not
undertake to update any forward-looking statements that are incorporated
by reference herein, except in accordance with applicable securities.
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