CENTURY
MINING ANNOUNCES UP TO
C$4.5
MILLION IN FLOW-THROUGH AND UNIT FINANCINGS
Blaine, WA: �March 27, 2008 - Century
Mining Corporation (CMM: TSX-V) Century Mining Corporation (CMM: TSX-V) announces
today that, subject to regulatory approval, it will complete a non-brokered
private placement of up to C$4.5 million, comprised of both units and flow
through shares. �
This
private placement is for up to C$4.5 million of aggregate gross proceeds in any
combination of (i) units at an issue price of C$0.23 per unit;� (ii) common
shares issued on a “flow-through” basis at an issue price of $0.25
per flow-through share; and (iii) flow-through shares at an issue price of
$0.35 per share.
Each
unit will consist of one common share of the Company and one common share
purchase warrant, with each warrant entitling the holder to purchase, for a
period of 18 months from the date of issuance, one additional common share of
the Company at an exercise price of C$0.40 per share.
In
connection with the private placement the Company will pay certain persons for
introducing subscribers to the Company a finder’s fee of cash equal to 7%
of the aggregate gross proceeds of such placement, and share purchase options equal
to 7% of the aggregate number of flow-through shares. Each option shall be
exercisable at a price of $0.23 for a period of 18 months from the date of
issue and shall entitle the holder to acquire one common share of the Company and
one warrant exercisable for one common share at a price of $0.40 for a period
of 18 months.
The proceeds from this offering will be used for the development
of the Lamaque Mine, further mill expansion at San Juan, and working capital.�
All of the securities issued under these private placements will be subject to
a four-month hold period.
The Company also announced today that it has closed the final
tranche of a non-brokered private placement of 4,297,572 flow-through shares at
a subscription price of C$0.35 per flow-through share for gross proceeds of
C$1,504,150.� The final tranche consisted of 1,142,857 flow-through shares for
gross proceeds of $400,000.� This financing was previously announced on
December 24, 2007 and January 10, 2008.� For introducing certain investors to
the Company, Century paid a 6% cash finder’s fee.� All of the securities
issued under this private placement are subject to a four-month hold period.�
The proceeds of this flow-through share financing will be used for exploration
on and near the Company’s Lamaque properties in Qu�bec.
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer
that is aggressively acquiring producing mines and exploration properties in
Peru. The Company owns and produces gold at the Lamaque mine in Qu�bec that
historically has produced over 9.4 million ounces of gold. In Peru, Century’s
wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the
Company accounts for 100% of gold production.� Century’s subsidiaries
also operate the Rosario de Belen mine where it accounts for 100% of both gold
and silver production. Century’s growth strategy is to acquire gold
producing assets in South America that will substantially reduce the
Company’s consolidated total cash cost of production and where there is
exceptional exploration potential to expand production at these mines.
On
behalf of the Board of Directors,
“Margaret M. Kent”
Chairman, President & CEO
For further information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: bjones@centurymining.com
Phone: (877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
Website: www.centurymining.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the
meaning of applicable securities laws. We use words such as “may”,
“will”, “should”, “anticipate”,
“plan”, “expect”, “believe”, “estimate”
and similar terminology to identify forward-looking information. It is 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 information involves 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 accordingly, readers
should not place undue reliance on those statements.� 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 resource 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 and in other
filings made by us 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.