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JOINT PRESS RELEASE
WEGA
MINING INVESTS IN CENTURY
Oslo, Norway – Wega Mining ASA (“Wega
Mining” – OAXX: WEMI – May 15, 2007) and Century Mining
Corporation (“Century” – TSX-V:CMM – May 15, 2007)
jointly announced today that Wega Mining has made an equity investment of
$12,000,000 in the Canadian listed company Century Mining Corporation. Under
the terms of the transaction, Wega Mining acquired 13,483,146 units at a
purchase price of $0.89 per unit. Each unit consists of one common share and
one quarter of one common share purchase warrant. The share purchase warrants
will entitle the holder to acquire one Century common share at a price of $1.17
per share at any time on or before May 10, 2009.
In accordance with TSX Venture Exchange regulations, the issued shares
are subject to a four month hold period. Resale of the shares is restricted
until September 10, 2007.
After the transaction, Wega Mining owns 19,301,646 shares in Century,
representing 14.1% of the issued and outstanding Century common shares. Upon
exercise of the warrants, Wega Mining would own 22,672,322 common shares,
representing 14.4% on a fully diluted basis.
During a period beginning May 10, 2008 and ending at the warrants’
expiry date, Century may require the warrant holder to exercise its warrants,
provided the value of Century shares exceed CAD 1.25 for 20 consecutive trading
days.
Wega Mining has acquired the Century securities for investment
purposes. Wega Mining’s investment will be reviewed on a continuing basis
and its holdings may be increased or decreased in the future.
The companies have also agreed that, until May 10, 2009, Wega Mining
will not increase its direct and indirect share of outstanding shares in Century
above 19.9% without the approval of the Board of Directors of Century.
Lars Marius Furu, CEO of Wega Mining said: “We are pleased to
make this arrangement with Century Mining. Century’s current operations
are making good progress and there is considerable value to unlock. We are also
excited about the company’s growth opportunities in Peru, for which the main proceeds
from this placement will be used.”
Margaret Kent, President and CEO of Century Mining, said, “We are
pleased to have Wega Mining as a significant shareholder. The relationship will
give Century increased exposure to the European mining community, new
institutional investors and sources of capital to increase shareholder value.
We also plan to visit Norway
for a road show in June as part of the company’s ongoing investor
relations activities.
For further information please contact:
Lars Marius Furu, CEO
Wega Mining ASA
T: +47 9018 8289
Brent Jones
Manager of Investor Relations
Century Mining Corporation
(360) 332-4653
Wega Mining ASA is an Oslo-based international mining company focused on
exploring, developing and operating gold, copper and zinc deposits. The company
currently holds exploration licenses in Guinea,
Canada, Portugal, Ecuador,
Romania and Norway, and a gold-copper development project in
Canada.
It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange,
under the ticker WEMI. Further information can be accessed at www.wegamining.com.
Century Mining Corporation is an emerging mid-tier Canadian gold
producer formed in 2003. The company forecasts 100,000 ounces of gold
production in 2007 at a cash cost of US$370 per ounce, including 86,000 ounces
from its Sigma and Lamaque Mines in Qu�bec and 14,000 ounces from its Peru operation.
Century’s corporate strategy is to acquire and develop properties with
previously discovered and undervalued mineral assets into operating mines.
Further information can be accessed at 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.
Century Mining Coroporation: 441
Peace Portal Drive / Blaine,
WA 98230
/ Phone: (360) 332-4653
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