CENTURY CLOSES FLOW-THROUGH AND UNIT
FINANCINGS
Blaine, WA: May 19, 2008 - Century Mining
Corporation (CMM: TSX-V) announces today that, subject to regulatory
approval, it has closed a non-brokered private placement of 1,275,000 units at
a subscription price of C$0.23 per unit for gross proceeds of C$293,250. �Each
unit consists 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.� This financing was previously announced
on March 27, 2008. �
Century also
announces that, subject to regulatory approval, it has closed a non-brokered
private placement of 3,070,000 flow-through shares at a subscription price of
C$0.25 per flow-through share for gross proceeds of C$767,500. This financing
was previously announced on March 27, 2008. �
In
connection with the private placement the Company agreed to 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.
In
addition, the Company announced that it has closed a non-brokered private
placement of 1,428,571
flow-through shares at $0.35 per flow-through share for gross proceeds of
$500,000.� This financing was previously announced on
December 24, 2007.� For introducing certain investors to the Company, Century
paid a 6% cash finder’s fee.� All of the securities issued under these
private placements are subject to a four-month hold period.
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 wholly-owned subsidiaries own
an 82.6% interest in the San Juan Mine where the Company accounts for 100% of
gold production. Century subsidiaries also operate Rosario de Belen 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.
“Margaret M.
Kent”
Chairman, President
& CEO
For further investor
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
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.