CENTURY EXTENDS
MATURITY OF ITS OUTSTANDING LONG TERM DEBT TO MATCH THE LIFE OF ITS LAMAQUE
UNDERGROUND MINE
Century Mining
Corporation (“Century” – TSX-V:CMM – October 31, 2007) announces that it has
extended the final maturity of its long term debt obligation with Investissement
Quebec (“IQ”) until December 2023.� The parties have also agreed
that interest charges for the remainder of 2007 will be capitalized.� IQ has
also agreed to defer all principal payments for the fiscal years of 2007 and
2008 while the Company ramps up production at its Lamaque underground
operations.� Century Mining has agreed to an interest rate of IQ-prime plus 150
basis points through 2008.� Beginning in January 2009, the interest rate will
float to a level consistent with that of a company rated B+ based on the
Reuters rating scale.
Margaret Kent,
President and CEO, said, “We are pleased to continue our positive
long-term relationship with IQ.� The Company’s geological studies of the
Lamaque underground project demonstrate that at current gold prices the Lamaque
mine should continue operations for another 15 years.� The extension of our
debt arrangement to coincide with the expected life of the Lamaque mine is part
of Century’s ongoing efforts to maintain a healthy financial position for
future growth.”
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 Sigma and Lamaque mines in Qu�bec that historically
have 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 have also recently
acquired 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 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.