Wednesday,
April 28, 2010
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Press Release
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Century's Lamaque Mill Facility Fully Operational & Provides
Further Progress Update for Lamaque Gold Project
Century Mining Corporation
("Century" or the "Company") (TSX-V: CMM) is pleased
to announce that the mill facility at its 100% owned Lamaque gold project
located in Val-d'Or, Qu�bec, Canada is fully operational and is currently
processing 900 to 1,100 tonnes per day of ore from current production and
existing stockpiles. The Company is fully financed and on budget for the
ramping up of the Company's Lamaque gold project, and is preparing for
its first gold pour within the next week, nearly one month ahead of
schedule.
"Century is about to take a new
step forward with imminent gold production at the Lamaque gold mine. We
are making ready on all fronts for this exciting point in the re-opening
of our second gold mine, on budget and ahead of schedule. Our
metallurgical team is preparing the facility for the first gold pour and
I look forward to seeing the yellow metal 'Pour in Val-d'Or'.
Century Mining is fully cashed up and looking to build the next mid-tier
gold producer. The executive team is extremely pleased with results to
date at Lamaque, and we can now focus on reaching further milestones as
we progress through 2010. On the exploration and geology front, the
Company controls significant property positions in Canada, Peru and the
United States that have been barely explored, and provide additional
excellent discovery upside for the Company as we look to appoint a new VP
Geology in the near future," commented Margaret M. Kent,
President & CEO of Century Mining Corporation.
Lamaque Gold Mine Update
The Company continues to have excellent progress at the Lamaque mine site
and expects to pour gold within a week. The Company currently has a
workforce of 180 on site, including staff, union employees and general
contractors. This workforce is focused on mine expansion, mill facility
upgrades, site reclamation and monitoring and general site maintenance.
The development crew underground continues to mine in three separate
stoping complexes. Ore that had been brought to the surface and
stockpiled is being processed, now that the 3,000 tonne per day capacity
mill is fully operational. The low profile underground mining equipment
to be used to increase efficiencies and production in the Lamaque #2 zone
is expected to arrive at the minesite within days and on schedule. The
Company continues with its final mine planning for the Bedard Dyke and
expects to collar the portal in the very near future. The Bedard Dyke is
the second zone in the mine plan to be developed through long-hole
open-stoping, which will subsequently increase the daily tonnage. All
underground access portals are collared via the historical Sigma pit,
which is located only a few hundred meters from the 3,000+ tonne per day
milling facility.
The Company is also now preparing to commence a 150,000 foot (45,000+
meter) exploration and definition drill program in May 2010 at Lamaque,
and is expected to continue over a three-year period. Upon commencement
of gold production at the Lamaque gold mine, senior management will focus
its energy on expanding production at Lamaque. At its San Juan gold mine,
the Company will be ramping up exploration efforts on specific targets to
evaluate the large property position.
Other
A group of senior management employees and former officers of the Company
recently exercised approximately 600,000 options that were held since
being granted five years ago on April 18, 2005 at $0.40 per unit. The options were
exercised and either sold in a private transaction to minimize impact in
the market, or continue to be held. Additional information on insider
transactions can we viewed at www.sedi.ca.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds
strategic land positions in Canada, United States and Peru. The Company's
strategy is to grow to an intermediate gold producer through existing
mine expansions and acquisitions of other strategic and synergistic gold
opportunities.
On behalf of Century Mining Corporation,
"Margaret M. Kent"
President & CEO
For further investor information,
please contact:
Peter A. Ball, Director of Investor
Relations
E-mail: pball@centurymining.com
Phone: (360) 332-4653
Toll Free: (877) 284-6535
Website: pball@centurymining.com
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this 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.
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