PERUVIAN COURT RULES IN
ALGAMARCA’S FAVOR
KEY
ADVANCE FOR CENTURY’S DEVELOPMENT OF SHAHUINDO
Century Mining Corporation
(“Century” – TSX-V:CMM – August 15, 2007) today received notice that the
Superior Court of Lima ruled in Algamarca’s favor nullifying the 2006
arbitral award and declaring the arbitral agreement invalid because of the
insufficiency of Mr. Miguel de Orbegoso Tudela’s power to enter into that
agreement. The arbitral agreement forms part of the 2002 transfer agreement
between Sulliden Shahuindo S.A.C. and Compania Algamarca S.A. / Algamarca
Exploraciones S.A.
(the “Sulliden Contract”) that was signed by Mr. Orbegoso.
This is a watershed victory for
Century Mining, bringing Century one significant step closer to beginning
development of the gold reserves on the Shahuindo property.
After a thorough legal review
completed by Century and its advisors regarding the title to the Shahuindo
mining project, Century Mining Finance Corp. purchased 100% of the shares of
Compania Minera Algamarca S.A. and several other companies, collectively known
as the “Algamarca Group” on May 6, 2007. These companies own the 26
concessions of the Shahuindo property.
Margaret Kent, President & CEO of
Century, commented, “This victory is a major milestone for Century. It
confirms the strength of our legal position in Peru. It also ushers Century
forward in its pursuit of developing the Shahuindo Project and of becoming an
intermediate-tier gold producer. Century remains committed to resolving the
Shahuindo dispute as rapidly as possible in order to begin development of the
project.
Regards,
Sara Swisher
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 owns an 82.6% interest in the San Juan Mine where the Company accounts
for 100% of gold production. The Company has 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.
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
If you do not wish to
receive email announcements from Century Mining, simply reply to this message,
and in the body of the message type: Cancel