CENTURY POSTS COURT
DOCUMENTS THAT SUPPORT ALGAMARCA’S LEGAL POSITION IN THE DISPUTE OVER
SHAHUINDO
Century Mining Corporation
(“Century” – TSX-V:CMM – October, 22, 2007) Century has posted on
its website the 2004 injunction granted by the Civil Court of Cajabamba
restricting Sulliden from entering Shahuindo as well as the Civil Courtroom of
the Superior Court Cajabamba’s recent notices regarding inspection of the
Shahuindo concessions to ensure Sulliden has not violated the terms of that injunction.
Century has also posted on its website the
August 2007 decision of the Superior Court of Lima nullifying the 2006
arbitration award in Sulliden’s favor and its subsequent denial of
Sulliden’s request to suspend the effects of that decision as a result of
Sulliden’s appeal. Contrary to comments in Sulliden’s press
releases dated September 21, 2007 and October 17, 2007, the effects of the
Superior Court’s decision to nullify the arbitration award have NOT been
suspended and now the various administrative processes relying on the 2006
arbitration award, such as the 2006 injunction against Algamarca and the
registration of the concessions in Sulliden’s name, have no legal
foundation; this situation is now being corrected by the various courts and
administrative authorities in Peru, as discussed below.
Century has posted on its website the
September 16, 2007 decision of the 55th
Civil Division of the Superior Court of Lima to reverse the injunction Sulliden
won in 2006 against Algamarca, which injunction contained the basis for the
registration of the Shahuindo concessions in Sulliden’s name. With the
lifting of that injunction, there is no juridical basis for the registration of
the concessions in Sulliden’s name. The administrative processes
are now underway to revert the registration of the Shahuindo concessions back
into Algamarca’s name.
The Court of Cajamarca is now instructing the
Director General of Environmental Issues of the Minister of Energy and Mines of
Peru to revoke the temporary (9-month) permit it had granted on April 17, 2007
to Sulliden to perform certain exploration work on Shahuindo. This
correspondence from the Court of Cajamarca to the Minister of Mines is also
posted on Century’s website.
Commented Margaret Kent,
Chairman and CEO of Century, “We have taken a position of total
transparency. We have posted on our website the various court documents, and in
some cases the certified translations of these documents, which support the
claims we made in prior press releases regarding recent developments in Peru. I
encourage the shareholders of Sulliden to read the court filings and decisions
for themselves and I am confident that they will arrive at the same conclusion
we have: the courts in Peru are increasingly more supportive of
Algamarca’s legal position in this dispute.”
On
behalf of the Board of Directors,
“Margaret
M. Kent”
Chairman,
President and C.E.O.
For
further information, please contact:
Brent
Jones
Manager,
Investor Relations
E-mail:
bjones@centurymining.com
Phone:
(360) 332-4653
Fax:
(360) 332-4652
Web
site: 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.
Century Mining Coroporation: 441 Peace Portal
Drive / Blaine, WA
98230 / Phone: (360)
332-4653
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