Century Mining Reports on 2010 Gold Production and Guidance for 2011
Production
Century Mining
Corporation ("Century" or the "Company") (TSX-V: CMM)
announces its 2010 gold production results and 2011 production guidance.
2010 Gold Production
Through the continued commissioning of the Lamaque
mine in Qu�bec, Canada, and the expansion of the San Juan mine in Peru,
Century achieved a consolidated gold production of 10,716 ounces in the
fourth quarter of 2010, and 33,643 ounces for 2010.
The San Juan mine increased gold production in 2010 for the fifth
straight year, following completion of upgrades to the mill
infrastructure and tailings impoundments and the restart of additional
mining zones. Total production for 2010 from San Juan was 19,224 ounces
of gold, a 13% increase over 2009. Fourth quarter production was 4,698
ounces of gold.
The Lamaque mine produced 6,018 ounces of gold
in the fourth quarter and 14,419 ounces of gold for 2010. Previously
reported commissioning delays, which included deliveries of equipment,
mine development and operational obstacles, influenced operational ramp
up in the fourth quarter. Mine grades were lower than planned as ore
production was predominately from mining areas not in the ore resource
due to earlier development constraints.
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San Juan
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Lamaque
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T4 2010
|
2010 FY
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T4 2010
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2010 FY
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Production (oz Au)
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4,698
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19,224
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6,018
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14,419
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Tonnes Mined
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26,988
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97,984
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78,051
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163,345
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Tonnes Milled
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29,812
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113,439
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73,478
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157,561
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Head Grade (g/t Au)
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6.01
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6.28
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2.73
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2.87
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Mill Recovery
(%)
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82.87
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80.93
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93.29
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94.59
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The Lamaque operation continues to show steady
production improvement with the focus on dilution control, optimization
of the low-profile mining equipment, and advancement of the other mining
areas of the Bedard Dyke and the North Wall.
Production Guidance 2011
Century Mining anticipates 2011 will be a year of solid growth for its
mining operations in both Canada and Peru, where the consolidated
production is forecast at between 90,000 to 100,000 ounces of gold. The Lamaque mine will reach the final commissioning stage
and commercial production during the year, and is forecast to produce
between 70,000 to 75,000 ounces of gold in 2011. The San Juan mine is
expected to attain approximately 20,000 to 25,000 ounces of gold during
the year.
Michael Page, B.Sc, M.Sc., FAusIMM,
a geological consultant to the Company, is a Qualified Person for Century
Mining Corporation as defined by National Instrument 43-101, and has
reviewed the technical information presented in this news release.
Operational Update Conference call
Century Mining will host a conference call on Friday, February 4th, 2011
at 11:00 a.m. Pacific time (2:00 p.m. Eastern time) to introduce its new
President and CEO Daniel J. Major and to discuss operational results for
2010. Financials will be discussed after the 2010 year-end financial
results are announced.
Mining analysts, investors and the media are invited to dial toll-free
1-888-942-9044 in Canada and the United States, or 1-517-308-9426 from
international locations (normal toll rates do apply) and state the verbal
passcode "CenturyMining". The
presentation will be followed by a question and answer period.
The conference call will be available on the Company's website at www.centurymining.com via a downloadable audio file.
About Century Mining Corporation
Century Mining Corporation is a Canadian gold producer and holds
strategic land positions in Canada, the United States and Peru. The
Company's strategy is to grow its gold production through existing mine
expansions and acquisitions of other strategic and synergistic gold
opportunities.
On behalf of Century Mining Corporation,
"Daniel J.
Major"
President & CEO
For further investor information, please contact:
Peter A. Ball, Vice President Investor Relations
E-mail: pball@centurymining.com
Phone: (360) 332-4653
Toll Free: (877) 284-6535
Website: www.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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