Blaine, WA: Century Mining Corporation (CMM: TSX-V) announces that Margaret M. Kent and Ross F. Burns, directors and officers of the Company, have directly and indirectly acquired 11,500,000 shares and 6,000,000 warrants of the Company from an institutional shareholder of Century in a private transaction. The warrants have an exercise price of $0.75 per share and expire on October 24, 2009.
Pursuant to the above-mentioned transaction, Margaret Kent and Ross Burns jointly exercise control or direction over, and directly and indirectly own 14,545,914 shares of Century. This represents 8.6% of the Company's 169,072,599 common shares currently issued and outstanding.
In September 2008, the Company issued a convertible debenture to Margaret Kent in exchange for a C$200,000 loan to the Company. The maximum number of shares that have been reserved for issuance on full conversion of the debenture, which matures in March of 2010, is 8,900,822 common shares.
Assuming the exercise of all warrants and stock options, and full conversion of all convertible debentures, there would be 204,211,205 shares on a fully diluted basis. Margaret Kent and Ross Burns would directly and indirectly hold 30,861,736 shares representing 15.1% of the fully diluted shares.
About Century Mining Corporation
Century Mining Corporation is a junior gold producer. The Company owns and is working towards the restart of the Lamaque mine in Qu?bec that historically has 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.
"Margaret M. Kent"
Chairman, President & CEO
For further investor 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 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.