Century Announces Filing of Second Quarter Financial Results and Management Discussion and Analysis

TORONTO, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Century Global Commodities Corp. (“Century” or the “Company”) is pleased to announce that it has filed its condensed consolidated interim financial statements for the second fiscal quarter ended September 30, 2017 and the related management discussion and analysis (“MD&A”). Copies of these documents are available under Century’s SEDAR profile at www.sedar.com and will be posted on Century’s website at www.centuryglobal.ca.

The Company reported substantial working capital of C$26.2 million, which included cash, bank deposits and an investment portfolio of C$15.5 million (not tied to any funding commitment for any project development), receivables and other current assets of C$11.5 million, and an account payable of C$766K as at September 30, 2017.

We continue to support our large portfolio of quality iron ore assets. Recovery of the iron ore market has been clear during the current fiscal year, with iron ore prices experiencing a mini-cycle recovery in July and August but the price has moderated somewhat towards period end. We are maintaining a market observer position for our iron ore business while retaining a small, lean mining team ready to rapidly advance our iron ore projects once a sustained market recovery is evident.

Regarding our quality food business, we have successfully established a marketing and distribution network covering some strong international brands. This has attracted more international suppliers, offering us increased product opportunities that should form the basis of continued growth.

The following table shows the rapid growth of our food business since the beginning of calendar year 2016, when sales began. Growth has been solid, continuous and substantial over seven consecutive quarters. Continued growth is expected as our customer base and product sourcing continue to expand.

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About Century

Century Global Commodities Corp. (TSX:CNT) is building shareholder value through existing and entrepreneurial business units that meet continuing and growing demand from China, the largest market in human history.

Iron Ore

With WISCO and Minmetals, both Global Fortune 500 companies, as Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is our most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. We are maintaining our properties ready for a return to sustained higher iron ore prices.

Base and Precious Metals investment

Century is monitoring investment and acquisition opportunities in the base and precious metals sector. When the right opportunity presents itself, our strong balance sheet will allow us to invest or acquire cost effective assets during the current modest base and precious metal price cycle, positioning ourselves for gains when the market improves.

Quality Food Services

Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually throughout China. Initial successes include contracts with one of the largest egg producers in Australia and supply contracts with hotels, restaurants, grocery chains as well as an international airline.

Business Development

Century’s award-winning team has harnessed multidisciplinary expertise to build a proprietary bilingual Chinese/English mining investment evaluation and tracking system. The database tracks daily over 1,500 globally listed mining and mineral resource companies with a primary focus on gold and copper and their 3,000 projects. We are now commercializing the technology for use by retail and institutional investors as well as mining professionals worldwide. Century Mining Database can be accessed via www.centurymining.cn.

Century’s website is www.centuryglobal.ca.

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