Century Estimates Second Quarter Production at Lamaque and San Juan
VAL D'OR, QUEBEC -- (Marketwire) -- 07/12/11 -- Century Mining Corporation ('Century' or the 'Company') (TSX VENTURE: CMM) announces the estimated production for the second quarter of 2011 at the San Juan mine and the Lamaque project, as follows:
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Lamaque San Juan
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Q2 2011 Q2 2011 Q2 2010
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Gold Produced - Ounces 3,742 4,371 5,075
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Tonnes Milled 78,469 28,731 27,054
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Grade - gpt 1.62 5.64 7.00
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Recovery - % 91.59 83.90 80.0
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As previously announced, the Lamaque project has been constrained during the first half of 2011 as mining has been limited to the Lamaque Flats zone, which has limited both the tonnage mined and the effective grade. The Company has recently completed the development access to the North Wall zone, which will now enable longhole mining of the larger, vertical stopes and will provide higher grade ore to the mill. The Company is continuing to emphasize grade control at the Lamaque Flats, including strategies to reduce the effects of mining dilution. Additionally at Lamaque, completion of the refurbishment of the third mill has increased the potential throughput capacity to 2,000 tonnes per day.
Production at the San Juan mine in Peru during the second quarter was 4,371 ounces of gold, or 13.9% below production in the second quarter of 2010, due to lower ore grades experienced in 2011. Staged increases in production at San Juan were slowed as funding requirements at Lamaque reduced the capital available to San Juan and resulted in delayed improvements to infrastructure and cost reduction measures. The San Juan mine remains on track for production of in excess of 20,000 ounces for 2011.
Century President and CEO Daniel Major noted, 'The Company anticipates improved results at the Lamaque project beginning in the third quarter with access to the North Wall zone. Production has been impacted by delayed development and the low volume of ore from the Bedard Dyke. We are maintaining our guidance at 45,000 to 50,000 ounces of gold from the Lamaque project and 20,000 to 25,000 ounces of gold from the San Juan mine, for total 2011 Century production of 65,000 to 70,000 ounces of gold.'
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.
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 to 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
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 including with respect to the intended use of proceeds raised in the private placement. 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.
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.
Contacts:
Century Mining Corporation
Richard B. Meschke
(360) 332-4653 or Toll Free: (877) 284-6535
rmeschke@centurymining.com
www.centurymining.com
Terre Partners
Joanna Longo
(416) 238-1414 (ext 233)
jlongo@terrepartners.com