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Century Mining Announces C$400,000 Flow-Through Financing

^{Published on 2009-09-02 06:55:07 - Market Wire}
 

 BLAINE, WA, Sept. 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) today announced that, subject to regulatory approval, it will complete a non-brokered private placement of up to C$400,000 comprised of flow-through shares. The Company will issue 2,857,143 common shares on a flow-through basis at an issue price of $0.14 per share. The Company will pay Union Securities Ltd. for introducing subscribers to the Company a finder's fee of cash equal to 6% of the aggregate gross proceeds, and broker warrants equal to 6% of the aggregate number of flow-through shares. Each broker warrant shall be exercisable for 18 months from the date of issue and shall entitle the holder to purchase a common share of the Company for a price of $0.14. The flow-through share issuance is subject to approval by the TSX Venture Exchange. All of the securities issued under these private placements will be subject to a four-month hold period. The proceeds from this offering will be used for the ongoing Vulcan computer modeling project, which is currently defining additional resources at Lamaque from the 2,000 to 3,000 foot levels, as well as further geological studies at Lamaque and the surrounding properties. Margaret Kent, President and CEO of Century commented, "As discussed in the announcement of the Company's second quarter financial results, a special committee of the Board of Directors is reviewing proposals for a major project financing that is expected to close this fall. In the meantime, Century is continuing work on Vulcan computer modeling project for Lamaque." About Century Mining Corporation Century Mining Corporation is a junior gold producer. The Company owns and is working towards the start up of the Lamaque mine in Québec that historically has produced over 9.2 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. Total gold production for 2007 and 2008 was 63,124 and 14,252 ounces of gold, respectively. "Margaret M. Kent" Chairman, President & CEO 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.

For further information: 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 ]