BLAINE, WA, Mar 6, 2009 (Canada NewsWire via COMTEX News Network) --
Century Mining Corporation (CMM: TSX-V) today announced additional details regarding the Company's 11-year mine plan for the Lamaque Underground Gold Mine, previously announced in a separate press release on January 19, 2009.
Today's announcement is in response to numerous inquiries from investors and analysts at the Prospectors and Developers Association of Canada (PDAC) convention, held March 1 - 4, 2009 in Toronto, Canada. The Company views this as material information, and has therefore decided to disclose it publicly.
Specific inquiries were related to the scheduled ore production for the initial 11 years of mining, and the percentage breakdown of "remnant" ore and new, unmined ore bodies. The following table shows the percentage of production that will be mined from new ore bodies and those that will be mined from remnant (or previously mined) areas.
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(Scheduled ore production table from January 19, 2009 press release)
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% From % From
New Remnant
Area Tonnes of Ore Grams per Ounces of Ore Ore
Tonne Gold Bodies Bodies
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Lamaque No.2 446,420 5.72 78,049 100 0
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Lamaque Main Plug 615,025 5.37 100,924 20 80
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Sigma (below pit) 3,877,760 5.33 631,644 67 33
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North Wall 1,661,895 4.99 253,535 50 50
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Sigma West
(Bedard Dyke) 150,404 4.80 22,050 70 30
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West Plug 449,680 4.27 58,646 70 30
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Total 7,201,184 4.94 1,144,848 62 38
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Century also recently announced the addition of 428,357 ounces of gold in the measured and indicated resource category (see separate press release issued February 25, 2009). Regarding these resources, approximately 70% are located in new ore structures.
Margaret Kent, President and CEO of Century commented, "Today's announcement is significant because prior to commencement of the computer modeling project two and a half years ago, it was believed that the vast majority of recoverable gold ounces in the Lamaque Underground Mine would come from remnant zones that had previously been mined. Since beginning this comprehensive data input, computer modeling project and underground development program, Century has invested more than $10 million. This project has succeeded by not only providing the foundation for an 11-year mine plan and proven and probable gold reserves of over one million ounces, but also by facilitating the discovery of new ore zones. As a result, the majority of Century's proven and probable reserves are located in new ore zones, as opposed to remnant areas. Given the size of the mineralized area around Lamaque, there is still great potential for discovering new ore zones in the Lamaque mining camp."
The resource evaluations in this press release were prepared by Mr. Ross Burns, P Geo., LG, Vice President of Exploration. This press release was prepared under the guidance of Mr. Burns, who is designated as a Qualified Person under National Instrument 43-101, with the ability and authority to verify the authenticity and validity of the data.
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 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 2006 and 2007 was 70,401 ounces and 63,124 ounces of gold, respectively.
"Margaret M. Kent"
Chairman, President & CEO