Century Mining Reports 2007 Full Year Financial Results



    - Company writes off all costs associated with Sigma open pit closure and
    the 2007 Peruvian acquisitions -

    BLAINE, WA, June 24 /CNW/ - Century Mining Corporation (CMM: TSX-V) today
announced its financial and operating results for the full year 2007, ended
December 31, 2007. Century also announced that it is in the process of
finalizing financial results for the 2008 first quarter, ended March 31, 2008,
and will announce results immediately upon completion.

    (This news release contains forward looking information that is subject
to risk factors and assumptions as set out in our Cautionary Statement on
Forward-Looking information located at the end of this news release.)

    Summary of 2007 operating results

    In the year ended December 31, 2007 the Company reported an operating
profit from mining operations, before depreciation, amortization and
accretion, of $726,798 (2006 - $13,703,412) from gold revenues of $48,062,870
(2006 - $45,135,717). Expenses incurred in these mining operations were
$47,336,072 (2006 - $31,432,305).
    For the year ended December 31, 2007 the Company reported a net loss of
$47,370,142 or $0.35 per share, compared to net income of $1,266,500, or $0.01
per share in the prior year.
    In 2007, the Company entered into agreements to acquire and operate
Mina Rosario de Belen, in Peru, and acquire the Shahuindo property and an
option for the Atimmsa property in Peru. The Company recently terminated these
three agreements and recorded a write-off totaling $7.1 million as at
December 31, 2007.
    In November, 2007 Century discontinued operations at its Sigma open pit
gold mine in Val d'Or, Québec in order to focus on the Lamaque underground
mine at the Sigma-Lamaque Complex, which was reactivated in May of 2007.
Deteriorating ore grades, the inability to predict and determine ore grades
and higher mining costs, due substantially to high fuel prices, had made the
surface mine uneconomic. As a result of the cessation of the Sigma open pit
operation, the Company ascertained an impairment of the deferred stripping
asset balance during the third quarter of 2007, and wrote off the entire
balance of $19.0 million. The Company also wrote down related mining and plant
equipment, and recorded a loss totaling $5.6 million.
    As a result of the write-offs described above, Century has addressed all
outstanding financial issues related to deferred stripping and other write-off
items.
    The following table shows comparative financial and production data for
2007 and 2006. Data for 2006 includes only operations for Sigma as San Juan
remained in the development stage and costs, net of revenue, were capitalized.

    
    -------------------------------------------------------------------------
                                                     2007        2006
    -------------------------------------------------------------------------
    Income and cash flow ($)
    -------------------------------------------------------------------------
    Total revenues                                   48,062,870   45,135,717
    -------------------------------------------------------------------------
    Total production costs                           47,336,072   31,432,305
    -------------------------------------------------------------------------
    Operating profit                                    726,798   13,703,412
    -------------------------------------------------------------------------
    Net income (loss)                               (47,370,142)   1,266,500
    -------------------------------------------------------------------------
    Net income (loss) per share                           (0.35)        0.01
    -------------------------------------------------------------------------
    Cash flows from operating activities                921,207    5,326,314
    -------------------------------------------------------------------------
    Cash flows from investing activities            (22,013,576) (35,697,648)
    -------------------------------------------------------------------------
    Cash flows from financing activities             21,959,234   30,364,570
    -------------------------------------------------------------------------
    Weighted average common shares                  137,064,642  104,750,681
    -------------------------------------------------------------------------
    Production
    -------------------------------------------------------------------------
    Ore milled (tonnes)                               1,235,926    1,415,485
    -------------------------------------------------------------------------
    Head grade (g/ton gold)                                1.75         1.61
    -------------------------------------------------------------------------
    Recovery (%)                                           91.0         95.8
    -------------------------------------------------------------------------
    Recovered gold (oz)                                  63,124       70,401
    -------------------------------------------------------------------------
    Realized price (US$/oz gold)                            665          574
    -------------------------------------------------------------------------
    Minesite cash cost (US$/oz gold)                        654          395
    -------------------------------------------------------------------------
    Minesite cash cost per tonne milled (C$/tonne)        31.27        22.20
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    Production           Q1-07      Q2-07      Q3-07      Q4-07      2007
    -------------------------------------------------------------------------
    Sigma-Lamaque
    -------------------------------------------------------------------------
    Ore milled (tonnes)  317,000    360,230    333,013    144,920  1,155,163
    -------------------------------------------------------------------------
    Head grade (g/ton
     gold)                  1.51       1.59       1.44       1.22       1.48
    -------------------------------------------------------------------------
    Recovery (%)            93.9       92.8       91.5       90.5       92.5
    -------------------------------------------------------------------------
    Recovered gold (oz)   14,515     17,132     14,082      5,125     50,854
    -------------------------------------------------------------------------
    Minesite cash cost
     (US$/oz gold)           395        454        927      1,539        673
    -------------------------------------------------------------------------
    Minesite cash cost
     per tonne milled
     (C$/tonne)            21.16      28.08      41.16      54.44      31.37
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    San Juan
    -------------------------------------------------------------------------
    Ore milled (tonnes)   15,019     19,030     24,107     22,607     80,763
    -------------------------------------------------------------------------
    Head grade (g/ton
     gold)                  5.31       5.54       5.70       5.43       5.55
    -------------------------------------------------------------------------
    Recovery (%)            87.3       85.2       84.8       85.1       85.2
    -------------------------------------------------------------------------
    Recovered gold (oz)    2,234      2,882      3,795      3,359     12,270
    -------------------------------------------------------------------------
    Minesite cash cost
     (US$/oz gold)           323        305        342        503        430
    -------------------------------------------------------------------------
    Minesite cash cost
     per tonne milled
     (C$/tonne)            56.92      52.41      61.51      77.07      65.28
    -------------------------------------------------------------------------
    

    Lamaque Underground Mine Status

    Century reopened for development purposes the Lamaque underground mine in
May of 2007 and is undertaking a substantial exploration and development
program. It is expected that the Lamaque operation will become cash flow
positive by late 2008 and that ultimately the production from the underground
mine, when at full capacity in 2011, will more than replace the lost Sigma
production. To reach a positive cash flow status at Lamaque, the Company will
need to secure bridge financing of up to $10 million, comprising debt and an
equipment leasing package. The Company intends to replace this bridge debt
facility with a senior debt facility that will allow the expansion to
continue.
    On June 5, 2008 the Company announced that it had secured a commitment
for $6 million of this facility from MRI Trading AG. MRI is a top-tier trader
of concentrates and other non-ferrous raw materials. It is part of the MRI
Group of companies, a leading investment and commodities trading group. The
company has a global presence through its offices in Beijing and Shanghai,
Santiago de Chile, Lubumbashi, Johannesburg, New Delhi and Brisbane.
    Margaret Kent, President & CEO, commented: "We have been very aggressive
with the write offs, and our focus now is to ensure that we are successful in
procuring funding necessary to continue with the Lamaque expansion. We have
recently announced bridge financing, and we are working to complete the due
diligence required to enable completion of the Fortis senior debt facility
which will fully fund the project. Our recent share price decline has come
from repeated program sales from a significant shareholder who has declined to
work with management to move its block of stock. As long as this block
overhangs the market, it will continue to cause pressure on the market price
of the stock. The management team is working aggressively to introduce the
company to new potential shareholders that will assist in stabilizing this
situation. We ask that our existing shareholders remain patient during this
difficult time and understand that the company has significant value in its
assets and reserve and resource ounces."

    About Century Mining Corporation

    Century Mining Corporation is an emerging mid-tier gold producer that is
aggressively acquiring producing mines and exploration properties in Peru. The
Company owns and produces gold at the Lamaque mine in Québec 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. Century's growth strategy is to acquire
gold producing assets in South America that will substantially reduce the
Company's consolidated total cash cost of production and where there is
exceptional exploration potential to expand production at these mines.

    "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:

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

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CENTURY MINING CORPORATION

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