Century Mining Announces The Addition Of 231,000 Gold Ounces At The Lamaque Mining Complex

    BLAINE, WA, June 23 /CNW/ - Century Mining Corporation (CMM: TSX-V) today
announced that significant progress has been made in the last four months
through additional historical data input and computer modeling of the mineral
resources at the Company's Lamaque underground gold complex.
    The updated data input and model includes new previously unknown
resources, below the previously mined out Sigma Open Pit, defined from 2,000 -
2,600 feet below surface. The intersections were calculated using information
from an additional 4,114 diamond drill holes, 46,725 assays and 8,984 moil
samples that have been entered since the announcement of additional resources
in the Company's February 25th, 2009 press release. As a result, a detailed
block model identified 231,333 ounces of new measured and indicated gold
resources in an area previously estimated to contain only 52,890 ounces of
gold. Furthermore, 12,938 additional ounces of gold in the inferred category
have been identified. Current modeling efforts below the Sigma Open Pit to a
depth of 2,600 feet have confirmed an average addition of M&I resources of
39,500 ounces per 100 vertical feet.

           NI 43-101 Compliant Reserves & Resources - February 2009
                                       Metric         Grade
    Category                           Tonnes      grams/tonne   Gold Ounces
    Proven & Probable Reserves        7,736,181        4.56       1,134,971
    Measured & Indicated Resource     6,523,328        5.02       1,052,558
    Inferred Resource                17,839,915        4.83       2,832,389

                        Updated Resources - June 2009
                                       Metric         Grade
    Category                           Tonnes      grams/tonne   Gold Ounces
    Proven & Probable Reserves        7,736,181        4.56       1,134,971
    Measured & Indicated Resource     8,305,551        4.81       1,283,891
    Inferred Resource                19,680,673        4.95       3,130,779

    Note: The resource additions were calculated using the Inverse Distance
          Weighted (IDW) Power of "2" method at a cutoff grade of 2.1 g/t Au.
          Resource gold ounces exclude reserve gold ounces.

    Since completion of the Company's NI 43-101 technical report in April
2008, Century's team of engineers and geologists have continued to digitize,
scan and compile additional historic underground data from previous owners
Teck Cominco and Placer Dome to develop a single Vulcan database and model for
use in its short and long term mine planning strategies. The updated model
announced today adds to the previous model that had been completed from
surface to 2,000 feet.
    Century also noted several diamond drill hole additions to the model that
yielded assay results within unmined dyke and shear structures, including a
diamond drill hole within a dyke structure containing 51 true vertical feet
grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne.
Other notable diamond drill holes from unmined, non-remnant areas used in the
updated model are shown in the following table:

                      From           To        True Length     Average Grade
    (*)Hole ID       (feet)        (feet)         (feet)         (g/t Au)
        5729           2.0          63.0           51.2            27.32
        6414          41.0          70.5           29.4             7.77
        9391           3.0          30.5           24.6            20.22
        12257         45.9          70.0           20.7             9.45
        15021          0.0          47.0           46.3             6.98
        15581         13.6          73.6           59.6             6.87
        15589          0.0         112.0          110.1             3.25
        16539         40.4          76.4           34.8             9.18
        16542         46.4         120.3           70.9             4.21
    (*) All diamond drill holes were drilled from underground locations.

    These newly added dyke and shear structures indicate the presence of
large mineralized zones, which may be bulk mined within 2,600 feet of surface.
Along with these results, the Company still has a significant amount of data
to enter for modeling along strike from surface to the 2,600 foot level. Data
input and calculation for this zone is ongoing, and the Company will make
further announcements when subsequent calculations are complete.
    The mine site is located in the prolific Abitibi camp, where over 120
million ounces of gold have been produced historically. The Lamaque
Underground mine complex has produced over 9.2 million ounces of gold
    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.
    Margaret Kent, President and CEO of Century commented, "We continue to
work diligently on the resource compilation program. We now have over 2.4
million ounces of gold in proven and probable reserve and measured and
indicated resource categories, plus 3.1 million gold ounces in the inferred
category. The data compilation is only about 50% complete, and the Company
therefore expects to make periodic resource announcements in the future as
this work continues."

    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

    Neither the 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.

    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: For further investor information, please
contact: 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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890