Century Mining Hires Advisors To Evaluate Strategic Options

    BLAINE, WA, July 23 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that it has initiated a strategic review process in response
to recent difficulties the Company has encountered in its efforts to secure
financing. This review process was initiated as a result of Century's
evaluation of severe equity market conditions and the current valuation of the
    The Board of Directors has therefore engaged Blair Franklin Capital
Partners as financial advisors, to identify alternatives available to Century
that will enhance shareholder value.
    The strategic review will encompass a thorough analysis and evaluation of
the prospects and options available to the Company, including the sale of the
Company or its assets, the recapitalization of the Company or other
alternatives that may be identified by the Company's advisors or Board of
    Margaret Kent, President & CEO said: "We are asset rich, but lacking in
working capital. We fully intend to continue all internal work toward
completing the due diligence process related to the Fortis Bank financing for
Lamaque. Parallel to this process, the Company will explore strategic
alternatives which could enhance shareholder value. The Company believes that
there are several alternatives that could ease the strain of our current
working capital deficit and allow us to move forward and grow the Company
during this difficult time we are experiencing in the resource equity

    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 in
addition to its Canadian projects. The Company owns 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.

    "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

    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

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