BLAINE, WA, June 1 /CNW/ - Century Mining Corporation (CMM: TSX-V) is
pleased to announce its financial and operating results for the first quarter
ended March 31, 2009.
First Quarter Results
In the first quarter ended March 31, 2009 the Company reported an
operating profit from mining operations, before depreciation, amortization and
accretion, of C$1,818,991 (2008 - operating profit of $709,904) from gold
revenues of $4,084,592 (2008 - $3,223,641). Expenses incurred in mining
operations were $2,265,601 (2008 - $2,513,737).
For the quarter ended March 31, 2009 the Company reported net income of
$1,612,611 or $0.01 per share, compared to a net loss of $1,809,846, or $0.01
per share in the period a year earlier. The net profit recorded in the first
quarter was largely due to improved results at the Company's San Juan Gold
Mine in Peru, in addition to corporate-wide initiatives to reduce
administrative and other costs.
In the first quarter of 2009, corporate administration expenses were
$498,612 (2008 - $720,497), a decrease of approximately 31%. These expenses
include salaries and benefits, as well as travel and accommodation expenses.
Efforts by management to improve the Company's balance sheet resulted in
a significant decrease on the Company's working capital deficit, which was
down 12% compared to the previous year end.
Margaret Kent, President & CEO commenting on Century's first quarter
results and future prospects said: "We are pleased that we are achieving
positive operating results, thereby allowing the Company the necessary time to
close a large financing that will facilitate the commencement of mining
operations at Lamaque. Management will remain focused on closing the project
financing for the Lamaque Mine, as well as further enhancements and expansion
at San Juan throughout the year."
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
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:
email@example.com, Phone: (877) 284-6535 or (360) 332-4653, Fax: (360)
332-4652, Website: www.centurymining.com