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Century Mining....It's a No Brainer....
Analyst says buying Century Mining is a No Brainer and could reach $2.50 a share.....
http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=103346&sn=Detail
Some gold stock no-brainers and unlocking shareholder value
Equities and Economics Report writer Victor Gonçalves says he favours "no-brainer" companies and offers his perspectives on long and short-term investor commitment. Interview with The Gold Report
Posted: Sunday , 25 Apr 2010
The Gold Report: Victor, one of the big headlines since we last spoke is Europe's loan to Greece. Some are calling it an E.U. bailout. As an economist, what's your perspective?
Victor Goncalves: I think it's a positive thing actually, given the parameters. A lot of your Austrian guys would say this is the devil's work and you should let markets run free. Given the economic policies of the European Union, which is not a free market, that's probably one of the only options it has.
TGR: What impact is this going to have on the markets?
VG: It'll have a positive impact because what it basically says is we're not having a country go into default. That's the short-term impact. The longer-term impact isn't just Greece, it´s the bigger picture in relation to the EU. Will more countries come out of the closet with bad debt? I don't know if that's the case, but I'm suspecting that might happen.
TGR: When we last spoke in January, you said that the economic fundamentals weren't stellar and you were expecting a correction within the markets. The TSX is still trading around 12,000, while the Dow remains around 11,000. Do you still see a correction coming and if so, when can we expect it?
VG: We actually did get a correction, albeit a small one. We did have about a 10%, 11% drop in the market. It wasn't as much as I would've liked to have seen, but it still happened, nonetheless. The fundamentals of the market really act in weird ways, so I'm not sure we're going to see the correction we should see in the short term. Technically, we should be seeing one quite soon. We should've seen one already.
If you look at the TSX Venture, which is a better barometer because it shows a better picture of who is putting money in venture capital, it's moved up parabolically recently. So that has to cool off a bit. Whether it will do it now or in a couple of months, that's a lot harder to tell. It's a situation where investors really need to watch the market a lot closer for the volatility. Investors need to watch for the change in sentiment. It's a little harder to figure out now, compared to what it was even a couple of years ago when you could better predict when these things would happen.
TGR: We're currently in a decent earnings season. Historically, after a good earnings season we've seen corrections. Some are saying that because the mood is positive we won't see a selloff this time. What's your opinion?
VG: There's two ways to look at this. Earnings can look good, but what kind of expectations are we giving ourselves? That's really what it comes down to. If we reduce our expectations a lot and then all of a sudden we meet those expectations, we end up fulfilling our own prophecy. So I think short term, the market will probably do well if earnings levels are met, given the current sentiment of the market. That's because we've lowered the bar. Longer term is the issue. In the long term if nothing has changed, or if a little has changed, the problems are still there.
Realistically we'll probably see a rally in the Dow. Even the TSX should probably jump, but I don't think a ton. We are also coming into seasonal weakness in the summer. Adding all those things up means that we're probably going to see some strength near term going into the summer, and then a selloff going into the summer.
TGR: If there's a summer selloff, how would you advise investors to play that correction?
VG: There's multiple ways of doing it. The easiest way to do it is to look back in history and see where the corrections have happened. Typically, you're looking at the middle of May. Just sell the stocks that you've made money on.
Now if they're really good stories, stories that you should be involved in long term, then have a trading position and a core position. That core position is something you want to build; it's one that you only want to sell once you hit your target, which should be either full valuation of the company or a level where you feel comfortable selling. The trading position is something that you keep building and peeling away as the market dictates.
TGR: Do you have any companies in mind that you see presenting these kinds of opportunities?
VG: Oh, absolutely. The first one is a no-brainer and I love no-brainer stories. No-brainer stories are great because you don't have to worry about them. Century Mining Corp. (TSX.V:CMM) is one of those no-brainer stories. Century Mining got really beat up for quite a while. Then it turned around quite nicely for multiple reasons. One reason is a Russian group bought 45% of the company to get the company into production. They got the money they needed to put their Lamaque Mine into production. It's not in production yet, but they're working on that right now. What's interesting is the numbers. Between their Peruvian operation and their Quebec operation, which is the Lamaque Mine, the company should be producing between 140,000 and 150,000 ounces of gold a year. All-in costs should be around $460 an ounce. So you're looking at a company that could be making in the order of $70 million or $80 million a year before taxes. You factor a 10 or 12 multiple into that, which is quite low, and you could be looking at a stock price that is $2, $2.50 just for fair valuation. The share price is currently at $.60. It's moved up a little bit in the past couple of weeks-month, but it's still very cheap. That's a no-brainer.
TGR: Is Century Mining something you would hold on a long-term basis?
VG: I would and do have a core position on Century Mining. The company has 6 million ounces of gold in all categories as it is now. To date it's produced 9 million. I think the blue-sky potential is multiple millions more. That's certainly a company that can expand production. It can potentially even start consolidating the Val D'or area just by default of having a stronger stock price and a lot of money in the bank. Whether it is Century or some else like Agnico-Eagle Mines (TSX:AEM), I think that it is a likely scenario.
TGR: Any other no-brainers out there?
VG: There are companies that aren't necessarily absolute no-brainers that are still significantly interesting. Kent Exploration Inc. (TSX.V:KEX; PK SHEETS:KXPLF) is one that is doing very good work and building shareholder value. They're trading around the $.20 range. We've talked about them in the past. They're separating their assets into two different companies to give Kent, and ultimately the new company, Archean Star, shareholders more value.
A lot of times you'll see companies have 10 properties in their portfolio and really one of them is getting value, maybe two. There are eight or nine others in the portfolio, so the way to unlock that value is to put them in a vehicle where they can get all the attention that's needed to build those new projects. Graeme O'Neill, the president of the company, saw that. Very quickly he decided that a spinning off of the Australian assets and the New Zealand assets into a new company was the best way to unlock value for the shareholders while maintaining the other properties in a vehicle that could be worked on. So Kent right now is at $.20. What they're doing with their spinoff is with every four shares you own of Kent you'll get one of Archean Star. You'll be able to participate in both stories just by owning one.
TGR: Victor, share price is typically calculated by ounces in the ground and progress toward production. Why does splitting it into two companies provide more value to the shareholder?
VG: Let's say you have a company and it's got four projects. Say the company has got 50 million shares that are trading at $.20. That gives you a $10 million market cap. Now let's say one project has 600,000 ounces. That project should be worth say, $8 or $9 million. Then you've got a bunch of other projects that are effectively worth $1 million. The market tends to value what you're working on now. The market doesn't look at the fact that you've got three other projects. They're looking at what can become tangible soon or reasonably soon. The only thing that's going to become tangible soon is what you're working on now. So what ends up happening is the stuff that's on the sidelines or in your portfolio ends up getting zero value. If you look at 50 companies in that situation, you'll find that probably 50 of them have the same problem.
The other reason is because, quite frankly, you're going to dilute your company to raise the money you need to work on all the projects. For example, to work on one project you need $3 million. If you want to work on say two projects you need $8 million. You've got to raise a lot more money so your share structure gets shot. The problem is all that work will not get reflected in the stock price. So the best way to do it is to get a new vehicle that can raise money for one particular project or a set of projects that can be the focus.
So what happens is you get Project X with a valuation on it and then you've got a small number shares with a higher nominal price. You can raise more money with a higher stock price, consequently issuing less paper. How you unlock shareholder value is the price of the shares has to be high to make it worth anything. The market capitalization can move higher and higher and higher, but if you're issuing shares at an even faster pace, dollars per share, or cents per share will go down long term. Even though the company's gotten more value, what you paid for your shares ends up going down. Spinning off the asset makes a lot more sense.
TGR: In January, gold was still around $1,000. We've gone up to $1,150. Where do you think gold is going as we head into the summer and through the rest of 2010?
VG: You're going to see technical moves one way or the other. You may see a drop to $1,000 and I wouldn't panic if that happens. You may see it run to $1,250, $1,300. I certainly wouldn't get overly excited if that happens, unless it holds there for a little while so it creates a new base. We're probably not going to see a strong gold market in the summer. That doesn't normally happen. So really we'll probably see more weakness going forward than strength.
That being said, the price of gold-based equities still has to catch up to $1,000 valuation of gold, let alone where we are now. So even if gold were to come off a little bit during the summer, gold equities still have to catch up to that valuation point before they can keep moving up. I think we're really going to see a move in gold when we saw it last year, around September. We might see a little strength here for the next month or so. We may hit $1,200. We may test $1,240 but it should come off after that during the summer. For really June, July and August it should see some weakness and that's normal. So I wouldn't be concerned.
Long term, at the end of 2011, $1,500 I think is fair. Now if we see a huge debacle in Europe, and let's say three or four countries start singing the same tune as Greece, then I'm suspecting we'll see the $1,500 level come a lot quicker.
TGR: What other junior mining companies do you see as a good value?
VG: Paramount Gold and Silver Corp. (NYSE:PZG;TSX:PZG) looks good. They're developing quite a strong asset, 2.6 million ounces of gold equivalent. That being said, I think that company will take a little longer to go anywhere. It's going to keep adding ounces. That's what that story is about; it's just an adding-ounce story. It gives the company an intrinsic value. As it develops more ounces, it will give the stock a higher and higher price or a better value for it. So I think a company like this, at the current level of $1.40, $1.50, should continue to do well. It's not going to start screaming up in price, but it's going to have a steady increase going forward. It's also going to get insulated against market activity a lot more because it has that intrinsic value. You can say these shares should be worth X because there's X amount of ounces of gold associated with it. So a company like that is going to fair quite a bit better against a company that still has to find their first or second ounce.
TGR: Anybody else in this category?
VG: Yes, we have Otis Gold Corp. (TSX:OOO) in that category as well. They've got ounces, and they've already shown about 700,000. They also have exploration that they're doing. So they have this intrinsic value from the current ounces they have. Plus they have the upside potential that you get when you're trying to prove up more ounces and that's what they're doing. Otis Gold, in the $.50 range, is actually quite inexpensive given the number of ounces they have, plus their exploration upside potential.
Let me talk about one more company in all of this. This one kind of goes against everything I just finished saying. We're talking about all these companies with ounces that are defined, companies that have an intrinsic value. Richfield Ventures Corp. (TSX.V:RVC) is entirely different in that regard. They don't have a resource defined yet. This is a discovery story. Richfield is in the process of finding and proving to us a new gold camp in British Columbia. There could be a lot of activity with that company this summer. They're going to be doing a 25,000-meter drill program to define what some people are calling 4 to 7 million ounces of gold, which is very significant. They're able to do this rather inexpensively, and they also have a lot of money in the bank to do it with. They'll be sitting on somewhere in the range of $15 to $16 million in cash right now if you consider all the warrants that are well in the money. This is a very interesting situation because they're in the process of proving now what I think will be a new gold camp. They entered the last hole they drilled last year that gave 1.25 g/t over 329 meters ending in 5 g/t over the last 9 meters. They recently announced that they have re-entered that hole and are planning to take that hole to over 700 meters. In that announcement they said that they were past the 500-meter mark and are still in the same rocks that they got in the first 329 meters. This will be a very exciting story, especially if they come up with the same spectacular results that they have been getting so far.
TGR: Very interesting, Victor. Thanks for spending time with us today.
A proud and avowed Keynesian, Victor Gonçalves developed a strong background in economics at the University of Winnipeg, where he served as a Professor's Assistant as well as earning his degree. His Equities and Economics Report has been accurately picking winners and calling market direction. In 2007, for instance, he correctly predicted the Dow Jones topping 14,000 points and pegged uranium reaching $136 per pound and many more. In addition to EER, Victor also produces the Green Dollar Report as well as writes for a number of print and electronic publications including CIM Magazine (Canadian Institute of Mining), Western Standard, Barron's and Kitco. He also has been featured on BNN, Mining Industry TV and at numerous industry events and conferences.
Article published courtesy of The Gold Report - www.theaureport.com
It's a draw, .66
Up to .66
If you've been on board since late 2008, like I have, then you're enjoying a beautiful ride. GLTA
Up a penny to .64
My charts show that it has been largely moving sideways, but if someone wants to pull out that gap down low below a nickel and say 'why didn't you buy there...' well, that's fine.
Don't agree at all. Five cents was the bottom of a downtrend that lasted almost 2 years. That was no gap, as is evident in a chart showing the whole picture. At best USA has been basing for about 6 months. The key to any investment is to recognize when the stock is in a downtrend and and when it has reversed. Failure to do so can result in massive losses or missing the best gains on a reversal.
BUT at some point they need to make it worthwhile for the shareholder to keep holding because the entire point in buying a stock is to make money.
So, how do you propose US Silver management creates shareholder value? My opinion is they are doing it and they cannot be responsible for people not recognizing it.
Still Consolidating. Close = .63
So if US silver has that amount of reserves why are we under .20 and trading sideways for many months?
Not sure why the shareprice is under 20 cents but it's my opinion that the market is not always rational and one should take advantage of a good thing while it's around.
US Silver has not traded sideways for over 2 years.......
Another thing to consider.......
Not too long ago US Silver was very close to bankruptcy. Since then management has worked very hard to make a go of it. Concurrent to the efforts of management to salvage the beaten down company I have heard people complain that US Silver has not taken the time to shore up more reserves. As per the last news release US Silver is here:
* Copper-Silver ore reserves at 17.0 million ounces of silver, 5,160 tons of copper
* Lead-Silver ore reserves at 4.7 million ounces of silver, 49,930 tons of lead
So, about 22 million ounces of Silver. At a current production rate of say 3 million per year that's about 7 years. What some people fail to realize is that proving up more ounces at this time does nothing in terms of improving the bottom line right now. This company needs to become profitable and drilling up more resources is a misuse of funds when they have years of reserves. The shaft repairs cost in terms of dilution but it is going to have a major positive impact on the bottom line. That being more ounces produced at a reduced cost. The drilling can come later, when required, and from positive cash flow. We all know the silver is there anyway......
US Silver management has done a fine job in the last 2 years, in my opinion..... The moves they are making are being made for the long term viability of the company and that's what I like about it. Not flashy but those with patience are going to be very well rewarded when the market wakes up to the value be created here.
Long US Silver.....
Here's what I think Maverick is pointing out:.....
Like I said previously, it's all dependent on where one took their initial positions. To me US Silver looks very good and I've made good gains since late 2008.
Now if one purchased in 2007 or earlier and held through that drop it no doubt sucks but there are many factors that should have triggered a sell prior to having their position evaporate. On the flip side there are factors that should make one consider buying. For me Tom Parker was a major factor. Did you know that he has actually spent a lot of time down in the stopes helping plan the best approach to mining? Also, much has been said about the dilution caused about the shaft repairs but at the time the price of silver was very low and US Silver's costs were high. If the price of silver stayed low US Silver may well have gone belly up if they had not increased production to lower costs. The dilution doesn't look good now but at the time the decision was made to fix the shaft the future was uncertain. In the end I believe it was a very good decision and US Silver will have it's day, a VERY good day...
Montanore exactly these guys A) either don't know they are doing...
In my opinion US Silver knows what they are doing. Since Tom Parker became the CEO in November of 2008 the company has slowly turned around and has steadily improved.
or B) They don't care.
They care.
All I know is the sideways trading is beyond ridiculous it's bad for business for shareholders.
This stock has not been trading sideways. Here is a chart that pretty much starts when Tom Parker became CEO.
This stock should be trading at $1.25+ and where are we at? Exactly.
I think that $1.25 would be nice but it's not worth that right now.
That profit hasn't paid shareholders for several years
Profitability is a recent phenomena. Were you expecting a dividend?
A Fine Week With a .61 Close.
Century has been kicking butt for some time.
I might even move forward my plans to unload sitting on dead money other plays out there. They have executed no doubt but that doesn't make us any money investing here IMO. Always get back in later if this looks like its growing some legs.
I think that if you sell now that you will regret it. USA has broken out of it's channel and the year end financials are due very soon. USA is long overdue for a run and I believe it's just starting......
A Lesson in the Making...
Those shorting SFMI are going to be taught a lesson very soon. All the negative talk has a few people peeved. When the production numbers start coming out in cold hard gold bars there will be sweet revenge to all the shenanigans being directed at SFMI. Frankly, I hope they don't cover any time soon because I'm looking forward to the stark reality of the situation they are going to find themselves in, and real soon.......
Today's close.... .63
CMM Up Another 10 Cents to .63
Gold will be pouring soon and the mill rate of 1200 tons per day should be hit by may. This is only the start.
Shorts are going to be taught a lesson!
It's going to be a good laugh watching the shorts get a rude wake up call! If they only knew what was coming......
gump90 says, "Too bad they don't know the content of that mill feed."
Just because you don't know doesn't mean they don't know.... Those short on this stock are going to be taught a lesson they won't soon forget.
SFMI is a buy and long term hold. Fasten your seatbelts....
Too Funny! I get it now......
The band of SFMI shorts are going to be taught a lesson they won't soon forget. I'm going to buy more shares.
Analyst says CMM Easily $1.50 Based on Production.
He talks about CMM at the 3:30 mark. Just let the commercial run first.
http://watch.bnn.ca/#clip287051
Analyst says CMM Easily $1.50 Based on Production.
He talks about CMM at the 3:30 mark. Just let the commercial run first.
http://watch.bnn.ca/#clip287051
Sweet. We closed at .53
CMM On The Move Again....
Century Mining is moving again. This one is going waaaay higher. An analyst on BNN just picked it with a target of $1.50. I'll post the link once it is posted to the BNN website.
CMM On The Move Again....
Century Mining is moving again. This one is going waaaay higher. An analyst on BNN just picked it with a target of $1.50. I'll post the link once it is posted to the BNN website.
Century Prepares for First Gold Pour on Schedule at Lamaque Gold Project
4/6/2010 9:38:50 AM - Market Wire
BLAINE, WASHINGTON, Apr 06, 2010 (MARKETWIRE via COMTEX News Network) --
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE: CMM) is pleased to provide a progress update at its 100% owned Lamaque gold project located in Val-d'Or, Quebec, Canada. The Company is fully financed for the reopening of the Company's Lamaque gold project, and is on schedule and budget for its first gold pour in the second quarter of 2010.
Since reopening the Lamaque gold project in early January 2010, the Company has rehired and brought on a mining team in excess of 115 employees, and continues to fill vacant positions. The underground development crews continue to make excellent progress by re-opening the existing workings and are currently mining in #90 and #107 stopes, gearing up for the opening of #115 stope, and mining in several jumbo development headings that are located in ore. The crews continue to slash areas of the underground workings and main ramp to allow access for larger mine vehicles to reach the deeper ore zones, and have completed the installation of the new ventilation infrastructure. The development crews continue to stockpile underground ore at surface next to the crusher in preparation of production.
The Company has received a significant amount of the new equipment required for the re-opening of the Lamaque gold mine including the jaw crusher, cone crusher and crusher motors for the milling facility, and a 6 yard scooptram, a single boom jumbo drill, a 35 tonne truck, two scissor lifts and a boom truck for use underground. The new low profile equipment is expected to arrive on site in April, and the engineering team is in the process of procuring and installing the long term mine electrical system. Additional mine equipment not required at the Lamaque mine, including a two boom jumbo drill, small scooptram, two small underground trucks, and multiple jacklegs are being readied for shipment to the Company's San Juan gold mine in Peru to assist in the modernization and expansion of that operation.
The milling team continues to make significant progress as they complete the modifications within the Lamaque mill facility and maintain the refurbishment on schedule. The 3,000+ tonne per day milling facility is expected to commence grinding test runs on April 8, 2010 in preparation for mill feed throughput from the stockpiled ore mined underground since March 1, 2010. As indicated earlier in the year, gold production is expected by the end of May 2010, but with the current progress both on surface and underground, the first gold pour could be brought forward if operations continue at the current rate. The engineering and operational teams continue to monitor this situation and will adjust mine plans accordingly.
Information and data received from the February 2010 exploration and definition drill program on the Bedard Dyke has assisted in the completion of the mine plan and block model for the upcoming underground development program in the Bedard Dyke zone. The current design is being reviewed by Golder Associates for rock mechanics, and the Company is currently implementing the staffing plan and services engineering and design for the project. The development crews are currently preparing to secure the ground above the Bedard Dyke portal area, level the pad in front, and finalize the purchase of the required electrical equipment. The Bedard Dyke is the second zone in the mine plan to be developed through long-hole open-stoping, which will subsequently increase the daily tonnage. The Company is currently finalizing the mine plans for the third zone, named the North Wall, which will be mined with the same method and is expected to be developed in the latter part of 2010. All three areas, Lamaque #2, Bedard Dyke and North Wall, are all accessed via the historical Sigma pit.
The Company is finalizing the upcoming 150,000 foot (45,700+ meter) exploration and definition drill program at Lamaque, which is expected to commence in May 2010 and continue over a three-year period. Historically the Sigma mine was developed to the 6,100 foot level and the Lamaque mine to the 3,500 foot level. The Company believes that the gold mineralization continues to depth beneath both areas, and historically the grade has increased as the mine was developed deeper. The onsite assay lab is now fully operational and will be essential to ensure that accurate and timely sampling from the mine stope development continues without delay, and will also play a key role in ensuring assays are received from the drill program.
Members of the environmental team are preparing plans for waste dump reclamation and expect to commence the removal of material in the second quarter of 2010. Century is taking the steps and making the required investments to minimize the visible areas of the mine from the town and to also control any potential dust from the site. The Company has also arranged the sale of approximately one million tonnes of waste material from the waste dump on site, which will be used as road material offsite by an external contractor.
Senior management continues to focus its energy on the reopening of the Lamaque gold mine. Upon the first gold pour and successful commencement of operations at Lamaque, the Company will ramp up exploration efforts on priority targets and take action on its corporate strategy of reviewing synergistic gold opportunities to take the necessary steps to becoming a mid-tier gold producer.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Margaret M. Kent, President & CEO
Caution Concerning Forward-Looking Information
Nice Close Today... .475
CMM is going to continue it's upward trend. Too many positives to slow it down for a while.
Century Prepares for First Gold Pour on Schedule at Lamaque Gold Project
4/6/2010 9:38:50 AM - Market Wire
BLAINE, WASHINGTON, Apr 06, 2010 (MARKETWIRE via COMTEX News Network) --
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE: CMM) is pleased to provide a progress update at its 100% owned Lamaque gold project located in Val-d'Or, Quebec, Canada. The Company is fully financed for the reopening of the Company's Lamaque gold project, and is on schedule and budget for its first gold pour in the second quarter of 2010.
Since reopening the Lamaque gold project in early January 2010, the Company has rehired and brought on a mining team in excess of 115 employees, and continues to fill vacant positions. The underground development crews continue to make excellent progress by re-opening the existing workings and are currently mining in #90 and #107 stopes, gearing up for the opening of #115 stope, and mining in several jumbo development headings that are located in ore. The crews continue to slash areas of the underground workings and main ramp to allow access for larger mine vehicles to reach the deeper ore zones, and have completed the installation of the new ventilation infrastructure. The development crews continue to stockpile underground ore at surface next to the crusher in preparation of production.
The Company has received a significant amount of the new equipment required for the re-opening of the Lamaque gold mine including the jaw crusher, cone crusher and crusher motors for the milling facility, and a 6 yard scooptram, a single boom jumbo drill, a 35 tonne truck, two scissor lifts and a boom truck for use underground. The new low profile equipment is expected to arrive on site in April, and the engineering team is in the process of procuring and installing the long term mine electrical system. Additional mine equipment not required at the Lamaque mine, including a two boom jumbo drill, small scooptram, two small underground trucks, and multiple jacklegs are being readied for shipment to the Company's San Juan gold mine in Peru to assist in the modernization and expansion of that operation.
The milling team continues to make significant progress as they complete the modifications within the Lamaque mill facility and maintain the refurbishment on schedule. The 3,000+ tonne per day milling facility is expected to commence grinding test runs on April 8, 2010 in preparation for mill feed throughput from the stockpiled ore mined underground since March 1, 2010. As indicated earlier in the year, gold production is expected by the end of May 2010, but with the current progress both on surface and underground, the first gold pour could be brought forward if operations continue at the current rate. The engineering and operational teams continue to monitor this situation and will adjust mine plans accordingly.
Information and data received from the February 2010 exploration and definition drill program on the Bedard Dyke has assisted in the completion of the mine plan and block model for the upcoming underground development program in the Bedard Dyke zone. The current design is being reviewed by Golder Associates for rock mechanics, and the Company is currently implementing the staffing plan and services engineering and design for the project. The development crews are currently preparing to secure the ground above the Bedard Dyke portal area, level the pad in front, and finalize the purchase of the required electrical equipment. The Bedard Dyke is the second zone in the mine plan to be developed through long-hole open-stoping, which will subsequently increase the daily tonnage. The Company is currently finalizing the mine plans for the third zone, named the North Wall, which will be mined with the same method and is expected to be developed in the latter part of 2010. All three areas, Lamaque #2, Bedard Dyke and North Wall, are all accessed via the historical Sigma pit.
The Company is finalizing the upcoming 150,000 foot (45,700+ meter) exploration and definition drill program at Lamaque, which is expected to commence in May 2010 and continue over a three-year period. Historically the Sigma mine was developed to the 6,100 foot level and the Lamaque mine to the 3,500 foot level. The Company believes that the gold mineralization continues to depth beneath both areas, and historically the grade has increased as the mine was developed deeper. The onsite assay lab is now fully operational and will be essential to ensure that accurate and timely sampling from the mine stope development continues without delay, and will also play a key role in ensuring assays are received from the drill program.
Members of the environmental team are preparing plans for waste dump reclamation and expect to commence the removal of material in the second quarter of 2010. Century is taking the steps and making the required investments to minimize the visible areas of the mine from the town and to also control any potential dust from the site. The Company has also arranged the sale of approximately one million tonnes of waste material from the waste dump on site, which will be used as road material offsite by an external contractor.
Senior management continues to focus its energy on the reopening of the Lamaque gold mine. Upon the first gold pour and successful commencement of operations at Lamaque, the Company will ramp up exploration efforts on priority targets and take action on its corporate strategy of reviewing synergistic gold opportunities to take the necessary steps to becoming a mid-tier gold producer.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Margaret M. Kent, President & CEO
Caution Concerning Forward-Looking Information
Shorting SFMI is a Losing Stragegy
Even shorting SFMI can't stop the stock from rising. The winning combination is to buy and hold for the long term.
STRONG BUY AND HOLD
SFMI is hitting their targets and that will include a TSX.V listing if they go for it. Please do some research into Canadian stock exchanges before you go posting incorrect information....
You have not made the distinction between a TSX.V listing and a 43-101 report. There is a difference.... There are many companies that do not have 43-101 reports and all it means is they cannot disclose ore grades, as fact, that have not been approved by a qualified geologist.
There is no reason why SFMI could not get a TSX.V listing if they followed the same process they used to get off the pinks and onto the OTCBB. Many junior companies go public to raise the cash so they can get a 43-101. The TSX.V is full of companies like that because until you raise the cash , do the drilling, get the cores certified, you can't get the report..... You have it backwards....
You don't understand... Please re-read this. It's really quite simple. SFMI would get a TSX Venture listing by doing pretty much what they did to get off the pink sheets and onto the OTCBB. Again, re-read this.....
Quote:
"National Instrument 43-101 (NI 43-101) is a mineral resource classification scheme used for the public disclosure of information relating to mineral properties in Canada. The NI is a strict guideline for how public companies can disclose scientific and technical information about mineral projects on bourses supervised by the Canadian Securities Administrators.
NI 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada."
There are many companies on the TSX.V that do not have 43-101 compliant reports. This is true for at leasts two reasons. First, new companies have not had time to complete a 43-101. Second, some don't freakin care because they are VERY expensive to complete and if you have the goods, can get the cash to develop your project, then go for it. The ONLY thing is, you cannot disclose the mineral information unless it is 43-101 compliant. In this regard SFMI would have no issues because I have seen countless Canadian mining firms state in their financial reports that the mineral resources are NOT 43-101 compliant. Therefore, the prospective investor has been warned that the mineral resources do not qualify as a 43-101 compliant report and should be taken as is.....and cannot be relied on as verified by a qualified geologist.
Many companies go public to raise the money to complete a 43-101. I would not bother if I did not need to and I was capable of raising the money without it because they are very expensive. Better to spend your money on producing gold if you have it rather than spending the money completing a report that you have a mineral resource.
Quote:
"National Instrument 43-101 (NI 43-101) is a mineral resource classification scheme used for the public disclosure of information relating to mineral properties in Canada. The NI is a strict guideline for how public companies can disclose scientific and technical information about mineral projects on bourses supervised by the Canadian Securities Administrators.
NI 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada."
There are many companies on the TSX.V that do not have 43-101 compliant reports. This is true for at leasts two reasons. First, new companies have not had time to complete a 43-101. Second, some don't freakin care because they are VERY expensive to complete and if you have the goods, can get the cash to develop your project, then go for it. The ONLY thing is, you cannot disclose the mineral information unless it is 43-101 compliant. In this regard SFMI would have no issues because I have seen countless Canadian mining firms state in their financial reports that the mineral resources are NOT 43-101 compliant. Therefore, the prospective investor has been warned that the mineral resources do not qualify as a 43-101 compliant report and should be taken as is.....and cannot be relied on as verified by a qualified geologist.
Many companies go public to raise the money to complete a 43-101. I would not bother if I did not need to and I was capable of raising the money without it because they are very expensive. Better to spend your money on producing gold if you have it rather than spending the money completing a report that you have a mineral resource.
SFMI would qualify for the TSX Venture Exchange, easily....
They would not get on the big board but the Venture Exchange (TSX.V)would be easy. I know those boards very well and there is no reason at all SFMI would not qualify. You don't need a 43-101 to get on the Venture Exchange. In addition, getting on the TSX.V would be a very good thing for SFMI as it's a real board, not like the OTCBB where market makers call the shots. The OTCBB is a joke in comparison....