Century Discovers New 2 km Long Mineralized Zone At Rosario de Belen
BLAINE, WA, Dec. 13 /CNW/ -
Century Mining Corporation -
(CMM: TSX-V) today announced results from the sampling and mapping program at the Rosario de Belen gold mine in Peru.
In today's announcement, Century's 10 member team, including geologists, technicians and support personnel, reported that they have discovered a new mineralized zone at the Company's Rosario de Belen gold mine in Peru (see Table 1 below for sample results).
The strike length is approximately 2 km long and consists of quartz veinlets hosted by andesite.
The discovery is the result of a sampling and mapping program commenced in November 2007, and scheduled to continue through February 2008.
The purpose of this program is to accurately and efficiently identify targets for exploration at Rosario and other nearby concessions.
The results will be used to develop comprehensive drilling and exploration plans for Rosario de Belen in 2008.
The Rosario de Belen property covers a total land position in excess of 12,000 hectares, and the mapping and sampling completed to date represents only about 25% of the total property.
The Company is encouraged by these early sample results since Century Mining acquired Rosario de Belen in May 2007 as an operating mine with excellent exploration potential, given its close proximity to other significant known gold deposits.
The Company also reported that the Rosario de Belen mine was connected to the national power grid in September, thereby eliminating the need generate power on site.
In addition to providing reliable, uninterrupted power to the mine, connection to the power grid will reduce costs and facilitate future drilling, exploration and mine expansion
for the project.
Details of the sampling and geology at Rosario de Belen are
as follows:
Gold/silver mineralization at Rosario de Belen is associated with andesite that is overlain by sedimentary rocks of the Chimu Formation.
The Chimu Formation hosts the nearby Santa Rosa gold deposit, which is currently producing 140,000 gold-equivalent ounces per year, and is also host to world-class gold deposits including Lagunas Norte, which is producing 1.1 million ounces of gold per year, and Yanacocha, which is producing 2.6 million ounces of gold per year.
Rosario de Belen is currently heap leaching quartzites, which overlie altered andesitic volcanic rocks on the northern portion of the Rosario de Belen concession.
Mapping in the mine area has shown the underlying andesite to contain gold bearing quartz veins that will be the initial focus of the drill program.
The Anely II concession directly south of the Rosario de Belen concession was one of the first areas to be mapped and sampled. Mapping showed the concession to be mostly andesite with a veneer of quartzites, sandstones and lutites over a portion of the concession.
The initial grab sampling on the Anely II concession returned the following values from quartz veins in a two kilometer long zone striking N45E toward the Rosario de Belen mine.
The zone occurs within andesites, however an anomalous sample (7012) was returned from quartzite overlying andesite two kilometers along strike from the first zone.
Detailed sampling will be completed over the strike length
of the mineralization as part of the remaining mapping
and sampling program.
Table 1
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g/t g/t
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Sample No. Gold Silver Rock Type Location
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7006 7.545 (greater than) 100 Andesite Anely II concession
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7030 1.728 (greater than) 100 Andesite Anely II concession
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7002 1.288 80.1 Andesite Anely II concession
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7001 0.937 66.1 Andesite Anely II concession
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7031 0.070 0.9 Andesite Anely II concession
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7012 0.064 0.5 Quartzite Rosario Concession
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Margaret Kent, chairman, chief executive officer and president of Century commented: "The early indications from the sampling and mapping project at Rosario de Belen are very exciting. The results confirm our initial evaluation of the potential this property has, given its close proximity to some of the largest gold mines in the world. Upon completion of the current sampling project, we will begin an aggressive drilling and exploration program at Rosario de Belen in 2008. Toward the future, we envision Rosario de Belen not just as a profitable stand-alone gold mine, but a central part of the Company's expanding portfolio of operating mines in Peru."
Technical information included in this press release was reviewed by Century's "Qualified Person" Ross Burns, B.Sc, P.Geo., Vice President, Exploration.
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 Quebec 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 subsidiaries have also recently acquired Rosario de Belen where it accounts for 100% of both gold and silver 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.
Source: Canada NewsWire (December 13, 2007 - 10:02 AM EST)
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