Century Mining Announces First Gold Pour
Monday, May 03, 2010 Press Release
Century Completes First Gold Pour at Lamaque and Discusses Late Filing of December 31, 2009 Financial Statements
--------------------------------------------------------------------------------
Century Mining Corporation ("Century" or the "Company") (TSX-V: CMM) is pleased to announce the successful completion of another milestone ahead of schedule at the Lamaque Gold Mine in Val d'Or, Québec. The Lamaque operation reports that all systems are up and running and the mill facility poured its first bar of gold one month ahead of schedule on April 30, 2010. The first gold pour was from the gravity table concentrate from the first few days of operation, which yielded a gold doré bar weighing approximately 230 ounces. The mill can now expect the commencement of regular weekly gold pours going forward as the Carbon-in-Pulp (CIP) circuit is now fully operational. Future gold pours will include gold from the stripping circuit as well as the gravity recovered gold.
The Company will be able to provide tonnage, grade and recovery statistics from the first weeks of production at a later date. The Company is also pleased to report that the first jumbo from the fleet of low profile underground mine equipment has arrived on schedule at the Lamaque operation and is being readied for underground deployment this week. The low profile equipment is expected to significantly increase the underground production rate in the Lamaque #2 mineralized flat zones and also assist in lowering mining costs.
The Company also wishes to advise that the Company's December 31, 2009 financials have not yet been completed and filed by the required deadline of April 30, 2010.
"The Company and its audit committee have been working closely with its auditors over the last three months and has yet to complete the 2009 audit of the Company's financial statements. The delay in completing the audit of the financials has resulted from the complexity of the Company's year-end financing transactions, certain accounting treatments respecting the Peruvian operations, combined with the restructuring and paying out of a significant amount of debt including short and long-term payables. The auditors, the Company's financial team and its audit committee, are working diligently to complete the routine year-end audit. It is expected that the audit will be completed within the next two weeks. At the time of conclusion of the audit, the Company anticipates showing a set of financial statements containing a much stronger and cleaner balance sheet as compared to the previous year," commented Margaret M. Kent, President & CEO of Century Mining.
