Rock Alert! CMM up 25% onna 500K shares Only
CMM issa one o' da Rock's pick assa Double Duh -NO BRAINER stock plays..........guess what.....taday CMM moves up 25% wit only 500K shares traded.......what will it do...........iffa more people notice anna buy?
.......Yestaday, RSG........'nother o' da Rock's Double Duh -NO BRAINER stock plays.....went up 25%????
.......Word ta da wise......KWG issa da third o' da Rock's Double Duh -NO BRAINER stock plays.........its time ta move will come
Just da way I see dat!
CMM - Century Mining
- Gold Producer in Peru/Canada led by Peggy Kent wit 6 operations!
- Jan 30 is end date for SUE acquisition....should move after
- could surprise to upside with a good Qtr
- really cheap...one o'da Rock's Double Duh - No Brainers...lookit chart!
441 Peace Portal Drive Blaine WA 98230
Phone: (360) 332-4653 Fax: (360) 332-4652 E-mail: [email protected]
November 28, 2007
CENTURY MINING ANNOUNCES TAKEOVER BID FOR SULLIDEN EXPLORATION
Blaine, WA: Century Mining Corporation (CMM: TSX-V) announced today it has issued a
takeover bid circular and formally launched its takeover bid for Sulliden Exploration Inc. The
offer expires on January 30, 2008.
Century is offering Sulliden shareholders 0.72 of a Century common share for each Sulliden
common share. The offer represents a premium of 51% over the Sulliden share price based
on the volume-weighted average trading price for the Sulliden shares on the TSX and for the
Century shares on the TSX-V for the 20 trading days prior to the news release announcement
of the bid on October 4, 2007.
Century urges Sulliden shareholders to recognize the considerable value of this offer. A
successful bid will immediately resolve the litigation over title to the Shahuindo property in
northern Peru and unlock the value of Shahuindo to all shareholders. A key legal opinion
produced by the Peruvian law firm Payet, Rey and Cauvi states that without the acceptance of
this bid, the litigation could reasonably continue until 2015. Century hopes that the Sulliden
board of directors will recommend acceptance of this offer to its shareholders.
Regarding Sulliden's November 27, 2007 press release, it should be noted that any additional
discovery of gold or other resources on the Shahuindo property, or any value attributed to
such resources will also be subject to the ongoing litigation between Century and Sulliden.
In addition to the substantial premium to the recent trading price of Sulliden and the resolution
of the ongoing litigation over title to the Shahuindo property, the combination of Century and
Sulliden will also give shareholders an immediate opportunity to participate in the development
of the gold resources at Shahuindo. A successful bid will result in Century's operating
expertise to be applied to the development of a large gold mine at Shahuindo that would likely
be producing by late 2010. In consolidating positions, Sulliden shareholders will also have the
opportunity to participate in the exploitation of Century's substantial gold resources at its San
Juan and Rosario de Belen properties in Peru, and its Lamaque property in northern Quebec.
A combination of Century and Sulliden would result in the creation of a pre-emininent mid-tier
gold producer with the following attributes:
• Significantly Increasing Production Growth to Mid-Tier Status
• Highly Liquid Gold Company Trading more than 500,000 shares per day
• Geographically Diversified in Canada and Peru
• Substantial Combined Reserves Plus Measured and Indicated Resources and
In today's offer to acquire Sulliden's outstanding common shares, Century has set out its
acceptance condition at 50% plus one of Sulliden common shares on a fully diluted basis. The
Company intends to acquire all of the outstanding shares of Sulliden but intends to proceed
with the development of Shahuindo upon acquisition of a controlling position in Sulliden.
By accepting this offer, Sulliden shareholders will become part of a new Century with a solid
foundation of four operating mines, an unparalleled pipeline of 10 exploration projects and a
leading presence in Canada and Latin America. A brief summary of these core assets is as
Lamaque: The Sigma and Lamaque underground mines operated from 1935 through 2000
and produced a combined 9.4 million ounces of gold. Century reopened the Lamaque
underground mine in April 2007, whereby the Company aims to achieve a production rate of
100,000 ounces of gold per year by the end of 2008.
San Juan: The San Juan Gold Mine was acquired by Century in May 2006. Although gold
production in the area dates back to the Incas, modern mining has been conducted only since
the 1970s. Over this period, approximately 1.2 million ounces of gold have been mined at San
Juan. Century plans to increase the capacity of the mill to 700 tonnes per day, achieving an
annualized production rate of 35,000 ounces of gold in 2008.
Rosario de Belen: Mina Rosario de Belen began operations in February 2007 as an open-pit
heap leach mine with an initial and expandable ore processing capacity of 5,000 tonnes per
day. The mine and processing plant are currently operating at a rate of approximately 3,000
tonnes of ore per day. Century intends to expand production at Rosario de Belen to
approximately 25,000 – 30,000 ounces of gold per year.
Shahuindo: Shahuindo is a gold-silver project located 25 km north of Barrick's Alto Chicama
and 70 km south of Newmont's Yanacocha deposits in northern Peru. The project has been
the subject of extensive drilling and exploration since the 1980s and in 2005, Met-Chem
Canada Inc. produced a technical report which is in accordance with NI 43-101. Century
intends to construct a large heap leach gold operation on Shahuindo by late 2010.
The offer is be subject to a number of customary conditions; however it will be designed to not
trigger the rights provided for under the Sulliden's shareholder rights plan.
M Partners Inc. is financial advisor to Century. Century's Canadian legal advisor is Lang
Michener LLP and its US legal advisor is Theodora Oringher Miller & Richman PC.
Commenting on the offer, Margaret Kent, chairman, chief executive officer and president of
Century stated: "We believe the offer provides Sulliden shareholders with full and fair value for
their shares. With the resolution of the litigation over Shahuindo which has become
increasingly more favorable to Century's wholly owned Peruvian subsidiary, Algamarca, the
offer secures an opportunity for Sulliden shareholders to benefit from the development of the
Shahuindo property. It further presents the prospect of a tremendous upside to the share price
of the combined company for both Sulliden and Century shareholders. The proposed
transaction will position Century to quickly become an intermediate gold mining company with
a significant reserve and resource base. We urge Sulliden shareholders to tender their shares
to our offer and we welcome discussions with Sulliden management and its Board of Directors
such that we can begin to focus on generating value together."
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 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. 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
"Margaret M. Kent"
Chairman, President & CEO
For further investor information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: [email protected]
Phone: (877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
For media relations, please contact:
Deborah Thompson, President, DT Communications
E-mail: [email protected]
Phone : 416-918-9551 or 416-867-2306
Fax : (416) 365-0414
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
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