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NP/wire say Century Mining ready to restart Lamaque
2010-01-05 08:56 ET - In the News
The National Post reports in its Tuesday, Jan. 5, edition that Century Mining said Monday that completion of last week's $60.75-million financing will enable it to restart work at its Lamaque gold mine near Val d'Or, Que., and get it into commercial production in 2011 (all figures Canadian unless otherwise stated). A CanWest News Service dispatch to the Post reports that Century Mining said it has posted the full amount of financial guarantees required by the Quebec government for final site reclamation after mining ends. It has also repaid a government loan with $8.7-million from the financing and the issue of five million common shares. The financing included a $33-million (U.S.) prepaid gold facility negotiated with Deutsche Bank AG and private-equity placements, including shares issued to the mining and exploration arm of a major Russian conglomerate, Century said. The Russian firm can now raise its total holding to 44.8 per cent of the total shares outstanding. Century Mining shares advanced three cents to close Monday at 42.5 cents on the TSX Venture Exchange. The stock has a one-year range of three cents to 44.5 cents.
