The production guidance decrease from (70,000-75,000) to (45,000-50,000) for a total 2011 production of between 65,000 and 70,000 ounces is certainly not unexpected. This equates to between 97.5 million and 105 million in gross procedes at $1500 gold.

The following are very positive:

"Due to the excellent development rates provided by the mining contractor, CMAC, the mine is in a position to start longhole stoping in July. The North Wall ore targets due to their geometry are expected to provide a clear increase ore tonnage feed rates and in the grade versus those achieved to date, and by the end of the Q3-2011 the Company is targeting to be at the planned rate of 2,000 tonnes of ore per day."

"...the Company is projecting to achieve commercial production at its Lamaque Project as of the end of the third quarter...production from the San Juan mine in Peru, which remains on plan..."

"We remain on track to achieving commercial production and the 2,000 tonnes per day goal in the second half of the year."

"Additionally Century announces today that the private placement of flow-through units previously announced on May 27, 2011 will be raised from C$1.0 million to a maximum of C$1.5 million, due to increased investor interest in the offering. All other terms and conditions remain the same as announced on May 27. Century expects to complete the financings by mid-June 2011. These funds will be used to identify and delineate new shallow underground resource targets at Lamaque."

It will be interesting to see how the market reacts to this. I think overall it is positive, as I said - we knew guidance would be lowered. If anything, this release should add some 'certainty' to the markets with respect to the plans going forward. The financial statements due on or before 29 June will make for interesting reading - where has all the money gone - or maybe it hasn't?

doc