Century Mining losses deepen in first quarter as revenues increase

By The Canadian Press

VAL D"OR, Que. - Century Mining Corp.'s first-quarter net losses deepened to $3.6 million as the takeover target ramped up production at the Lamaque project in Val d'Or, Que.

The company (TSXV:CMM), which has agreed to combine with White Tiger Gold (TSX:WTG) in an all-stock deal, said the loss was equal to a penny per share.

That's compared to a loss of $1.3 million, or nil per share, a year earlier.

Revenue increased to $5.8 million from $4.9 million.

"While the (Lamaque) project has encountered significant challenges, we are making progress as we access the North Wall area of the project," said president and CEO Daniel Major in a release.

"We remain on track for the planned rate of 2,000 tonnes of ore per day by the end of the third quarter."

Meanwhile, the miner said that it is still awaiting approval of its sale to White Tiger by the Toronto Stock Exchange. The exchange requested additional information from both companies, which included current technical reports for Century's Lamaque and San Juan projects.

At the conclusion of the deal, White Tiger shareholders would own about 39 per cent of the combined company and Century shareholders would own 61 per cent. White Tiger directors would make up the new board, although Major would remain president and CEO.

White Tiger is three-quarters owned by Russian mining magnate Max Finskiy, who is slated to become executive chairman of the combined business. It has five Russian subsidiaries that hold licences in the Savkino and Nasedkino mineral and gold deposits.

The company recently completed a private placement, but those shares are locked up and only about 10 per cent of White Tiger's outstanding shares are publicly traded.

Century Mining said it expects to submit the required reports to the TSX by the end of the month.