Century Mining Announces Capital Lease Financing

Century Mining Announces Capital Lease Financing Facilities for Lamaque Mine Project

Century Mining Corporation report that it has entered into term sheets with First National Capital Corporation and Mazuma Capital Corporation for two lease lines totaling $5.0 million and $4.0 million, respectively, subject to satisfaction of various conditions and final due diligence. Both facilities are repayable over a 42-month period, and are conventional capital leasing facilities.

The equipment to be leased will consist of various underground and surface mining vehicles including such items as drills, scoops, haulage trucks, and service and maintenance vehicles. Certain of the equipment has already been delivered to the Lamaque mine site, with the remainder expected to arrive throughout the latter half of 2010.


Margaret M. Kent, President and CEO of Century Mining commented: “We are pleased to reach these agreements with the lenders at this key point in the continued expansion of the Lamaque mine operation. The equipment will greatly assist in maximizing our mine productivity and minimize our operating costs at Lamaque and greatly reduce the need for contracted equipment currently being used at the operation. We also appreciate the confidence that First National and Mazuma Capital have shown in our Lamaque operation and our team by agreeing to fund our equipment fleet.”

B.C. Provincial Government halts mineral exploration in Flathead Valley

Max Resource Corp. has learned that the Government of British Columbia intends to halt all ongoing mineral exploration work and prohibit any future mine development in the Flathead Valley in Southeastern B.C.

In his Throne Speech of February 9, 2010, which outlines the B.C. Government’s legislative agenda for the upcoming session, BC Lieutenant-Governor Steven L. Point announced that the Province of B.C. intends to enter into a partnership with the State of Montana regarding the Flathead River Basin and, as a result, “Mining, oil and gas development and coalbed gas extraction will not be permitted in British Columbia’s Flathead Valley”. This action will effectively prevent any further exploration or development of the Company’s Crowsnest gold project, which is located in the Flathead Valley watershed.

“We are surprised and disappointed by the Government’s action,” said Stuart Rogers, President of MAX, “given our outstanding exploration results at Crowsnest in 2009. And we will seek adequate compensation.”

MAX will now resume its focus on gold in Nevada, where drill permitting on three gold exploration projects (Table Top, Diamond Peak and East Manhattan Wash) is already well underway.