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TORONTO, ONTARIO, Sep 13, 2011 (MARKETWIRE via COMTEX) — Century Mining Corporation (“Century Mining” or the “Company”) (TSX-V:CMM) is pleased to announce that it has received shareholder approval for the Company’s proposed business combination (the “Business Combination”) with White Tiger Gold Ltd. (“White Tiger”).
Under the Business Combination, Century Mining and White Tiger, intend to combine under a plan of arrangement resulting in 7918534 Canada Inc., a wholly-owned subsidiary of White Tiger, acquiring all of the issued and outstanding common shares of Century Mining (the “Century Shares”).
The Business Combination was approved by a special resolution of shareholders of Century Mining at the special meeting held earlier today (the “Meeting”). The special resolution required affirmative votes from at least (a) 66 2/3% of votes cast in person or by proxy by holders of Century Shares, and (b) a majority of the votes cast in person or by proxy by holders of Century Shares, other than Century Shares beneficially owned, or controlled or directed, directly or indirectly, by Messrs. Maxim Finskiy and/or Francis Scola (the “Excluded Shareholders”). The Business Combination was approved by (a) approximately 83.4% of the votes cast at the Meeting, and (b) approximately 74.4% of the votes cast at the Meeting, excluding those votes cast by the Excluded Shareholders.
Also at the Meeting, to facilitate completion of the Business Combination, a resolution approving a reduction in the stated capital of the Century Shares was approved by approximately 83.9% of the votes cast at the Meeting.
The Business Combination remains subject to final approval of the Ontario Superior Court of Justice, approval under the Investment Canada Act and final approval of the TSX. The Court date at which final court approval will be sought is scheduled for September 23, 2011 and Investment Canada Act approval is expected by mid-October.
“The Business Combination will give Century the opportunity to become a part of a larger, more diversified gold mining company with multiple properties in various stages of production and development in Canada, Russia, and Peru,” said Daniel Major, President and CEO of Century Mining Corporation. “The combined company is expected to benefit from compelling growth prospects allowing us to realize the potential of our flagship Lamaque property and to become a mid-tier gold producer.”
About Century Mining Corporation
Century Mining Corporation is a Canadian gold producer and holds strategic land positions in Canada, the United States and Peru. The Company’s strategy is to grow to its gold production through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Daniel J. Major, President & CEO
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 including with respect to receipt of Investment Canada Act approval. 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 and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com .
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 forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
