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Author Topic: CMM a buy @ .425
BCmouser
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If EDV likes it and MR SPROTT owns it there must be something good happening here.
Currently, mining in the pit is progressing well with over 225,000 tonnes of ore and waste mined to date. The blast hole assays are being studied to determine if they can be used to enhance the existing grade control techniques. The initial results, using 5-foot sample lengths, have been encouraging and have prompted the Company to examine an automated sampler for its new Tamrock drills that would automatically collect and riffle the entire cuttings for each 5-foot section of the hole. This would provide an excellent sample of the coarse, nuggety gold found in the veins in the open pit.

Ore has been fed to the primary crusher to build a stockpile ahead of the mill. Milling is expected to commence on March 14. The Company continues to anticipate production of approximately 90,000 ounces of gold in 2005.

Margaret Kent, Chairman and CEO of Century Mining said: "We have developed a real understanding of the deposit and the issues and problems that plagued the previous operator. With more than one million ounces of gold in resources in the Sigma pit and an additional three million ounces of gold in resources elsewhere at the Sigma and Lamaque properties, we are confident that we will be mining in this camp for may years to come".

On behalf of the Board of Directors,

Margaret M. Kent, Chairman, President & C.E.O.

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The Mouse

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Oilking
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Was just look at this one. You are 100% right here. This is a deinate buy. Due for a bounce to at least the .60 level.
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BCmouser
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Bounce should be coming tomorrow.

Century geologists find high-grade ore zone near Sigma


2005-07-11 22:40 ET - News Release

Ms. Margaret Kent reports

CENTURY TO DEVELOP NEWLY DISCOVERED HIGH-GRADE ORE ZONE AT SIGMA MINE OPEN PIT

Century Mining Corp.'s geologists have located an unexploited high-grade ore zone immediately adjacent to the current open-pit operations in the Sigma-Lamaque complex located in Val d'Or, Que.

The zone, referred to as the Bedard dike, is contained within a highly mineralized subvertical shear coincident with a porphyritic diorite dike of the type historically known to host high-grade mineralization in the Sigma-Lamaque complex.

A combination of reconnaissance, mapping in the open pit, and two historic diamond drill holes led to the discovery. Drill hole 18755 returned assays averaging 80 feet (24 metres) of 12.8 grams per ton (g/t) gold and hole 18803 intersected 210 feet (64 metres) of 14.9 g/t gold. The down-hole assay data show a typical log-normal distribution, with an estimated Sichel-t assay grade of 20.1 g/t. This delineates approximately 6,000 ounces within a cubic volume measuring just 25 feet (seven metres) by 50 feet (15 metres) by 100 feet (30 metres) on strike. The dike remains completely untested down-dip and along strike to the west. The dike has the potential to host several hundred thousand tonnes of gold-bearing material.

The Bedard dike can be accessed from the wall of the open pit, and because of the near-vertical nature of the structure, it can be easily mined by large-tonnage underground techniques. Historically, shears of this type in the Sigma and Lamaque mines were extensively exploited in the underground workings. Further exploration and development work will be undertaken immediately on this discovery with the objective of developing the ounces to supplement the existing open-pit operation.

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The Mouse

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BCmouser
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Paltry market cap of around 14 million for CMM and with this new dsicovery should see a profit of around 20 million in 06 as the cost per ounce should decrease as the head grade improves. Very undervalued here.

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The Mouse

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BCmouser
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POG moving up and some of these lowcap goldproducers will jump into the spotlight. Century's mining facility is worth more than the current cap never mind the gold in the ground. Last Q saw revenues of over 6 million on only about 5 weeks worth of actual goldmining. By their own conservative estimates CMM will produce 110,000 ounces of gold in the next 12 months. That should produce about 1.50 per share in revenues. CMM last trade was @ .405

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The Mouse

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W
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I agree that Century is under-valued on a per-ounce basis.

However, we must remember that they will not be cash-flow positive until the end of this quarter (at the earliest), and the two previous operators of the Sigma Mine have gone bancrupt.

The reason that the price is so low right now is because the risk is built into the price; and most of Bay St. is waiting to see what happens, and *if* they can get positive cash flow before the funding sources run out...

It's a good buy, but not a super-safe one, and not a stock that's going to the moon anytime before year end.

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BCmouser
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Two previous operators went bankrupt with gold prices under 300US -Gold now about 60% higher - I would suspect that would pad the bottom line somewhat. They have been doing a good job keeping costs in line and it looks as tho they should come in under 300US per oZ.
110,000 ozs production estimated for this year at 150US profit gives cmm earnings in excess of 17 million CAN -more than their current market cap. I would call that undervalued.
Many of the so-called explorers with large resources have much higher caps but are nowhere near producing gold, with bankable feasability studies and construction of infrastructure still looming. CMM has no such worries.

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The Mouse

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BCmouser
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Down to .375 again here and another great buying opportunity. POG surging towards 500US making CMM an even stronger buy here. Short interest has also shrunk to ZERO so nobody manipulating this down any further. next Q report should show some profits IMHO and paltry market cap will be less than projected earnings over the next year.

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The Mouse

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BCmouser
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Well big news out for Century today--- this one is going to FLY!!!

Century Mining to form Peruvian subsidiary


2006-02-23 18:26 ET - News Release

Ms. Margaret Kent reports

CENTURY ANNOUNCES FORMATION OF A NEW PERUVIAN SUBSIDIARY AND THE ACQUISITION OF ITS FIRST EXPLORATION PROJECT IN PERU

Century Mining Corp. is forming a new wholly owned subsidiary company incorporated in Peru called Century Peru SAC. The general manager of the company is Alexander Viduarre Otayza.

In addition to the formation of the new subsidiary, Century Peru has acquired by mineral claim petition approximately 5,000 hectares for a new exploration project called Colina Dorada. The property is located in the district of Piura. The property is characterized by hydrothermally altered bimodal volcanics, volcaniclastics and minor sediments of early Cretaceous age intruded by late Cretaceous tonalites, dacites and granodiorites. The mineralization in the area comprises broad areas of patchy propylitic alteration containing low-sulphur epithermal veins, shears and stockworks. Many weathered veins and shears have been worked by informal miners in recent years for their content of visible gold. Working in concert with the local miners and nearby small communities, Century Peru will launch a program of systematic mapping and sampling to focus the next phase of exploration. The company is currently exploring the possibility of installing a small custom mill to process the ore mined by the informal miners.

Margaret Kent, president and chief executive officer, commented: "The incorporation of our Peruvian subsidiary and acquisition of the Colina Dorada exploration project is the first step of an aggressive expansion program into Peru, a country known for its attractive investment climate and support of the mining industry. Peru has many rich undeveloped mineral deposits and a mining heritage that dates back to pre-Columbian times. We are aggressively positioning the company for growth by evaluating several mining opportunities in Peru."

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The Mouse

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BCmouser
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Overhang of converted shares from debentures have been chewed up and stock is now poised for a great move up. Closed today at .75 and volumes have been really good of late.
Recent PLE news from Peru also positive as CMM now holds adjoining property.

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The Mouse

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BCmouser
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According to the Sedar web site, as of Mar 1 2006, an institutional investment house out of London has purchased 7,408,598 common shares of CMM representing approximately 10.89% of the issued and outstanding shares of the company.
Name: JPMorgan Asset Management (UK) Limited (JPMAM UK.

Good to see the institutional types stepping up to the plate for CMM, the word is out and this story is beginning to grow??

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The Mouse

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BCmouser
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CMM has hit resistence at a buck - and I am considering taking some profits . Picked up a lot at around .32 and .33 and its a triple from here, but i still believe fair market value should be about 2$ .

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The Mouse

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BCmouser
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Well i held off selling - and a good thing . Its up another 17 % today closing at 1.17 on the good news today.

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The Mouse

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BCmouser
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Raised my sell to 1.50 after the latest news from CMM- it appears that when they bring Lamaque on line production will go up and costs will come down. Its all good -I see 4$ in a year from now.

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The Mouse

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blue_in_MI
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BCmouser: nice pick, and congrats on your nice gains! way to stick with it, i see this thread is almost a year old.

i'm still holding EDV.TO btw, as you may be as well - will be interesting to see the effect (if any) on the NAV of EDV, due to CMM's rise. they had a pretty tidy sum of cheap warrants, if i recall correctly from the original CMM/EDV PR about the financing.

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BCmouser
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Actually just grabbed a bunch of EDV * around 5.75 with profits from CMM. Figured it was a cheaper way to get CMM since EDV's debenture conversion was at .44 and .51 and their warrant exercise is about the same. And yes we are talking over 20 million shares of CMM between the debentures and the warrants.
Now i know as part of that agreement EDV could not own over 20% of CMM's common shares so I know they were selling a pile of common shares about the time they did the debenture conversion.
Also on EDV portfolio plate is a bunch of SLW and Goldcorp. G has moved up steadily and SLW has doubled this Q.
CMM is up over 200% this Q.
Looks very very good for EDV 's bottom line.

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The Mouse

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