Century Mining Terminates Option To Purchase Rosario De Belen

Century Mining Corporation announced today that it has executed agreements terminating its option to purchase Mina Rosario de Belen, an operating gold and silver mine located in Peru. The agreements to purchase Rosario de Belen were originally announced on May 7, 2007.

As a result of the termination of the agreements, all of the shares of Mina Rosario de Belen have been turned back to the previous owners. In a separate agreement, all of the concessions have also been returned to the previous owners. The previous owners have assumed all of Rosario de Belen's accounts payable. The effect on the Century balance sheet will be a reduction in accounts payable of approximately $1.2 million. Century has already recorded a write-down in its financial statements related to the termination of the Rosario de Belen transaction. read more

Source: Century Mining Corporation