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5:03 am
April 4, 2011
White Tiger Gold and Century Mining Announce New Credit Facility
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TORONTO, ONTARIO–(Marketwire – Sept. 27, 2011) – White Tiger Gold Ltd. ("White Tiger Gold") (TSX:WTG) and Century Mining Corporation ("Century Mining") (TSX VENTURE:CMM) are pleased to announce the grant by White Tiger Gold of a new Credit Facility to Century Mining for up to a total of U$10million, which will help fund Century's expansion plans both pre- and post- the intended business combination until the end of the year. The existing bridge loans from White Tiger Gold totaling U$4,000,000 will be amended and incorporated into the new facility. The terms of this new facility will be substantially the same as the existing bridge loan agreements. Century has requested the consent of Deutsche Bank AG, London Branch ("DB") with respect to this new credit facility, and such consent from DB is expected early October.
"We are very pleased that this new Credit Facility is being entered into by Century Mining and White Tiger Gold, to be effective immediately. This will provide additional support to Century in the implementation of its operational plans for the rest of this year," said Daniel Major, CEO of Century Mining Corporation, and Dr. Geoffrey Cowley, CEO of White Tiger Gold.
Caution Concerning Forward-Looking Information
This news 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 the completion of the Business Combination and the anticipated benefits of the Business Combination (including, without limitation, statements regarding favourable tax treatment for Canadian shareholders of Century Mining and the combined company's portfolio of projects, exploration, development and production potential and anticipated greater access to capital. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of each of White Tiger Gold and Century Mining (each, a "
Company
" and together, the "
Companies
") in light of their respective experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the conditional nature of the Business Combination, including the requirement for approval of the Business Combination by the Ontario Superior Court of Justice as well as any required approval under the Investment Canada Act;
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Companies disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Companies believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT: Dr. Geoffrey Cowley
White Tiger Gold Ltd.
Chief Executive Officer
drgpc@whitetigergold.com
ORJoanna Longo
Century Mining Corporation
President, Terre Partners
(416) 238 1414 (ext 233)
jlongo@terrepartners.com
http://www.centurymining.com
9:30 am
April 4, 2011
First we see the repayment of the US$3.25 million DB short term loan n now this new CMM-WTG credit facility to beef up funding needs for CMM till end of the year. Can one say these are positives? Calling a spade a spade, I like what I see. Hope I am not being neive.
9:43 am
April 4, 2011
For what it is worth…it is positive. Better than the alternate proposition….
10:00 am
April 4, 2011
Also Wingfong…I posted somewhere else on the blog some 'positive' thoughts I have:
With the new WTG name – I would expect they will seize the opportunity to promote the resources and the future plans. I have to believe that the only way that Mssr Finskiy can polish up his name is to show that the business combination was the right thing to do. Intergeo will not be a successfuly IPO (if ever it does occur) without Finskiy showing some kind of positive track record.
I think we will see statements in upcoming NR's to the effect that "as a result of new capital infusion"…"analyst confidence in the future business plan"…"updated NI43-101 has vastly increased…as a result of robust computer modelling"…"flow through financing…drilling has identified high value targets…" etc.
Bear in mind we have had absolutely NO drilling results, no gold production updates, no BD, NW, LF etc updates.
I hope this is the start of a succession of postive NR's.
7:25 pm
April 4, 2011
Doc, i kind of share your views. i also happen to believe that 1) they must show DB the project is truly viable from now on (against the scenario of near bankrupcy last depicted (true or otherwice)) 2) They could have pormised positives/convinced some big share blocks to support the deal n now is time to deliver 3) Yes, Finsky must truly need to see the gold n be seen to have helmed CMM to be a money making mine for all his personal needs n future plans 4) Major must make the yellow metal shows up otherwise he will be of lesser use to the master group. 5) CMM should still be profitable even if the price of gold is down to US$1200/oz
7:38 pm
April 4, 2011
6) I believe in the original NI43-101 n… Lamarque has gold that stack up like pancakes too? 7) there is no incentive at least in the current situation to suppress the mining n reaching to the gold in BD, NW n the FLATS (many of us believe this is the case) which should be fully developed by now or at least in very advance stages of development. I am actually looking out for them to declare cash flow positive n achieve commercial production status soon. If all these come true, even though we may or may not get rich, I believe we can at least get our money back!
8:36 pm
April 4, 2011
"Get our money back"??… and we should be grateful for that!!??… And the hell with principles!!! And justice & fairness!!!???
Not in my book, thank you!
10:04 pm
April 4, 2011
Not really we should be grateful in anyway. But what can one do considering the fact that the deal is done? I am in capital-protection mood right now n will be glad if I can get out whole. We had fought hard but I wish to call it a spade when I see it is a spade. Let me know if there is any other doable option for a person who is operating from 7500 air miles away.
11:33 pm
I'm commented out right now. What I do feel is that the fight we put up was disproportional to our size. We punched way above our weight. There was the impact that Major et al had to keep looking over their shoulders to worry about what our main force leaders (Carib and Relic) would catch of CMM's shenanigans.
My preference is for us to keep punching above our weight. I am still going to hold to my comment that Daniel Major is no Peggy Kent 
. Considering todays stock price PK gave us 4 : 1 All Daniel Major has been able to give us is .4 : 1
If Daniel Major has any pride and ego, he'll realize that he has not proved himself as being competent or capable.
Maxim Finskiy has to also put out an olive branch to his adversaries during the winning of hearts process. Max has to rehabilitate his image. PDAC is coming up in 6 months… and whatever his other plans are, are way behind schedule. What do I consider to be a rehabilitated olive branch, simple……… performance, , results and shareholder value. Campoy, on his appointment as Chairman, bragged up shareholder value. We need to hold his feet to the fire also.
What's the bench mark?…… it starts at .83 equivalent CMM price. Everything else is fluff and playing catch up ball.
One last comment observation…. if the intention is still to move to the BVI….. are Meschke, Blakely packed ?
As I indicated, I'm all commented out.
7:27 am
April 4, 2011
Today's release is positive Wingfong…no doubt about it. I don't want to take away from all the hard work done by a number of people to stop the merger, or at least get a better exchange ratio. However, this didn't happen; and it won't happen.
Bigjohn – I hear you brother…we lost 60% of our value and control. This was not done in a gentlemanly manner and I despise the way it was done. I hope that our system will change to prevent these suspect business dealings in the future. I want to live in a country that upholds the rights and values inherent in a democracy. I want to live in a country that holds ethics and justice on high for the world to see.
We can learn from the past – but we can't change the past – we can only hope to influence the future. We have to move forward to where this combined CMM/WTG entity is heading.
I would be interested in knowing what someone knowledgeable about mining/geology would say about today's release from WTG. On the face of it – these results are huge results considering this is only 20% of the 40,000 meter drilling program. How might this influence the Russian assets from their meagre previously disclosed resources?
I am still supportive of Carib's opinion that Mssr Finskiy wants to produce a mid-tier without further RTO's in the near future. Today's release (and yesterday's) by WTG are repairing some of the farce in my mind. I believe we will start to see these types of releases once the business combination is sealed from CMM.
Based on this, I believe we will start to see the WTG shareprice increase again. We need to hit $2 WTG to get back to where we were with CMM early this year.
6:44 pm
April 4, 2011
Doc's "I am still supportive of Carib's opinion that Mssr's Finskiy wants to produce a mid-tier without further RTO's in the near future.."
>>>>>>>>>>>>>>>>>>>>>>>
I concur with this. Right now everybody seems to be losing perhaps even including Finskiy. On balance my feeling is that Finskiy will not like to start another fire before he enhances his reputation n beef up his war chest by way of turning CMM into a money-making mine (sure I thk it can be done n should be done but supressed all this time). All his funds so far were propably from his own, friends's committments, Prokorov's n bank loans. He has not made a cent yet so far . Can this go on? Is it possible for him to garner more supports from friends n associates if he can't or not seen to be making even this small CMM mine a success?? At the same time I believe a huge pressure will be on Major to make the yellow metal shows up in Lamaque, be cash-flow positive n achieve commercial production soon, very soon.
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