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rich47on Aug 21, 2007 10:13am
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Century NR
Century NRPRESS RELEASE
August 21, 2007
CENTURY MINING RECEIVES FULL TEXT OF THE REASONS OF THE SUPERIOR COURT OF LIMA NULLIFYING THE SULLIDEN ARBITRAL AWARD
Blaine, WA: Century Mining Corporation (CMM: TSX-V) today announced that is has received the full text of the favorable decision from the Superior Court of Lima on August 14, 2007 nullifying the 2006 arbitral award (for more details, see Century Mining press release “Peruvian Court Rules in Algamarca’s Favor” of August 15, 2007). Copies of the original Court documents and selected excerpts translated into English have been posted on Century Mining’s website at www.centurymining.com. A full certified English translation will be available from Wednesday, August 22, 2007.
As previously announced, the Superior Court of Lima ruled in Algamarca’s favor nullifying the 2006 arbitral award and declaring invalid the arbitral agreement between Sulliden’s Peruvian subsidiary and the Algamarca companies because of the insufficiency of Mr. Miguel de Orbegoso Tudela’s representative powers to enter into that agreement. Algamarca has already petitioned the Peruvian Court to enforce the 2004 injunction against Sulliden from entering the Shahuindo property as a result of its August 14th decision.
Margaret Kent, President & CEO of Century, commented, “We are delighted with the latest legal developments in Peru which support our claim that Century Mining’s subsidiaries are the rightful owner of the Shahuindo property. We are also aware that Sulliden has recently mobilized exploration equipment to the Shahuindo property. We believe that this action by Sulliden management is irresponsible given the recent court decision nullifying the juridical basis for Sulliden’s presence on the property. It appears likely that any investment by Sulliden in Shahuindo only enhances the value of the property for Century shareholders.”
“Margaret M. Kent”
Chairman, President & CEO
For further information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: bjones@centurymining.com
Phone: (877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
Website: www.centurymining.com