BLAINE, Washington - CENTURY MINING CORP. has announced its intention to take over SULLIDEN EXPLORATION of Toronto. Century is offering Sulliden shareholders 0.72 of a Century share for each outstanding Sulliden share. Century says that values each Sulliden share at Cdn$0.41 or a 51% premium over the average trading price during the 20 trading days prior to the offer.
Century is hoping to acquire at least 50.1% of Sulliden's shares on a fully diluted basis. It would then take over development of the Shahuindo gold-silver property in northern Peru. The property is 25 km north of BARRICK's Alto Chicama project and 70 km south of NEWMONT's Yanacocha mine.
Sulliden claims ownership of the Shahuindo property, but it is currently in dispute. Sulliden has filed suit in the Canadian courts against Century Mining and other defendants. A summary of the legal dispute is posted at www.Sulliden.com.