Finskiy did "not" manufacture an environmental ruling by Peru.

Perhaps he did and perhaps he didn't. The timing of the ruling is a bit too convenient for me, just as the timing of the crusher failure at Lamaque came a very convenient time for WTG.

All it would take would be an anonymous complaint to the Pervian environmental agency that San Juan was operating its tailings facility without a permit which we know was false. But that was the reason for the suspension of operations.

Insider trading in Canada is seldom prosecuted, much less punished.

The insider trading was not done for personal gain, but to put the shares into friendly hands so that they could be voted and counted in the "majority of the minority" of the vote that must exceed 50%. To me this was clearly the intent of the transfers of shares and warrants by both Finskiy and Scola. Where else are they going to get shares for the minority vote on the terms we have been given. They need 147 million Yes votes from the minority vote. These transfers, if allowed to vote, provide about 57 million shares to be voted if the warrants are exercised in time.

If the warrants are exercised by tomorrow to make the shares eligible for voting, then that brings in $7 million - more than enough to pay off the bridge loans.

We should press the regulatory authorities to exclude these shares from the minority vote.

When was the last time Century has produced production numbers, including ounces produced from Lamaque and San Juan in less than 45 days?Never!This news had to be put out today – 6 days after the end of the quarter and one day before the record date for voting of shares.Are the numbers real or fictitious?

Considering what has gone on in the last month can anyone be surprised by the published numbers?IMO either they were going to be understated or production was going to be deliberately slowed down to create the low numbers, and so there was no surprise.

With mill throughput of 944 tpd in January and 788 tpd in February at Lamaque, a total of 85,448 tonnes milled in Q1 works out to a nice round number of exactly 1100 tpd in March.Mine production averaged 1168 tpd in February, up from 971 tpd in January, so you would expect a number greater than 1200 tpd in March.Major told us in early February that the second egress to the Bedard Dyke had just been completed which would enable greater production from BD.We also would have had a stockpile of ore from February due to the crusher breakdown.So why did we only mill 1100 tpd in February?Why not 1500 tpd?

The next issue is the grade of 2.2 g/tonne.On the Feb 4 CC, DM said the low grades in Q4 of 2010 were because they were processing a lot of development ore from the non-resource area, but said that “we are already seeing the grades picking up in the New Year”. He went onto say that that at the BD “the second level is coming in at a much better grade”. He estimated that the average grade for the year would be 3.75 g/tonne.So to me, the grade reported for Q1 of 2.2 g/tonne is certainly suspect.

Now let’s look at San Juan where in Q1 the number of ounces declined by 13% from Q1 2010.This is what DM said about SJ on the Feb.4 CC.“We had a very positive start down there and we’re already ahead of budget”.The budget for this year was 24,000 oz. – an average of 6,000 oz/qtr.You’d expect a number of somewhere between 5,000 oz and 5,500 oz in Q1 based on the Feb 4 enthusiasm.

The March 8 news release said that all capital projects, including the refurbishment of the third mill have been placed on hold.On the Feb 4 Call, DM told us that refurbishment of the third mill would enable the mill to process 2,000 tpd and above.This would be completed in April leading to mill throughput of 2,000 tpd beginning in May.The March 8 NR put that on hold because of dire financial conditions.In today’s NR we are told that the third mill refurbishment has been completed and it is only April 6.That means the mill can process 2,000 tpd right now.

The March 8 NR said that operations of the contractor developing the North Wall would be delayed until May “at the earliest”; today we are told that he has already been re-mobilized.

Remember the March 8 NR came out after the bridge loan agreements were in place.

The tone of today’s news release was softened considerably to make the so-called bad news more credible and believable.I think it accomplished that goal by the relatively heavy selling compared to the previous days’ volumes.Haywood didn’t read last night’s message as they dumped over 500,000 shares today, so the news had its intended effect.

I expect we’ll see a dramatic improvement in Q2 numbers.There is still no mention of lowered guidance for 2011.I think the Q2 numbers will include significant unreported production from Q1 which will make the Q2 numbers appear better than they really are.

One should really go back and listen again to the February 4 conference call.

Wopster,

It was only a few weeks ago before the attack on CMM's share price that Century had a market cap of $310 million on its own. Even if WTG added ZERO value to the combined companies, you would think that the new WTG post-merger would be worth $310 million.

The new company would have approximately 278 million shares (408,000,000 x 0.4 + 115,000,000).

At a $310 million market cap, WTG post-merger would trade at $1.12. The value of your CMM shares would now be worth 0.4 of a WTG share or about 45 cents.

Remember that is assigning ZERO value for WTG - they do have a bit of cash and a few dubious assets in Russia.

Positive Carry, I certainly respect your opinion and those of all other posters that post honest thoughts, but I think your last few posts are somewhat condescending.

The people that have voted on the stockigloo poll are simply voting against the currently proposed "Business Combination" - nothing more, nothing less. How can you say they are all a bunch of retail investors with different ideas and different goals? There is one common goal IMO and that is to reject the current offer.

Will some or all No voters reconsider and change their vote if an improved offer is made? That depends on the offer. If is 1:1, then yes, I believe many will. But that is a hypothetical scenario. Right now we have one offer on the table with not the slightest indication it will be improved. We can only vote on what is presented and so far 78 million shares have said they will vote against it.

balducci, I'll attempt to answer your question.

The Century BOD had a majority of Canadian residents until it was re-constituted in January 2010 that saw the resignation of 3 CMM directors and the addition of 2 Finskiy directors. Then the BOD had 4 directors with 1 Canadian - 25%, no problem.

The Shareholders Agreement specified that the Board should consist of 7 members - 3 CMM and 3 Finskiy and a mutually selected Chairman.

At the AGM in June two new directors were added - 1 American and 1 from the UK. No Chairman was added as Peggy was deemed to be the best candidate. There should still have been a 7th director elected. Now the BOD consisted of 6 with one Canadian. This was a violation of the Canadian Business Corporations Act and at the AGM, where two new directors were being added, was the time to ensure compliance.

Where Peggy was turfed a few weeks later, Finskiy had control and there was still only one Canadian on the Board. This continued until March 9 when Scola resigned and after all of the deals had been made. No director other than Sheridan could be considered as a Canadian resident. Sheridan himself could be considerd to be in a conflict of interest because he is a partner in the legal firm that handles all of Century's legal affairs and they will benefit substantially by all of the legal fees generated from the merger arrangement.

Really we had no one looking out for the interests of minority shareholders.