StockIgloo.com Seeks Regulatory Ruling on Behalf of a Group of Century Mining Minority Shareholders

May 25, 2011 - PRLog -- StockIgloo.com, a forum for minority Century Mining (“CMM”) shareholders, believes actions committed by CMM controlling shareholders, Max Finskiy and Fran Scola, circumvent the Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Stockigloo.com, on behalf of the minority CMM shareholders it represents, is seeking a regulatory ruling on actions (detailed below) occurring between January 24, 2011 and March 14, 2011.

Background Information(as of January 24, 2011):

Max Finskiy, the Executive Chairman of White Tiger Gold(“WTG”), owned ~74% of the shares in WTG and ~35% of the shares in CMM.

Fran Scola, a director of both WTG and CMM, owned 7.14 million shares in CMM.

Three of the five CMM directors are Max Finskiy associates

Chronology of Events:

January 24, 2011 - The SEDAR document titled “First Loan Agreement” dated March 11, 2011 and filed on March 21, 2011 states “The Lender(WTG) and the Borrower(CMM) have entered into a letter of intent dated January 24, 2011 ... pursuant to which the Lender(WTG) made a non-binding proposal to acquire all of the issued and outstanding securities of the Borrower(CMM) pursuant to a share exchange take-over bid or plan of arrangement.”

February 2, 2011 - Max Finskiy transferred 25 million CMM shares and 25.5 million CMM warrants, in SEDI filed transactions described as "97-Other". All 25.5 million warrants have since been exercised.

February 8, 2011 & February 18, 2011 - Fran Scola transferred 4.9 million & 1.25 million CMM shares, respectively, in SEDI filed transactions described as "97-Other".

March 14, 2011  - WTG and CMM issued a joint press release stating “...that they have entered into a binding agreement (the "Arrangement Agreement") pursuant to which White Tiger and Century will … combine under a plan of arrangement (the "Business Combination")”. It goes on to say “It is anticipated that Maxim Finskiy ... will be Executive Chairman of the combined company, Daniel Major, currently President and CEO of Century, will be President and CEO of the combined company...”.

Commentary:

In order for the "Plan of Arrangement" to proceed, it must be approved by a majority of the votes cast by CMM minority shareholders at the special meeting, excluding those votes required to be excluded pursuant to applicable regulatory requirements ("majority of the minority" approval) under MI 61-101. Stockigloo.com is requesting regulatory review and disqualification of Max Finskiy's and Fran Scola's 56.65 million transferred shares from the “Majority of the Minority” vote. We believe these transfers effectively circumvent the provisions of the MI 61-101 by transferring “interested” non-voting shares to “disinterested” voting shares.

StockIgloo.com and the Century Mining minority shareholders recognize the work Canada's regulatory bodies have done to protect minority shareholders and look forward to continued support.

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