TORONTO (miningweekly.com) – TSX Venture Exchange-listed Century Mining plans to reopen its Lamaque site, in Quebec, by the end of January, after raising a total of C$60,75-million in a series of transactions.

The company expects to produce 45 000 oz of gold from Lamaque this year, and is targeting commercial production in 2011.

Power will be restored to the complex as soon as possible and the underground workings will be immediately reopened, Century said on Monday.

The company expects to rehire 40 employees this month and will start underground development in February.

An upgrade of the crushing facilities at Lamaque will begin immediately and a new crushing circuit will be operational by the end of April, with gold production beginning soon afterwards.

Century has been working for months to raise the finance it needs to begin operations at Lamaque, and has now closed a $33-million prepaid gold forward facility with Deutsche Bank, a C$17-million private placement and C$9,1-million in flow-through placements.

The funds will provide the capital needed for exploration, development and reopening of the Lamaque project, repayment of debt and ensure Century has working capital going forward. The firm has also repurchased an existing royalty on a portion of the Lamaque underground reserves.

Kirkland Intertrade subscribed for C$15,75-million of the private placement, the company said.

"The closing and funding of these financings and the reopening of the Lamaque project mark a significant turning point for the company,” said CEO Margaret Kent.

“We will be bringing the Lamaque gold mine back into production, and we expect to be pouring gold this summer and achieve commercial production during the first quarter of 2011.”

Up to 250 workers will be employed at Lamaque at full capacity, Kent said.

Century also owns and operates the San Juan underground gold mine in Peru, and has forecast production of 20 000 oz for this year from the operation.