NEWS ROUNDUP — Silver Century to explore for gold

Silver Century Explorations (ASE) a member of the Agnico-Eagle group of companies, has raised $100,000 to fund gold exploration programs in northwestern Quebec.

Agnico-Eagle Mines (TSE) provided the funding through a private placement of one million treasury shares of Silver Century at 10 cents per share. As a result of the placement, Agnico-Eagle’s direct and indirect interest in Silver Century has been raised to 48% from 34%.

Silver Century President Paul Penna says that the money will be used to fund mapping and geophysical surveys on several gold properties along the Cadillac Break near Rouyn-Noranda, Que.

Penna also says that as long as silver prices are depressed, the company’s properties in Cobalt, Ont., will remain closed.