Century announces updated NI 43-101 reserves and technical report for the Lamaque mine



    
    -Company reports total proven and probable reserves of 1.13 million oz.-
       Additional measured and indicated resources of 624,000 oz. and
           additional inferred resources totaling 2.8 million oz.
    

    BLAINE, WA, Jan. 11 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today it has received an updated NI 43-101 compliant reserve and
resource report and technical study authored by Mr. Callum Mark, M.Sc., P.Geo.
of Clearwater Resources Ltd. (CRL), designated as the Qualified Person, for
the Lamaque underground mine located in Val d'Or, Quebec. The new reserve and
resource estimates and technical report were produced from data compilation
that has been ongoing for the last 12 months, underground development and
exploration work, and confirmation of actual operating costs incurred since
the underground mine commenced operations in May 2007. The new technical
report for Sigma and Lamaque meets NI 43-101 disclosure standards. The updated
report incorporates current mine plans and operating scenarios for the ramp up
of production at the Lamaque operation.
    "We are extremely pleased with the results of the NI 43-101 technical
report, which substantiates the significant reserves and resources remaining
at Lamaque. It should be noted that assuming a gold price of US$800 per ounce
and using an exchange rate at par US$/C$, the internal rate of return for the
Lamaque project is 232%, and the net present value of the mine operation
(using discounted cash flow analysis at a discount rate of 5%) is C$297
million. The Lamaque operation will become an important part of the Company's
future, providing Century with substantial production in an environment with
no political risk, a highly skilled workforce and exceptional additional
exploration potential. We believe that the results of this study will
substantiate to current shareholders and future investors the value of this
asset," said Margaret Kent, President and CEO of Century.

    
    Highlights
    ----------

    (All amounts expressed in Canadian dollars, except where indicated)

    -------------------------------------------------------------------------
    Mineral reserves (gold ounces)................................ 1,134,971
    Estimated capital expenditures (year 1).................... $9.1 million
    Estimated capital expenditures (years 2-4).................. $54 million
    Ramp up period (to reach 3,000 tpd)........................... 36 months
    Break even period.............................................. 8 months
    Total operating cost per tonne(*)
     (1,000 tonnes per day production rate).......................... $70.12
    Total operating cost per tonne(*)
     (2,000 tonnes per day production rate).......................... $57.86
    Total operating cost per tonne(*)
     (3,000 tonnes per day production rate).......................... $53.14
    West Plug....................................................... $25.55
    Cumulative pretax operating cash flow...................... $745 million
    Internal rate of return............................................ 232%
    Average production rate (tonnes of ore per day
     at full production)............................................. 3,000
    Average life of mine gold grade (grams/tonne)..................... 4.38
    Average life of mine gold production (oz/year)................. 146,000
    Mine life.................................................... 10+ years

    (*)Includes ongoing exploration expenses
    -------------------------------------------------------------------------

    The project contains the following mineral inventory:

    -------------------------------------------------------------------------
    Mineral Inventory Summary              Tonnes       Grade    Gold ounces
                                                     grams/tonne
    -------------------------------------------------------------------------
    Proven and probable reserves        7,736,181        4.56      1,134,971
    -------------------------------------------------------------------------
    Measured and indicated resources    3,687,308        5.27        624,201
    -------------------------------------------------------------------------
    Inferred resources                 17,839,915        4.83      2,832,389
    -------------------------------------------------------------------------
    

    Century is currently in the process of ramping up production at the
Lamaque underground operation. Development work to refurbish existing
infrastructure at Lamaque has been ongoing since May 2007, and will continue
through 2012 when the Lamaque No.3 winze is expected to be complete. It is the
opinion of CRL that the capital cost estimates included in the technical
report are of a high confidence level, due to the fact that the majority of
the mine infrastructure and the mill are in place and that most of the capital
expenditures are for underground mine development and shaft refurbishment.
    Century's goal is to ramp up production at Lamaque, with the ultimate
goal of reaching annual production of 140,000 - 160,000 ounces of gold, which
is less than the historic production rate of the combined mining operations
(the Sigma underground mine and the Lamaque underground mine, which are now
referred to collectively as Lamaque). The Company currently has the required
technical staff in place to operate the mine. The Company is implementing an
aggressive recruiting campaign to add the underground employees necessary to
reach these production levels. The recruitment of underground employees is a
key factor in reaching the Company's production targets.
    The Company commenced a comprehensive digital scanning and 3D modeling
project in mid-2007 to organize the large volume of historical information
from the Sigma and Lamaque mines, which includes approximately 15,000 maps and
sections, and about 35,000 drill holes. The output from this project was
instrumental in defining the reserves and resources announced today, and,
along with future drilling results, will be the basis for future technical
reports to continually add to the mineral reserves and resources at Lamaque.

    History
    -------

    In September 2004, the Company purchased the Sigma-Lamaque Complex,
including the Sigma and Lamaque mineral deposits, the 5,000 tonnes per day CIP
plant and associated infrastructure, and 12.6 sq. miles of surrounding
exploration properties. Commercial open pit production at the Sigma mine began
in May 2005 and continued through November 2007, during which time Century
produced a total of 158,000 ounces of gold at an average cash cost of US$455
per ounce. The open pit operation was shut down in November 2007 as a result
of high production costs.

    Sigma and Lamaque underground mines
    -----------------------------------
    The Sigma-Lamaque Complex has produced a total of 9.4 million ounces of
gold from open pit and underground operations. The Sigma Mine was in
continuous operation as an underground mine from 1937 to the third quarter of
2000. Total mine production from Sigma by all previous owners until mine
closure was 24.8 million tonnes of ore with an average grade of 5.48 g/t gold
for a total of 4.4 million ounces of gold. The adjacent Lamaque underground
mine, which is part of the same vein system, operated from 1935 to 1985, with
total mine production of approximately 24.2 million tonnes of ore at an
average grade of 5.81 g/t Au for a total of 4.55 million ounces of gold. The
mine was closed by Teck Corporation in 1985 due to low gold prices and a labor
dispute. Century commenced an exploration and development program at the
Lamaque underground mine in March 2006 and reopened the mine in May 2007.

    Surface and underground infrastructure
    --------------------------------------

    Existing facilities at the site include a 5,000 tonnes per day processing
plant, building complexes that include a warehouse, truck shop, maintenance
shop, mine dry, assay laboratory, explosives magazine, 25KV electrical power
line, ventilation raise, service raise, ramp access and other facilities.

    
    Other work completed to date includes:
    -  Installation of electrical, air and ventilation services to support
       mining operations of 1,200 tonnes per day.
    -  Procurement of underground mining equipment for mining operations of
       up to 700 tonnes per day.
    -  Procurement of an underground diamond drill and a surface RC drill for
       exploration in the camp.
    -  Development of a pit portal and haulage drift between the Sigma Pit
       and the Lamaque No.2 Mine.
    

    Mineral reserves and resources
    ------------------------------

    The Lamaque deposit is a vein type deposit located in the eastern end of
the Abitibi belt. The Lamaque Complex covers an area of about one square mile,
and descends to a known depth in excess of 6,000 feet. Mineral reserves and
resource estimations have been classified in accordance with NI 43-101
standards.

    Ore Reserve Calculation Methodology
    -----------------------------------
    Century decided in 2007 to incorporate all of the data for both the Sigma
and Lamaque mines into a single 3D computer model. The computer model, which
was used for the Sigma open pit mine is generally complete for the upper
portion of the Sigma Mine. It is expected that a model will be developed that
will encompass all of the estimated 15,000 maps and sections and the 35,000
drill holes in the Lamaque and Sigma records. The time for completion is
estimated to be the end of 2008.
    The current mineral inventory was produced both by hand calculation and
computer modeling. The Cross-Over, North Wall, Road and Sigma West zones were
produced using computer inverse distance squared interpolation of grades into
a block model. Moil (channel) samples were not used in this calculation, but
are available in Century's database. This mineral inventory was compiled from
the block model using a 2.5 g/tonne Au cut-off. The modeling assumptions used
were refined by reconciliation of the modeled resource to the recovered ounces
of gold until a highly accurate model was achieved, based on over 6 million
tonnes of ore production from the open pit.
    The mineral inventory for the Sigma, Lamaque and Lamaque No. 2 mines was
calculated by hand using polygons and assay weighted averages from original
geologic data including long sections, cross sections, assay plans, stope
plans and diamond drill logs. A 2.5 g/tonne Au cut off was used in
substantially all cases, however, some selected larger but lower grade blocks
have been included due to the lower costs of bulk mining. High assay values
were cut to 34.29 gm (1 ounce/tonne). This cutting procedure was employed
historically by both Lamaque and Sigma with great success. Geostatistical
analysis of gold sample data undertaken by Placer Dome in the 1990's confirmed
the validity of the cutting factor based on assay populations.
    The following tables summarize the current NI 43-101 mineral inventory:

    
    Lamaque mineral reserve estimate
    --------------------------------

    -------------------------------------------------------------------------
    Underground                  Tonnes      Grade                    Cutoff
                                          grams Au/       Gold      grams Au/
                                             tonne      Ounces         tonne
    -------------------------------------------------------------------------
    Proven Reserves
    -------------------------------------------------------------------------
    Sigma Below Open Pit      1,440,952       5.47     253,417           2.5
    Lamaque Main Mine           455,688       5.64      82,631           2.5
    Lamaque No.2 Mine            29,525       4.13       3,920           2.5
    Sigma North Wall(*)         447,090       4.38      62,960           2.5
    Sigma West(*)                43,738       4.35       6,117           2.5
    -------------------------------------------------------------------------
    Total Proven
    Underground
    Reserves                  2,416,993       5.26     409,045
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Probable Reserves
    -------------------------------------------------------------------------
    Sigma Below Open Pit      2,860,787       4.73     435,055           2.5
    Lamaque Main Mine           119,142       4.35      16,663           2.5
    Lamaque No.2 Mine            73,032       6.92      16,249           2.5
    Sigma North Wall(*)       1,357,237       4.44     193,748           2.5
    Sigma West(*)               106,964       4.65      15,991           2.5
    -------------------------------------------------------------------------
    Total Probable
    Underground
    Reserves                  4,517,162       4.67     677,706
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Open Pit
    -------------------------------------------------------------------------
    Probable Reserves
    West Plug (Lamaque Crown
     pillar)                    802,026       1.87      48,220
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
    Mineral Reserves          7,736,181       4.56   1,134,971
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Lamaque measured and indicated resource estimate
    ------------------------------------------------

    -------------------------------------------------------------------------
    Underground                  Tonnes      Grade                    Cutoff
                                          grams Au/       Gold      grams Au/
                                             tonne      Ounces         tonne
    -------------------------------------------------------------------------
    Measured Resources
    -------------------------------------------------------------------------
    Cross Over Zone(*)          600,572       5.21     100,601           2.5
    Road Zone(*)                160,122       4.61      23,733           2.5
    -------------------------------------------------------------------------
    Total Measured              760,694       5.08     124,334

    -------------------------------------------------------------------------
    Indicated Resources
    -------------------------------------------------------------------------
    Cross Over Zone(*)        2,501,621       5.34     429,497           2.5
    Road Zone(*)                424,993       5.15      70,370           2.5
    -------------------------------------------------------------------------
    Total Indicated Resource  2,926,614       5.31     499,867
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Measured and
    Indicated Resources       3,687,308       5.27     624,201
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Lamaque inferred resource estimate
    ----------------------------------

    -------------------------------------------------------------------------
    Underground                  Tonnes      Grade                    Cutoff
                                          grams Au/       Gold      grams Au/
                                             tonne      Ounces         tonne
    -------------------------------------------------------------------------
    Inferred Resources
    -------------------------------------------------------------------------
    Sigma Below Open Pit      5,934,762       5.36   1,022,741           2.5
    Lamaque Main Mine           165,699       5.57      29,674           2.5
    Lamaque No.2 Mine            47,525       3.67       5,608           2.5
    Cross Over(*)             7,179,660       4.88   1,126,475           2.5
    Sigma North Wall(*)       2,830,317       4.48     407,672           2.5
    Road Zone(*)                952,048       4.83     147,844           2.5
    Sigma West(*)               456,214       4.87      71,432           2.5
    -------------------------------------------------------------------------
    Total Underground
    Inferred Resources       17,566,225       4.98   2,811,446
    -------------------------------------------------------------------------

    Open Pit Inferred
    West Plug                   273,690       2.38      20,943
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Inferred
    Resources                17,839,915      4.83    2,832,389
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (*)The Vulcan model used in this calculation is based on information
       originally assembled by Placer Dome, refined by McWatters and further
       refined by Century. The model was originally designed for open pit
       mining of the Sigma open pit and as such requires refinement to be
       applied to selective underground mining. On examination Century has
       found there may be small omissions of old stoping, moils (channel
       samples) and diamond drill holes. Verification of data started in 2007
       and results to date indicate that the omissions are minor and should
       not materially affect the reserve/resource estimate. Full verification
       will be completed in conjunction with the completion of the full 3D
       model in late 2008.
    

    Underground mine operations
    ---------------------------

    The underground operation will be ramped up to sustain an ultimate daily
production rate of 3,000 tonnes of ore, 7 days a week, 360 days a year.
    Typical mining methods planned include conventional mining using jacklegs
and slushers for flat stopes and long hole stoping with jumbo drifting on top
and bottom sills, 2 - 3.5 inch vertical holes, development of open end slots
and end blasting. Ore will be transported to surface through one of 3 planned
ramps into the open pit or hoisted to surface using the No.2 shaft when
refurbished. Run-of-mine ore will be stockpiled and re-loaded on surface
trucks and hauled directly to the mill.

    Open pit mine operations
    ------------------------

    The West Plug deposit is scheduled for pre-stripping and mining using
conventional open pit equipment. The Company has extensive open pit experience
from mining the open pit at Sigma. Good ore control is expected since all
mineralization is in structures and there has been no previous underground
mining in the open pit shell. Planned production is to mine 11,500 tonnes per
day of ore and waste and total operations are expected to be completed over 18
months. Ore will be stockpiled and used to supplement mill tonnage.

    Ore processing
    --------------

    Processing of ore will be performed at existing facilities, which contain
conventional rod mill and ball mill grinding, gravity concentration of coarse
gold and a standard aerated leach cyanidation and carbon-in-pulp circuit. The
permanent fine crushing circuit is scheduled for installation in 2009, which
will support the plant maximum capacity of 3,400 tonnes per day at 96%
recovery.
    The existing crushing circuit will be replaced by a standard three stage
crushing circuit, which is currently being engineered. In the interim (6-12
months) a portable crushing circuit will be leased to satisfy the crushing
requirements with the crushed product fed directly to the rod mill.

    Environmental compliance
    ------------------------

    The planned berm raises at the tailings storage facility are rated for
623,000 m(3) of solid storage. The long-term storage design is under review
given the reduced tonnage.
    In addition to the existing environmental permits for mining 5,000 tonnes
per day from open pit and 400 tonnes per day from the Lamaque underground,
Century has applied for permits to expand Lamaque production to an immediate
1,200 tonnes per day with dewatering to maintain the current underground water
elevation, and 2,000 tonnes per day from the Sigma underground mine which
includes portal access to the North Wall and Sigma West areas from the Sigma
pit. Century has initiated permitting for dewatering to access lower levels at
Sigma and Lamaque, which is pending ministry guidance on possible discharge
locations. The Company will need to obtain additional permits and
modifications for the West Plug and the ongoing proposed underground mining
plan, milling rates and tailings management.

    Project schedule
    ----------------

    The project schedule estimates that production will be approximately 700
tonnes per day in June 2008, and steadily increase to 1,800 tonnes per day in
the second quarter of 2009, and 3,000 tonnes per day in the second quarter of
2010.

    

    To view Project schedule chart please visit:
http://files.newswire.ca/669/centurybargraph.doc

    Capital costs on a yearly basis for production ramp up to 3,000 tonnes
    per day
    ----------------------------------------------------------------------

    -------------------------------------------------------------------------
    CAPITAL EXPENSES     2008        2009        2010        2011       TOTAL
    -------------------------------------------------------------------------

    CAPITAL COST
    Mine Development
      Shaft - Access,
       Refurbishment
       &
       Facilities  $1,351,968 $ 2,122,790 $10,727,045 $ 9,194,336 $23,396,139
      West Plug    $  400,000 $ 4,705,000 $ 2,614,000 $         - $ 7,719,000
      Underground
       Mine
       Development $2,720,000 $ 2,720,000 $ 2,720,000 $ 2,720,000 $10,880,000
      Mine
       equipment   $1,839,238 $ 1,364,710 $ 1,364,710 $ 1,364,710 $ 5,933,368
    Plant &
     Infra-
     structure     $        - $         - $         - $         - $         -
      Mill
       Construc-
       tion        $  144,000 $ 1,300,000 $         - $         - $ 1,444,000
      Plant
       ancillary   $1,646,500 $ 1,399,000 $ 1,171,000 $ 1,031,000 $ 5,247,500
    -------------------------------------------------------------------------
    Total
     Direct
     Costs         $8,101,705 $13,611,500 $18,596,755 $14,310,046 $54,620,007
    -------------------------------------------------------------------------
      E.P.C.M.     $        - $   100,000 $   166,393 $   182,000 $   448,393
      Sustaining
       Capital     $  200,000 $   800,000 $   800,000 $   200,000 $ 2,000,000
      Owners Cost  $        - $   110,000 $   183,032 $   200,200 $   493,232
    -------------------------------------------------------------------------
    Total Indirect
     Direct Costs  $  200,000 $ 1,010,000 $ 1,149,426 $   582,200 $ 2,941,626
    -------------------------------------------------------------------------
    Contingency
     (10%)
      Continenecy  $  830,171 $ 1,462,150 $ 1,974,618 $ 1,489,225 $ 5,756,163
    -------------------------------------------------------------------------
    TOTAL          $9,131,876 $16,083,650 $21,720,798 $16,381,471 $63,317,795
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Less Operating
     Leases        $2,729,738 $ 5,793,710 $ 4,824,710 $ 2,395,710 $15,743,868
    -------------------------------------------------------------------------
    NET CAPITAL    $6,402,138 $10,289,940 $16,896,089 $13,985,761 $47,573,928
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Sustaining capital from 2012 and after
    --------------------------------------

    -----------------------------------------------
    SUSTAINING CAPITAL                 2012 FORWARD
    -----------------------------------------------

    Sustaining Capital                 $ 38,385,533

    -----------------------------------------------
    -----------------------------------------------
    

    Capital costs are primarily for re-establishment of past underground
infrastructure, in-pit portal access and mill conversion to a standard rod
mill/ball mill circuit. Shaft development includes cut and fill from existing
pit topography, the installation of ground control to provide safe access to
the number 2 shaft collar and site preparation for surfaces suitable for a
head frame and service structures. Shaft refurbishment includes clearing rock
and debris, re-timbering, loading pocket rehabilitation and installing a head
frame and hoist system. Refurbishing number 3 Winze includes rehabilitation of
ground control (in the hoist room), equipment, ore transfers and loading
pocket.
    Other capital expenditures include ongoing mine development, underground
and surface mobile equipment, tailings lift construction, dewatering and water
management, and mill conversion to a rod mill/ball mill circuit.
    Direct cost estimates for the shaft rehabilitation are derived from
recent vendor estimates and actual operating costs incurred to date. Quotes
have been received for the necessary major mine and process equipment, and
costs for further underground development are based on actual productivity
achieved on site.
    It is anticipated that all underground development will be performed by
Century's own staff. Mining operations will be performed by Century using a
combination of existing and leased equipment, and therefore no capital
investment has been planned for major mining equipment.

    
    Operating costs
    ---------------

                 Operating costs at various production levels

    -------------------------------------------------------------
    Production level            1000 tpd    2000 tpd    3000 tpd   West Plug
    -------------------------------------------------------------
                                 $/TONNE     $/TONNE     $/TONNE     $/TONNE
    -------------------------------------------------------------
     Mining (excluding Fuel)    $  37.28    $  30.28    $  26.67    $  15.00
     Milling - Processing       $  14.90    $  11.10    $   9.31    $   8.00
     Services (excluding fuel)  $   5.57    $   4.95    $   5.06
     G&A (inc equip finance)    $   8.49    $   7.26    $   7.50
     Reclamation                $   0.50    $   0.50    $   0.50
     Fuel (mobile equipment)    $   1.80    $   2.18    $   2.52    $   2.50
     Refining & Transportation  $   0.09    $   0.09    $   0.09    $   0.05
     Exploration                $   1.50    $   1.50    $   1.50
    -------------------------------------------------------------  ----------
    TOTAL                       $  70.12    $  57.86    $  53.14    $  25.55
    -------------------------------------------------------------  ----------
    -------------------------------------------------------------  ----------
    

    Operating costs per tonne have been estimated to cover three production
levels (1,000 tpd, 2,000 tpd and 3,000 tpd) as the operation is ramped up over
the next 3 years. Operating costs have also been established for the West Plug
operation. These benchmark costs were used as the basis to calculate operating
costs per year, adjusted for the daily tonnage estimates. Operating costs have
been derived from actual operating costs experienced to date and projected
operating costs are based on future mine plans and equivalent industry costs.
Open pit costs are derived from operating experience at the Sigma pit. Costs
assume that the US$/C$ remain at par and that oil tracks at US$95.00 per
barrel.

    Economic model
    --------------
    A simple economic model has been created and reviewed based on mineral
reserves for the Lamaque mine and the proposed production schedule. This
includes a scenario to quickly advance the project to a break even production
stage (estimated Fall 2008), and ultimately to a production rate of
3,000 tonnes per day (2011).

    
    -------------------------------------------------------------------------
    Assumptions:  gold price of US$800/oz. and US$/C$ exchange rate of
                  1.00, 12 year initial mine life

    Tonnes per day milled        2,800    Initial capital       $9.1 million
    (avg. over mine life)                 (C$)(year 1)
    Average gold grade (g/t)      4.38    Cumulative pretax     $745 million
                                          operating cash
                                          flow (C$)
    Average mill recovery (%)      96%    NPV @ 0% (C$)      $430 million
    Average gold
    production (oz Au/yr.)     146,000    NPV @ 5% (C$)      $297 million
    Average cash cost over
    mine life (US$/oz)       $400-$425    IRR (%)                       232%
    -------------------------------------------------------------------------

    Notes:    1. The above economic model assumes 100% debt financing, at an
                 annual interest rate of 8.5%.
              2. The minimum payback period is calculated by a full excess
                 cash flow sweep.
    

    The economics of the project are mainly sensitive to fluctuations in ore
grade and dilution.

    Additional potential
    --------------------
    Century owns exploration properties totaling 12.6 square kilometers
proximal to the Sigma-Lamaque mine of which 7.8 square kilometers are
contiguous with the east side of the mine (see image 2). The remaining
exploration area includes two mines, the Aumaque mine and the Sigma II mine.
The properties contiguous with the mine have a number of gold showings and
high-grade gold intersections, and the Aumaque underground mine (existing
shaft), which was last examined in 1988, has a small historical resource
associated with it. The Sigma II mine, located south of the Louvicourt mine,
was mined by open pit and the ore was trucked to the Sigma mill for
processing. Century will re-evaluate the future potential of Sigma II, based
on favorable trends in metals prices. Sigma II is a potential source of open
pit and/or underground ore for the Sigma-Lamaque mill.

    Additional information
    ----------------------
    Four images are attached showing existing underground and surface
operations. A full NI 43-101 technical report will be posted on SEDAR and the
Company's website within 45 days following this press release.
    Century Mining Limited (TSXV:CMM) retained Clearwater Resources Ltd.
(CRL) in September 2007 to prepare an independent NI 43-101 compliant
technical report on the Sigma-Lamaque Mine. CLR is an exploration and mining
consultancy providing consulting services to the mining industry.
    The report was prepared to NI 43-101 standards by Callum Mark M.Sc.,
P.Geo., who is designated as a Qualified Person, and is based in part on the
author's first-hand experience with both the Lamaque and Sigma operations over
a 20 year period during the 1970's and subsequent years. Mr. Mark was Chief
Geologist for the Lamaque Mining Company Ltd., a wholly owned subsidiary of
Teck Corporation from 1972 through 1974.
    Further involvement with the Sigma Mine occurred from 1977 through 1979
when the author was the Chief Geologist for Campbell Red Lake Mines Ltd. a
sister company within the Dome Mines Group. The relationship with Lamaque and
Sigma continued through the 1980's in collaboration with various colleagues
and consultants providing services to Teck Corporation and Placer Dome. The
author had no involvement after the property was sold by Placer Dome.
    This press release was prepared under the guidance of Mr. Ross Burns, P
Geo., LG, Vice President of Exploration, who is designated as a Qualified
Person with the ability and authority to verify the authenticity and validity
of the data.

    Investor conference call
    ------------------------
    Management will host a conference call on Monday, January 14 at
10:00 a.m. Pacific time (1:00 p.m. Eastern time) to discuss the details of
this press release and future developments at its operations in Québec and
Peru. Mining analysts, investors and the media are invited to phone
1-877-352-5208, or 1-517-308-9001 if outside Canada and the U.S.A., followed
by the pass code 4997201 approximately 5 minutes before the start of
management's presentation. The presentation will be followed by a question and
answer period. A replay of the conference call can be heard through Monday,
January 21 by dialing 1-800-846-6092, or from outside North America
1-402-998-1136.

    About Century Mining Corporation

    Century Mining Corporation is an emerging mid-tier gold producer that is
aggressively acquiring producing mines and exploration properties in Peru. The
Company owns and produces gold at the Lamaque mine in Québec that historically
has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned
subsidiaries own an 82.6% interest in the San Juan Mine where the Company
accounts for 100% of gold production. Century subsidiaries have also recently
acquired Rosario de Belen where it accounts for 100% of both gold and silver
production. Century's growth strategy is to acquire gold producing assets in
South America that will substantially reduce the Company's consolidated total
cash cost of production and where there is exceptional exploration potential
to expand production at these mines.

    "Margaret M. Kent"

    Chairman, President & CEO

    Lamaque images available at
http://files.newswire.ca/669/centurySLpics.doc

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this press
    release.

    Caution Concerning Forward-Looking Information

    This press release contains forward looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of applicable Canadian
securities laws. We use words such as "may", "will", "should", "anticipate",
"plan", "expect", "believe", "estimate" and similar terminology to identify
forward-looking statements and forward-looking information. Such statements
and information are based on assumptions, estimates, opinions and analysis
made by management in light of its experience, current conditions and its
expectations of future developments as well as other factors which it believes
to be reasonable and relevant. Forward-looking statements and information
involve known and unknown risks, uncertainties and other factors that may
cause our actual results to differ materially from those expressed or implied
in the forward-looking statements and information and accordingly, readers
should not place undue reliance on such statements and information. Risks and
uncertainties that may cause actual results to vary include but are not
limited to the speculative nature of mineral exploration and development,
including the uncertainty of reserve and resource estimates; operational and
technical difficulties; the availability to the Company of suitable financing
alternatives; fluctuations in gold and other commodity prices; changes to and
compliance with applicable laws and regulations, including environmental laws
and obtaining requisite permits; political, economic and other risks arising
from our South American activities; fluctuations in foreign exchange rates; as
well as other risks and uncertainties which are more fully described in our
annual and quarterly Management's Discussion and Analysis included in this
Annual Report, in our Annual Information Form and in other filings made by us
with the Securities and Exchange Commission and with Canadian securities
regulatory authorities and available at www.sedar.com.
    While the Company believes that the expectations expressed by such
forward-looking statements and forward-looking information and the
assumptions, estimates, opinions and analysis underlying such expectations are
reasonable, there can be no assurance that they will prove to be correct. In
evaluating forward-looking statements and information, readers should
carefully consider the various factors which could cause actual results or
events to differ materially from those expressed or implied in the
forward-looking statements and forward-looking information.





For further information:

For further information: For further investor information, please
contact: Brent Jones, Manager of Investor Relations, E-mail:
bjones@centurymining.com, Phone: (877) 284-6535 or (360) 332-4653, Fax: (360)
332-4652, Website: www.centurymining.com

Organization Profile

CENTURY MINING CORPORATION

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