Century Mining Announces Formation of New Wholly-Owned Subsidiary



    BLAINE, WA, May 7 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that the formation and establishment of Lamaque Mining
Corporation (LMC) was completed on April 29, 2009. LMC is a wholly-owned
subsidiary of Century formed under applicable federal laws in Canada.
    LMC was established for the specific purpose of satisfying certain
conditions set forth in the US$65 million loan underwriting commitment
received by the Company and announced on April 28, 2009, to fund the restart
of gold mining operations at Century's Lamaque Mine in Quebec. Pursuant to
conditions of the commitment, Century will transfer all assets and liabilities
associated with the Lamaque Mine into LMC, and all of the shares of LMC will
be pledged as part of the security package for the loan. Century is working
with Union Securities Ltd. and their legal representatives to complete the
documentation, including the underwriting agreement, necessary to close this
transaction.
    The Company further stated that the final terms and conditions of the
debt financing are substantially the same as those originally announced by
Century on March 24, 2009. Provided documentation can be agreed upon in a
timely manner, it is anticipated that funding may be available by the middle
of June 2009.

    About Century Mining Corporation

    Century Mining Corporation is a junior gold producer. The Company owns
and is working towards the restart of the Lamaque mine in Québec that
historically has produced over 9.2 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. Total gold production for 2006
and 2007 was 70,401 ounces and 63,124 ounces of gold, respectively.

    
    "Margaret M. Kent"
    Chairman, President & CEO

    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: 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

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CENTURY MINING CORPORATION

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