Century Mining reaches shares for debt settlement with certain trade creditors



    BLAINE, WA, June 3 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that it has received signed letters from 39 trade creditors
who have agreed to accept shares of Century Mining Corporation in final
settlement of amounts owed by the Company. The aggregate amount of trade
payables settled with creditors is $1,316,368, which at a deemed issue price
of $0.25 per share represents the issuance of 5,265,472 common shares of the
Company. The issuance of the shares is subject to compliance with applicable
securities laws and approval by the TSX Venture Exchange. The shares will be
subject to a hold period of four months and a day.
    On April 28, 2009 the Company issued a press release announcing the
shares for debt arrangement and erroneously referred to this arrangement as a
private placement. The Company is continuing to work with several trade
creditors, who are evaluating the option of taking shares for debt. Over the
next several weeks, Century expects to reach the aggregate amount of $2.0
million (8.0 million shares), as originally announced on April 28, 2009.
    Margaret Kent, President and CEO of Century commented, "the Company's
primary goal with the shares for debt arrangement is to reduce our working
capital deficit as we prepare for the closing of a larger project financing
for the Lamaque Mine. We are pleased that several of our creditors have
elected to become shareholders of the Company."

    About Century Mining Corporation

    Century Mining Corporation is a junior gold producer. The Company owns
and is working towards the start up 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 2007
and 2008 was 63,124 and 14,252 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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