Century Mining Reports Significant Private Purchase Of Century Shares By Insiders



    BLAINE, WA, Jan. 5 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announces that Margaret M. Kent and Ross F. Burns, directors and officers of
the Company, have directly and indirectly acquired 11,500,000 shares and
6,000,000 warrants of the Company from an institutional shareholder of Century
in a private transaction. The warrants have an exercise price of $0.75 per
share and expire on October 24, 2009.
    Pursuant to the above-mentioned transaction, Margaret Kent and Ross Burns
jointly exercise control or direction over, and directly and indirectly own
14,545,914 shares of Century. This represents 8.6% of the Company's
169,072,599 common shares currently issued and outstanding.
    In September 2008, the Company issued a convertible debenture to Margaret
Kent in exchange for a C$200,000 loan to the Company. The maximum number of
shares that have been reserved for issuance on full conversion of the
debenture, which matures in March of 2010, is 8,900,822 common shares.
    Assuming the exercise of all warrants and stock options, and full
conversion of all convertible debentures, there would be 204,211,205 shares on
a fully diluted basis. Margaret Kent and Ross Burns would directly and
indirectly hold 30,861,736 shares representing 15.1% of the fully diluted
shares.

    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 9.4 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.

    
    "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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