Century Mining Terminates Option To Purchase Rosario De Belen

    BLAINE, WA, Aug. 26 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that it has executed agreements terminating its option to
purchase Mina Rosario de Belen, an operating gold and silver mine located in
Peru. The agreements to purchase Rosario de Belen were originally announced on
May 7, 2007.
    As a result of the termination of the agreements, all of the shares of
Mina Rosario de Belen have been turned back to the previous owners. In a
separate agreement, all of the concessions have also been returned to the
previous owners. The previous owners have assumed all of Rosario de Belen's
accounts payable. The effect on the Century balance sheet will be a reduction
in accounts payable of approximately $1.2 million. Century has already
recorded a write-down in its financial statements related to the termination
of the Rosario de Belen transaction.
    Margaret Kent, President & CEO said: "The decision to terminate the
Rosario de Belen deal is part of the Company's renewed focus on its core
assets, specifically the recommencement of mining operations at Lamaque and
the San Juan Mine."

    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 in
addition to its Canadian projects. The Company owns 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

    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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