Century Provides Update On Regulatory Issues



    - Cease trade order revoked today -

    BLAINE, WA, March 20 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that the cease trade order issued by the British Columbia
Securities Commission (BCSC) currently in effect is revoked today, and a
management cease trade order will be imposed upon directors, officers and
insiders of the Company. Issues that have been raised by the BCSC that remain
outstanding involve technical disclosure regarding failure to file NI 43-101
reports, financial disclosure in the Company's 2007 third quarter financial
statements and certain disclosure items in the Company's 2007 management
information circular. The Company is working diligently to resolve the
outstanding issues and has submitted a revised NI 43-101 technical report for
the Lamaque property. Century has also submitted documents to the BCSC to
address the financial statement and management information circular issues.
    The following is a summary of the technical issues identified by the BCSC
in a letter dated February 21, 2008.

    Failure to file NI 43-101 compliant technical reports
    -----------------------------------------------------
    Lamaque Underground Mine

    As a result of the shift to underground mining and certain other public
disclosures in 2007, the Company is required to file a new technical report on
the Lamaque underground operation. As of the writing of the February 21
letter, the report had not been filed. As of today's date the report had been
filed and reviewed by the BCSC. The BCSC had fundamental concerns as to the
structure and content of the report because the report:

    
    1.  did not address the required items in the form
    2.  lacked a consent from the qualified person in the form required
    3.  has a non-compliant certificate of qualified person
    4.  lacked required data verification in support of mineral resources and
        reserves
    5.  references previously filed reports for information required by the
        form
    6.  contains disclaimers of reliance for technical and other information.

    As of the date of this press release the report has been reworked by the
technical consultant and has been resubmitted for review by the BCSC. No
change has been made to the reserve and resource table in the original report.
The BCSC will be reviewing these changes in the coming days.

    San Juan Property in Peru

    The technical report filed by F. Barnard (CAM 2007) on May 1, 2007 did not
comply with NI 43-101 requirements for the following reasons:

    1.  it contained prohibited disclaimers and has a non-compliant
        certificate of qualified person
    2.  contained historical mineral resource and reserve estimates that do
        not qualify as historical estimates
    3.  includes current and historical mineral resources that do not comply
        with NI 43-101
    4.  is not supported by a consent of qualified person
    

    Forecasts made in recent months and in the Company's Annual Information
Form (AIF) filed in 2007 and the November 2007 takeover bid of Sulliden
Exploration Inc. included scientific information that triggered the
requirement for a new technical report.
    The Company has completed this report, and the commission will review the
report before publication. The Company has been allowed 30 days from March 17
to submit this report. The Company intends to comply with the commission's
request.

    Rosario de Belen Property in Peru

    In Century's press release dated May 7, 2007 the Company cited a report
on the Rosario de Belen concessions that was provided to Century during the
due diligence describing the property as a historical resource. However,
because the report was dated after February 2001, (the cut off period for
classifying resources as historical) the mineral inventory for Rosario de
Belen does not qualify as a historical resource. The previous disclosure of
mineral resource estimates at Rosario de Belen, production forecasts and costs
based on those resource estimates should not be relied on.
    Century also announced that the terms of the Rosario de Belen purchase
transaction are being renegotiated. Additionally, the sellers have not
provided the Company with certain operating permits and thus Century has made
no further payments on the property since September 2007.
    Rosario de Belen is currently producing approximately 500 ounces of gold
per month. Because there are no NI 43-101 compliant reserves or resources for
Rosario de Belen, the property is not a material asset. Century is currently
operating a limited-scale heap leach processing operation on the property
while it delineates resources through an exploration program being implemented
in 2008. The Company is currently capitalizing the exploration expenses on the
property.
    Because the property is not a material property to Century, the BCSC has
agreed that it is not necessary to complete an NI 43-101 compliant report.

    Summary
    -------
    The Company continues to work diligently to provide all information, and
to resolve the issues with the BCSC. In the meantime, the directors, officers
and management of the Company have requested and been granted a management
cease trade order effective March 20, 2008.

    Financial status
    ----------------
    The Company's cash requirements for 2008 total $12 million. A sum of
$9.3 million of this amount will be used for the ramp up of the Lamaque
underground mining operation. On Friday March 14, the Company received Credit
Committee approval for a $7.5 million leasing line for the Lamaque project.
The Company intends to cover the balance of the shortfall, as well as capital
requirements for San Juan and additional working capital with a $4 million
private placement and the $2.0 million in proceeds from the recent sale of the
SAG mill. The Company has retained First Canadian Securities to assist with
the placement, which will be a combination of flow-through shares for Lamaque
underground development and units for necessary working capital.
    The Company continues to have severe short-term cash issues because of
the Lamaque ramp up capital requirements. This will likely continue until the
fall of this year when the daily production tonnage at Lamaque is expected to
reach the break-even threshold. These cash demands have resulted in the need
to complete the aforementioned financings immediately.
    The BCSC has revoked the cease trade order and imposed a management cease
trade order, which will allow the proposed financing to close as soon as is
reasonably possible. The Company must comply with the necessary time frames
imposed by the commission for filing the San Juan reports and resolving all
other issues.
    Margaret Kent, President & CEO said: "We are addressing all of the
disclosure issues raised by the British Columbia Securities Commission and we
are confident these can be resolved quickly. The Company maintains a policy of
meeting all disclosure requirements of the TSX-V, the BCSC and all other
regulatory bodies, and we are working closely with our auditors and technical
consultants. In the meantime, the BCSC has revoked the cease trade order so
that our shares can resume trading on the TSX-V and the Company can complete
its financings. On a positive note, this thorough review of the Company should
provide shareholders with a higher level of confidence that any and all issues
surrounding technical or financial disclosure have been addressed. We look
forward to continuing our focus on the ramp up of the Lamaque underground
mine, and expanding production as quickly as possible."

    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's wholly-owned
subsidiaries own an 82.6% interest in the San Juan Mine where the Company
accounts for 100% of gold production. Century's subsidiaries also operate the
Rosario de Belen mine 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.

    On behalf of the Board of Directors,

    "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 information within the
meaning of applicable securities laws. We use words such as "may", "will",
"should", "anticipate", "plan", "expect", "believe", "estimate" and similar
terminology to identify forward-looking information. It is 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 information involves 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 accordingly,
readers should not place undue reliance on those statements. 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 resource 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 and in other filings
made by us 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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