Century Mining Announces C$400,000 Flow-Through Financing

    BLAINE, WA, Sept. 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) today
announced that, subject to regulatory approval, it will complete a
non-brokered private placement of up to C$400,000 comprised of flow-through
    The Company will issue 2,857,143 common shares on a flow-through basis at
an issue price of $0.14 per share.
    The Company will pay Union Securities Ltd. for introducing subscribers to
the Company a finder's fee of cash equal to 6% of the aggregate gross
proceeds, and broker warrants equal to 6% of the aggregate number of
flow-through shares. Each broker warrant shall be exercisable for 18 months
from the date of issue and shall entitle the holder to purchase a common share
of the Company for a price of $0.14. The flow-through share issuance is
subject to approval by the TSX Venture Exchange. All of the securities issued
under these private placements will be subject to a four-month hold period.
    The proceeds from this offering will be used for the ongoing Vulcan
computer modeling project, which is currently defining additional resources at
Lamaque from the 2,000 to 3,000 foot levels, as well as further geological
studies at Lamaque and the surrounding properties.
    Margaret Kent, President and CEO of Century commented, "As discussed in
the announcement of the Company's second quarter financial results, a special
committee of the Board of Directors is reviewing proposals for a major project
financing that is expected to close this fall. In the meantime, Century is
continuing work on Vulcan computer modeling project for Lamaque."

    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

    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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