Century Mining announces term sheets for debt financing

    BLAINE, WA, Dec. 12 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today it has received term sheets from several prospective investors
for debt financing of future payments on the Shahuindo and Atimmsa gold
projects in Peru. Today's announcement was in response to shareholder
inquiries regarding Century's plans to meet financial obligations related to
the Shahuindo project.
    The Company further commented that while no binding agreements are in
place, the term sheets provide for debt financing of approximately
US$32 million, which covers 100% of the immediate payments due 45 days after
the plan of arrangement merging the two companies. This debt financing will
also minimize potential dilution of Century shares that would result from
alternative forms of financing, such as equity issuance.
    On November 28, 2007, Century initiated a takeover bid for Sulliden
Exploration Inc. to resolve the ongoing dispute over title to the Shahuindo
property. Century is offering Sulliden shareholders 0.72 of a Century common
share for each Sulliden common share. The offer represents a premium of 51%
over the Sulliden share price based on the volume-weighted average trading
price for the Sulliden shares on the TSX and for the Century shares on the
TSX-V for the 20 trading days prior to the news release announcement of the
bid on October 4, 2007. The takeover bid circular is available for viewing on
the SEDAR website at www.sedar.com.
    Century urges Sulliden shareholders to recognize the considerable value
of this offer. A successful bid will immediately resolve the litigation over
title to the Shahuindo property in northern Peru and unlock the value of
Shahuindo to all shareholders.
    Commenting on today's news, Margaret Kent, chairman, chief executive
officer and president of Century stated: "We are very pleased to have term
sheets from several prominent investors that see the significant potential of
resolving the litigation surrounding the Shahuindo project. This is an
important development in Century's plans to build a mine at Shahuindo, and we
urge the Sulliden shareholders to tender to our offer."

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

    "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: For further investor information, please
contact: 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; For media relations, please contact:
Deborah Thompson, President, DT Communications, E-mail:
deborah@dt-communications.com, Phone: (416) 918-9551 or (416) 867-2306, Fax:
(416) 365-0414

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