Century Mining Provides Update On Financing Activities

    BLAINE, WA, July 22 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that MRI Trading has not yet funded the $5 million tranche
that it has agreed to fund in a binding agreement signed on May 30, 2008.
    As previously announced on June 5, 2008, Century and MRI Trading agreed
to a total financing package of C$6 million, including a convertible debenture
facility of $1 million and a bridge loan debt facility of $5 million for the
purpose of continuing planning and development activities for the Lamaque
Underground Mine in Quebec.
    The $1 million debenture facility has since been completed, and technical
due diligence has been completed for the $5 million debt portion. MRI gave the
Company oral assurance that the second tranche would be funded more than two
weeks ago. As of today's date MRI has not funded the debt portion, stating
that they are continuing due diligence and require at least 30 days more to
complete further due diligence. No further requests for information have been
received by Century.
    Century has not been informed by MRI that due diligence performed to date
is in any way unsatisfactory, but MRI has declined to indicate a date by which
the financing will close. While the Company is exploring other financing
alternatives, any discussions are preliminary in nature.
    Margaret Kent, President & CEO said: "Representatives of MRI gave us oral
assurances that documents would be signed and money wired two weeks ago, and
we have provided them with all information and documentation they have asked
for. We are disappointed that they have not yet funded the debt portion for
reasons that are not entirely clear."

    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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