Century Mining Receives Conditional Underwriting Commitment For US$65 Million Lamaque Project Financing

    BLAINE, WA, April 28 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announced today that further to the press release issued on March 24, 2009,
the Company has now received a conditional underwriting commitment for US$65
million. The commitment is subject to the finalization of customary
documentation and the transfer of all assets and liabilities associated with
the Lamaque Mine into a new wholly-owned subsidiary of the Company. The shares
of the new subsidiary will be pledged as part of the security package for the
loan. Century is working with Union Securities Ltd. and their legal
representatives to complete the transaction. The commitment announced today is
with a consortium of international investors, and is being arranged by Union
Securities and American Capital Commercial Lending Group.
    Century is now proceeding with review of all necessary documentation and
the formation of the operating subsidiary necessary to comply with the terms
of the loan.
    In addition to the $65 million debt financing, the Company is engaged in
negotiations with two other separate parties regarding additional financing
    The two other potential deals under review include a merger with another
resource company, whereby the combined entity would have sufficient capital to
fund the restart of the Lamaque Mine and pay down the Company's liabilities
and long-term debt, resulting in a significantly stronger balance sheet. The
other scenario being considered by the Company's Board of Directors is a
comprehensive agreement with a group of financiers for debt and equity
financing for the Lamaque project, in addition to assistance with future
capital requirements of the Company.
    Century also clarified that the three alternatives are not exclusive of
each other, and any combination of the $65 million debt deal and one of the
two additional deals could be completed to form a well-funded mining house
capable of funding current projects and pursuing other potential acquisitions.

    Shares for Debt Arrangement
    Century also announced today a shares for debt arrangement, whereby
Century will complete a private placement of up to C$2.0 million in lieu of
payment to certain creditors. Under the arrangement, Century will issue up to
8.0 million shares of the Company at an issue price of C$0.25 per share. This
offering is being made available to various creditors of the Company for the
purpose of reducing liabilities and immediately strengthening the Company's
balance sheet and financial position. The shares will be subject to a hold
period of four months and a day. The issuance of the shares is subject to
compliance with applicable securities laws and the approval of the Exchange.
    Margaret Kent, President and CEO of Century commented, "We are working
diligently with all interested parties to thoroughly evaluate each of the
financing alternatives available to Century. Management and the Board of
Directors recognize the importance of concluding a financing deal
expeditiously, but need time to negotiate and make the appropriate decisions,
giving due consideration to all proposals. Regarding the shares for debt
arrangement, many of the creditors that are participating in this offering
will play a key role in the restart of the mine, and have supported the
Company for the past year. We are happy that as key stakeholders they will
recognize the potential upside when financing for the project is completed."

    About Century Mining Corporation

    Century Mining Corporation is a junior gold producer. The Company owns
and is working towards the restart 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 2006
and 2007 was 70,401 ounces and 63,124 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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