Century Mining Reports First Quarter 2008 Financial Results

    BLAINE, WA, July 11 /CNW/ - Century Mining Corporation (CMM: TSX-V) is
pleased to announce its financial and operating results for the first quarter
ended March 31, 2008.

    (This news release contains forward looking information that is subject
to risk factors and assumptions as set out in our Cautionary Statement on
Forward-Looking information located at the end of this news release).

    Conference call
    Management will host a conference call on Tuesday, July 22 at 11:00 a.m.
Pacific time (2:00 p.m. Eastern time) to discuss 2008 first quarter results
and future developments at its operations in Québec and Peru. Mining analysts,
investors and the media are invited to phone 1-888-942-8161, or 1-210-234-0007
if outside Canada and the U.S.A., followed by the pass code 8262052
approximately 5 minutes before the start of management's presentation. The
presentation will be followed by a question and answer period. A replay of the
conference call can be heard through Friday, July 25 by dialing 1-
866-381-6855, or from outside North America 1- 203-369-0360.

    First Quarter Results
    In the first quarter ended March 31, 2008 the Company reported an
operating profit from mining operations, before depreciation, amortization and
accretion, of C$709,904 (2007 - operating profit of $5,379,146) from gold
revenues of $3,223,641 (2007 - $13,124,871). Expenses incurred in mining
operations were $2,513,737 (2007 - $7,745,725). The only mine for which
operating results are reported is the San Juan gold mine in Peru, as the
Lamaque results are being capitalized as pre-commercial production
    For the quarter ended March 31, 2008 the Company reported a net loss of
$1,809,846 or $0.01 per share, compared to net income of $1,979,815, or
$0.02 per share in the period a year earlier.

    Summarized quarterly operating and production data by mine
    The following table shows comparative operating and production data for
the fourth quarter of 2007 and for the first quarter of 2008 at the Sigma -
Lamaque and San Juan mines.

    Production                                          Q4-07(*)       Q1-08
    Ore milled (tonnes)                                 144,920       17,045
    Head grade (g/ton gold)                                1.21         4.14
    Recovery (%)                                           90.6         95.2
    Recovered gold (oz)                                   5,125        2,643
    Minesite cash cost (US$/oz gold)                      1,539          (xx)
    Minesite cash cost per tonne milled (C$/tonne)        54.44          (xx)

    San Juan
    Ore milled (tonnes)                                  22,607       22,678
    Head grade (g/ton gold)                                5.55         6.26
    Recovery (%)                                           85.1         88.9
    Recovered gold (oz)                                   3,413        4,058
    Minesite cash cost (US$/oz gold)                        503          619
    Minesite cash cost per tonne milled (C$/tonne)        58.79       110.84

    (*)  Fourth quarter 2007 results include the Sigma Open Pit operations.
    (xx) Lamaque underground mine results were capitalized as development
         beginning January 1, 2008.

    The following table summarizes the Company's operating results for each of
the eight most recently completed quarters:

        Period             Revenue ($)           Net income       Net income
                                                  (loss) ($)      (loss) per
                                                                    share ($)
          Q1                3,223,641            (1,809,846)           (0.01)
          Q4                4,507,441           (26,172,784)           (0.20)
          Q3               15,774,184           (27,214,549)           (0.20)
          Q2               14,656,374             4,037,376             0.03
          Q1               13,124,871             1,979,815             0.02
          Q4               11,059,159             2,554,626             0.02
          Q3               11,045,950             1,107,845             0.01
          Q2               11,878,882            (1,198,135)           (0.01)

    In the first quarter of 2008, expenses at the mining operations were
$2,513,737 (2007 - $7,745,725) and accounted for 61% (2007 - 74%) of total
expenses of $4,215,113 (2007 - $10,464,046) before other items.
    In the first quarter of 2008, corporate administration expenses were
$720,497 (2007 - $1,131,818), a decrease of approximately 36%. These expenses
include salaries and benefits, as well as travel and accommodation expenses.
    At July 7, 2008 the Company bought out at a price of $923 per ounce its
forward position of 11,100 ounces of forward contracts with a delivery price
of US$727 per ounce. As a result, the Company has now closed out all gold
    As previously announced, the Company has temporarily curtailed production
at the Lamaque Underground Mine. The expansion was progressing slower than
anticipated as a result of the lack of capital, and Century will use the
interim period to focus management on the mine planning, mine development and
due diligence required to complete the long-term financing for the operation.
During this period the San Juan Gold Mine in Peru will continue normal
    With the filing of the Company's first quarter 2008 financial statements
and Management's Discussion and Analysis, Century is now current in its
continuous disclosure filings.
    Margaret Kent, President & CEO commenting on Century's first quarter
results and future prospects said: "Our objectives are to remain focused on
the Company's two operating divisions and to continue to arrange financing
that will strengthen the balance sheet. Despite the challenges facing Century,
we remain confident that the Company will complete all of the necessary
preparations to achieve a timely restart of production at Lamaque, and that
the Lamaque development will proceed as planned."

    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 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.

    "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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