Century Mining reports third quarter financial results

    - Third quarter results confirm decision to accelerate shift in
    production to underground at the Sigma-Lamaque Complex -

    BLAINE, WA, Nov. 30 /CNW/ - Century Mining Corporation (CMM: TSX-V) is
pleased to announce its financial and operating results for the third quarter
ended September 30, 2007.

    (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, December 4 at
11:00 a.m. Pacific time (2:00 p.m. Eastern time) to discuss 2007 third quarter
results and future developments at its operations in Québec and Peru. Mining
analysts, investors and the media are invited to phone 1-800-857-4849, or
1-210-839-8508 if outside Canada and the U.S.A., followed by the pass code
1280262 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 Tuesday, December 11 by dialing
1-866-499-4575, or from outside North America 1-203-369-1809.

    Summary of third quarter operating results

    Revenue in the third quarter ended September 30, 2007, was $15.8 million,
up 43% from $11.0 million in the same period a year ago. Increased revenue was
mainly due to favorable trends in the price of gold and additional production
from Peru, which the company believes will continue for the foreseeable
    In the third quarter, the Company recorded an operating profit from
mining operations of $110,749, down from last year's third quarter total of
$4.3 million. The Company recorded a net loss for the quarter of $3.8 million,
or $0.03 per share. This compares to net income of $1.7 million, or $0.01 per
share, in the comparable period a year ago.
    The closure of operations at the Sigma open pit requires that all
stripping and capital expenses incurred during the quarter be immediately
expensed. This is the largest contributing factor to the net loss in the third
quarter of 2007, versus net income in the third quarter of 2006. Other factors
include operating profits of the San Juan operations; financing costs incurred
in 2006 but not in 2007; and a small increase in corporate administration
expenses, partially offset by higher depreciation, amortization and accretion
    The Company is currently assessing the impact of the capitalized
stripping on the balance sheet as it relates to the operating savings to the
Lamaque underground mine. The ability to access the underground from the lower
levels of the open pit results in substantial cost savings to the underground
operation and defers the rehabilitation of the Sigma shaft for more than two
years. The Company will assess if any or part of the deferred stripping will
be written down at year end.
    Subsequent to the third quarter, the Company completed its strategic
shift to a full underground operation at the Lamaque Underground Mine.
Specific issues considered in the decision to close the open pit mine included
deteriorating ore grades, difficulty predicting ore grades and higher mining
costs, due in part to rising fuel prices.
    The Company commenced work at the Lamaque underground mine in May of this
year and is undertaking a substantial exploration and development program. In
the third quarter a total of $1.3 million was capitalized for construction of
a major haulage drift from Lamaque into the open pit and for other capital
items needed for the restart of the mine.
    It is expected that the Lamaque operation will cash flow positive in the
second quarter of 2008 and that ultimately the production from the underground
mine will more than replace the lost Sigma production.
    Regarding third quarter operating costs, approximately $4 million of
stripping costs for the Sigma open pit that would have been deferred have been
included in general mine operating expenses, increasing the cost of production
for Sigma to US$927 per ounce of gold. The unusually high operating cost per
ounce is a result of low ore grades from the open pit.
    The table below summarizes operating results and financial position in
the last five quarters.

     dollars       Q3-2007     Q2-2007     Q1-2007     Q4-2006     Q3-2006
     revenues     15,774,184  14,656,374  13,124,871  11,059,159  11,045,950
     profit from
     operations      110,749   4,770,312   5,379,146   5,080,956   4,260,413
    Net income
     (loss)       (3,813,332)  4,037,376   1,979,815   2,554,626   1,696,299
    Net income
     (loss) per
     share             (0.03)       0.03        0.02        0.02        0.01
    Cash and cash
     equivalents     362,377   8,273,362     276,111     802,132   3,436,073
     assets      118,837,504 123,710,538 103,119,278  98,783,040  94,407,128
     debt         14,313,518  12,059,576  12,081,246  11,921,972  11,921,972
     equity       79,050,242  81,730,940  64,549,544  60,129,560  56,937,514
     issued and
     outstanding 139,696,935 137,825,915 123,147,019 117,859,689 115,762,884

    The following table presents production results for the last five

                            Realized      Ounces
                          Gold Price        Gold   Cash Cost
                Period       (US$/oz)   Produced     (US$/oz)
                Q3-07            671      17,877         802(*)
                Q2-07            658      20,014         384
                Q1-07            656      16,749         386
                Q4-06            621      16,494         330
                Q3-06            581      16,952         422

               (*)  The operating costs in the third quarter for the Sigma
                    open pit far exceeded the spot price of gold and a
                    suitable operating plan could not be established to
                    ensure profitability going forward. As a result,
                    approximately $4 million of stripping costs and other
                    capital for the Sigma open pit that would have been
                    deferred or capitalized have been included in general
                    mine operating expenses, increasing the cost of

    The following table presents 2007 third quarter results by operation.

                                   Sigma Mine   San Juan Mine
            Tonnes ore milled         333,013          21,101
            Head grade (g/t)             1.44            6.23
            Recovery (%)                91.5%           84.8%
            Recovered gold (oz.)       14,082           3,795
            Cash costs (US$/oz.)          927             342

    Century produced a total of 17,877 ounces of gold during the period at a
combined cash cost of US$802 per ounce. The Company sold 20,290 ounces of gold
in the third quarter at an average selling price of $671 per ounce.
    Cash costs at the Sigma Mine, as expressed in U.S. Dollars, increased
significantly due to the recognition of approximately $4 million in stripping
costs and recent strengthening of the Canadian Dollar against the U.S. Dollar.
The Company views third quarter cash costs as unusually high, and expects the
overall cash cost per ounce of production company-wide to decrease
significantly since there will be no future mining costs associated with open
pit operations past November 4, 2007.
    In the period under review, corporate administration expenses were
$1,131,933 (2006 - $977,236).
    In the third quarter of 2007, before net changes to non-cash working
capital balances, cash outflows resulting from operating activities were
$1,516,375 (2006 - $2,990,297). After the net change to non-cash working
capital balances, cash flows used in operating activities in the third quarter
of 2007 were $6,262,752 (2006 - cash flows provided by operating activities of
$3,451,526). Accounts payable decreased from $10,544,655 at the end of 2006 to
$7,723,608 at September 30, 2007, a decrease of $2,821,047.

    Major Subsequent Events

    On November 28, 2007 Century announced a public offer for all of the
outstanding shares of Sulliden Exploration Inc. on a share exchange basis,
providing for the exchange of one Sulliden share for 0.72 of a common share of
Century for each common share of Sulliden tendered pursuant to the offer.
Successful completion of the Sulliden acquisition will enable resolution of
the litigation surrounding the Shahuindo property in Peru and will vest full
control over the Shahuindo property in Century. The offering circular is
available on the Century web site at www.centurymining.com, or on SEDAR at
    Margaret Kent, President & CEO commenting on Century's third quarter
results and future prospects said: "The third quarter results were positive in
Peru, and as expected declined at Sigma-Lamaque. The results confirm
management's decision to focus the Company's resources on underground
operations at Lamaque. The second half of 2007 is a pivotal time for Century,
as the Company continues to implement strategies to enhance profitability and
achieve growth. During the quarter we began preparations to close the Sigma
open pit, where operations ceased in early November. More recently, we made a
bid to acquire Sulliden Exploration to bring an end to ongoing litigation and
begin developing a mine at Shahuindo. These and other initiatives have had a
negative impact on short-term results, but are necessary steps to achieve
Century's vision of becoming a formidable mid-tier gold producer."

    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 information within the
meaning of applicable securities laws. We use words such as "may", "will",
"should", "anticipate", "plan", "expect", "believe", "estimate" and similar
terminology to identify forward-looking information. It is 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 information involves 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 accordingly,
readers should not place undue reliance on those statements. 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 resource 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 and in other filings
made by us with Canadian securities regulatory authorities and available at

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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