Century Mining Corporation Announces Lamaque Gold Mine, Financing Deal

Century Mining Corporation (CMM: TSX-V) announces that they have signed an indicative non-binding term sheet for a Cdn $20,000,000 private place and the acquirement by Century of an interest in Etruscan Resources Inc. The indicative non-binding term sheet has been signed with Kirkland Intertrade Corp and Gravity Ltd. whom agreed to work with Century to build up the company as a major gold producer.

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The $20 million Cdn. private placement combined with the Company’s previous $25 million US gold forward facility provide Century with the capital required to restart operations at its Lamaque underground gold mine.

About Kirkland Intertrade Corp.

Kirkland is beneficially owned by Maxim Finskiy. Mr. Finskiy is Chief Executive Officer of LLC Intergeo Managing Company, the mining and exploration arm of the private Russian conglomerate Onexim Group, which is Russia's largest investment fund with $25 billion in assets. From 2001 to 2008 he was Deputy General Director and Deputy Chairman of the Management Board of MMC Norilsk Nickel. Mr. Finskiy sits on the Board of Polyus Gold, one of the top world gold producers, incorporated in Russia.

About Gravity Ltd.

Gravity is the personal investment vehicle of Fran Scola. Fran Scola is a partner at LFM Partners, a partnership with extensive investments in the natural resources sector. He is a board member of seven different public and private mining companies. He is a former partner of Weintraub Investments, a San Francisco based hedge fund.

About Century Mining Corporation

Century Mining Corporation is a junior gold producer. The Company owns and is working towards the start up of the Lamaque mine in Québec that historically has produced over 9.2 million ounces of gold. In Peru, Century's 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 2007 and 2008 was 63,124 and 14,252 ounces of gold, respectively.

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