Century Mining Corporation

Century Mining Corporation

October 31, 2007 09:30 ET

Century Extends Maturity of its Outstanding Long Term Debt to Match the Life of its Lamaque Underground Mine

BLAINE, WASHINGTON--(Marketwire - Oct. 31, 2007) - Century Mining Corporation (TSX VENTURE:CMM) announces that it has extended the final maturity of its long term debt obligation with Investissement Quebec ("IQ") until December 2023. The parties have also agreed that interest charges for the remainder of 2007 will be capitalized. IQ has also agreed to defer all principal payments for the fiscal years of 2007 and 2008 while the Company ramps up production at its Lamaque underground operations. Century Mining has agreed to an interest rate of IQ-prime plus 150 basis points through 2008. Beginning in January 2009, the interest rate will float to a level consistent with that of a company rated B+ based on the Reuters rating scale.

Margaret Kent, President and CEO, said, "We are pleased to continue our positive long-term relationship with IQ. The Company's geological studies of the Lamaque underground project demonstrate that at current gold prices the Lamaque mine should continue operations for another 15 years. The extension of our debt arrangement to coincide with the expected life of the Lamaque mine is part of Century's ongoing efforts to maintain a healthy financial position for future growth."

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 Sigma and Lamaque mines in Quebec that historically have 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

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 www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information