Century Mining Corporation

Century Mining Corporation

December 16, 2009 08:30 ET

Century Mining Appoints Senior Operating Manager for the Lamaque Gold Project & Provides Financing Update

BLAINE, WASHINGTON--(Marketwire - Dec. 16, 2009) - Century Mining Corporation (TSX VENTURE:CMM) ("Century" or the "Company") is pleased to announce the appointment of Paul Keller, P.Eng. as VP North America and General Manager of the Lamaque Gold Project.

Mr. Keller brings over 25 years of extensive operational, engineering, and mine development experience. Mr. Keller recently held the position of COO, VP Operations for Crowflight Minerals Ltd., and previously held other senior mine management roles with Williams Operating Corporation, Teck-Corona Operating Corporation and Rio Algom Limited. Mr. Keller brings a solid track record of mine start-ups from construction to production, mine and mill facility design, optimization of engineering operations, improved safety and cost reductions primarily for underground mining operations. Mr. Keller is a Professional Engineer (P.Eng, Mining) registered in Ontario and Manitoba, and will be commencing employment immediately with Century.

"Paul Keller, as our senior operating professional in Val-d'Or, will play an integral role in the advancement and start up of the Lamaque Gold Project in Québec, Canada. Paul brings a wealth of underground mine engineering and development experience, a hands-on management style and team leadership approach that fit well into our mining group. Century is pleased to have Paul join our team as we continue to take the steps to commence production by the summer of 2010. Mine development will commence as soon as the mine financing is complete," commented Margaret Kent, President & CEO of Century.

Century Purchases Remaining Royalty Interest

Century and Teck Resources Limited ("Teck") have agreed to eliminate all royalties and future payments that may affect portions of the Lamaque underground mine owned by Century. Upon receipt by Teck of 1,500,000 common shares of Century and CDN$750,000, Century and Teck have agreed to terminate Teck's royalty agreement and eliminate all purported obligations in favour of Teck including, without limitation, any obligation of Century to pay Teck any future royalties from the Lamaque mine.

Century Updates on Closing of Financing

Management continues to finalize the completion of documentation and closing of the previously reported US$33 million prepaid gold facility with a major international bank and the $21 million private placement. Further to previous press releases, the Company expects that the closing of these financings will be prior to December 25, 2009.

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 Gold Project in Québec, Canada 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.

On behalf of Century Mining Corporation,

Margaret M. Kent, Chairman, President & CEO

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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