Century Mining Corporation

Century Mining Corporation

January 29, 2007 10:49 ET

Century Mining Provides an Update on Exploration Program in Peru

BLAINE, WASHINGTON--(CCNMatthews - Jan. 29, 2007) - Century Mining Corporation (TSX VENTURE:CMM) is pleased to announce an update on the current exploration drill program underway at its 250 Km2 San Juan Property in Peru. The first results were reported in a January 8, 2007 press release.

San Juan Mine

Currently Century has two surface drills at the San Juan Mine. The Company has also received its second drill permit, which covers the southern extent of the San Juan vein swarm. One drill is being moved to this area, where drilling will commence before the end of January and will target known veins near the portal on the valley floor.

An application for a third permit will be made, now that the second permit has been received, as only one application for a permit is allowed at a time. The third application will be for a permit to cover two of the showing areas on the property, the Santa Clarita showing and the Veta Clara deposit.

The recent surface drilling has been carried out from a location near the mouth of the Mercedes adit on the valley floor. The focus of this drilling is to establish the geology in the area, test the Mercedes and Rosario veins below the valley floor level, and provide data on the extension of the veins across the valley to where veins such as the Alpacay and Chillihuay have been mined historically. Drill results are shown in the table below:

Drill hole From To Gold Silver
meters meters (g/t) (g/t) Target Comments
Diagonal vein in altered
06SJMR-1 46.75 47.1 10.85 2.1 Vein Granodiorite
Mercedes vein in altered
06SJ-2(i) 210.3 212.1 46.7 26.3 Vein Granodiorite
Veinlets at
06SJ-3 100.7 100.95 4.36 2.4 Mercedes contact with
103.6 103.85 7.76 1.2 Vein andesite dike
06SJ-4 144.1 144.9 0.39 0.2
less Fault zone
than Rosario with minor
145.65 146.45 1.13 0.2 Vein quartz veinlets
(i) Previously reported

The drill was set up midway between the Rosario and Mercedes veins in a position to test both veins from one drill platform. Holes 06SJ-2 and 06SJ-3 tested the Mercedes Vein at angles of 45 and 60 degrees, respectively. Hole 06SJ-2 intersected the vein, returning an intersection of 1.8m of 46.7 g/t gold and 26.3 g/t silver. Hole 06SJ-3 was drilled to intersect the vein deeper, but the hole failed to intersect the vein and instead intersected a fault. A potential new zone was discovered in hole 06SJ-3 which, although narrow, had the characteristics of very good veins found in the San Juan Mine where typically the best veins are associated with a porphyry dike. The veinlets at the margin of the dike returned interesting gold values as shown in the table above.

A cross section of the Mercedes Vein showing the drill holes accompanies this news release and can be seen by clicking on the following link: http://www.ccnmatthews.com/docs/cmm0129.pdf

Drilling to test the Rosario Vein returned evidence of a fault zone with minor quartz veinlets.

Horizontal underground drilling, completed in early December from the 13th level of the mine to test the Diagonal Vein, returned good gold grades; however, the vein was only 0.35 m wide where it was intersected.

The new drill has been set up on the Pampas area to examine the down dip and strike extent of a number of the San Juan veins. This program will look at both producing veins and veins that have been located on surface but have not produced to date. The results of the program will be used for reserve and resource calculations for an NI 43-101 technical report.

Erika Target

An exploration work program, outlined during a visit to the San Juan property by copper porphyry specialist John Hunt in 2006, has commenced. In his recommendations Mr. Hunt suggested work to further characterize the promising nature and potential of the Erika porphyry target. Several types of veins and porphyry outcrops were examined and a target size of 1km x 2km was estimated by Mr. Hunt. His concept of the mineralization is a body that is elongated N to NW and maybe present at shallow depths (100 m).

The planned work program outlined by Mr. Hunt and to be implemented by the Company in 2007 is as follows:

1. Character sampling to determine phase responsible for the observed copper and molybdenum anomalies of the rock chip samples (see table below).

2. Detailed mapping at 1:2000 to record trends and abundance of dikes and veins, and to search for exposures of more favorable mineralization.

3. Age-dating of selected samples to further enhance the exploration appeal of the prospect. A radiometric age date of 55-60 million years would suggest that the target is located on an extension of the Paleocene porphyry belt containing Toquepala and Cerro Verde mines.

4. Targeting of results for follow-up work including geophysical investigation and exploratory drilling.

The data include 46 surface rock chip and channel samples taken from the Erika prospect.

Cu (ppm) Au (g/t) Mo (ppm)
Ranges 16 to 1669 0 to 0.48 2 to 998

An initial lot of 47 additional samples have been submitted and assay results are pending.

For all exploration samples, the Company submitted either half core or rock chip samples to ALS Chemex, Peru for sample preparation and assay. Fire assaying was carried out on 50 gm samples with atomic absorption finish. On samples assaying greater than 10 g/t gold, gravimetric methods were also used. Appropriate quality control samples and blind certified standards were used and chain of custody seals were used on all sample bags. The on-site supervision of the drilling and sampling was conducted by Mr. Larry Hillesland, Exploration Manager, South America. The results herein described have been prepared under the guidance of Mr. Ross Burns, P. Geo., LG, Vice President of Exploration, who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.

Margaret Kent, President & CEO, commenting on the Company's exploration program in Peru said: "We have a significant system at Erika. Our geologists report that the system is at a high level and without significant erosion. There are some very attractive higher-grade targets. The sedimentary rocks around the intrusive center are strongly altered for more than 1.5 km and consist of hornfels and silicified fine grain sandstone (quartzite). Porphyry systems can generate some very high-grade breccia pipes or contact related mineralization. We are at a very early stage of exploring this exciting large project".

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 this year Century acquired control of the San Juan Mine where the Company accounts for 100% of gold 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 & C.E.O.

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.

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