RAB Special Situations L.P.

Century Mining Corporation

Century Mining Corporation

February 10, 2005 17:23 ET

RAB SPECIAL SITUATIONS L.P./Century Mining Corporation-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND CENTURY MINING CORPORATION

TSX VENTURE SYMBOL: CMM

FEBRUARY 10, 2005 - 17:23 ET

RAB SPECIAL SITUATIONS L.P./Century Mining
Corporation-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - Feb. 10, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that Special Situations
subscribed for a total of 5,700,000 units (the "Units") of Century
Mining Corporation (TSX VENTURE:CMM) (the "Company") at a price of
Cdn.$0.35 per Unit. Each Unit consists of one common share in the
capital of the Company (a "Share") and one (1) share purchase warrant (a
"Warrant") of the Company. Each Warrant entitles Special Situations to
acquire one (1) additional Share of the Company (a "Warrant Share") at
a price of Cdn.$0.40 per Warrant Share for a period of twenty-four (24)
months from the day of issuance of the Warrant. The transaction took
place off the market by way of private placement and closed on February
1, 2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 31.75% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of its Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
5,700,000 Shares and 5,700,000 Warrants representing approximately
31.75% of the issued and outstanding Shares on a Partially Diluted Basis.

Special Situations purchased Units for investment purposes only and not
with the purpose of influencing the control or direction of the Company.
Special Situations together with joint actors, if any, may, subject to
market conditions, make additional investments in or dispositions of
securities of the Company in the future, including additional purchases
of Shares. Special Situations and its joint actors, if any, do not,
however, intend to acquire 20% of any class of the outstanding voting or
equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.