Century Mining Corporation
TSX VENTURE : CMM

Century Mining Corporation

November 14, 2005 11:47 ET

Century Announces Profit From Mining Operations in the Third Quarter and Year to Date Periods

BLAINE, WASHINGTON--(CCNMatthews - Nov. 14, 2005) - Century Mining Corporation (TSX VENTURE:CMM) announces financial results for the third quarter and year to date periods ended September 30, 2005.

The Company recorded an operating profit from mining operations of C$906,275 in the third quarter of 2005 compared to a loss of C$17,857 in the same period of 2004. In the nine-month period ended September 30, 2005, the Company recorded an operating profit of C$1,142,284 compared to a profit of C$6,204 in the same period a year earlier. Commercial gold production at the Sigma Mine commenced on May 25, 2005.

After corporate and other expenses, the net loss for the third quarter was C$2,630,370, or C$0.060 per share, compared to a net loss of C$483,893, or C$0.036 per share for the same period in 2004. In the year to date period ended September 30, 2005 there was a net loss of C$4,788,304, or C$0.131 per share compared to a net loss of C$1,070,334, or C$0.097 per share in the same period of 2004.

The Company produced 16,005 ounces of gold in the third quarter at a cash cost of US$461 an ounce, and 22,230 ounces at a cash cost of US$492 an ounce since commercial production started in May.

The Company also announces that it has issued 350,000 shares to S.G.F. Mines, Inc., pursuant to the terms of a letter agreement between Century and SGF dated August 30, 2004. At the time Century acquired the Sigma-Lamaque Complex in September 2004, it entered into an agreement with SGF to amend the net smelter royalty on the properties payable to SGF. In consideration for the amendment, Century agreed to issue 350,000 shares to SGF at a deemed issue price of $0.41 per share. The shares are subject to a 4-month hold period.

Margaret Kent, President & CEO said: "After taking longer than expected to reach commercial production, we are very pleased that the Sigma Mine is now generating an operating profit. At the end of the third quarter, we were still not operating at full gold production, but great progress has been made in the last six weeks in removing waste from the pit after the delivery of three additional pieces of mining equipment. We believe full gold production will be reached within the next few months at significantly lower cash operating costs as we continue to optimize mining and milling operations. Operating cash flow generated by the mine is not yet sufficient to cover general and administrative expenses and exploration costs, which has necessitated funds being raised in the market for working capital purposes. We are targeting gold production of 42,000 ounces at a cash cost of approximately US$460 per ounce for 2005."

About Century Mining Corporation

Founded in 2003, Century is the newest Canadian gold producer. The Company owns the Sigma-Lamaque Complex in Val d'Or, Quebec, where commercial production commenced at the Sigma Mine in May; the dormant Carolin gold mine in southwestern British Columbia; and nine precious metals exploration properties located on the historic Juneau Gold Belt in Alaska.

Margaret M. Kent, Chairman, President & C.E.O.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and as amended in Section 27E of the 1934 Act.

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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