Century Mining Corporation

Century Mining Corporation

March 18, 2005 17:52 ET

Century Closes $1.0 Million Flow-Through Financing and Draws Down Additional $1,185,000 from its Convertible Debenture Facility


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CENTURY MINING CORPORATION

TSX VENTURE SYMBOL: CMM

MARCH 18, 2005 - 17:52 ET

Century Closes $1.0 Million Flow-Through Financing and
Draws Down Additional $1,185,000 from its Convertible
Debenture Facility

BLAINE, WASHINGTON--(CCNMatthews - March 18, 2005) - Century Mining
Corporation (TSX VENTURE:CMM) is pleased to announce that it has closed
its previously announced flow-through share private placement pursuant
to which the Company issued 2,500,000 common shares on a "flow-through"
basis at $0.40 per share for gross proceeds of $1,000,000. For
introducing certain investors to the Company, the Company paid a 6% cash
finder's fee and issued that number of compensation warrants equal to 4%
of the number of flow-through shares issued to those investors. Each
compensation warrant is exercisable for 18 months for one common share
at $0.50.

The Company also announces that it has drawn down a further $1,185,000,
in two tranches of $800,000 and $385,000, of its $2.85 million
convertible debenture facility announced March 2nd, through the issuance
of 10% working capital convertible debentures due December 31, 2006.
This completes the draw-down of the working capital convertible
debentures.

All of the securities issued pursuant to the flow-through share and
convertible debenture financings will be subject to restrictions on
resale for four months from their respective date of issuance.

Margaret Kent, President & CEO, reports that the start-up of the milling
facility at its Sigma Mine is progressing according to plan. The mill is
currently operating at approximately 3,600 tonnes per day and is
expected to reach full capacity of 5,000 tonnes per day next week. The
first gold pour is anticipated next week.

On behalf of the Board of Directors,

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Century Mining Corporation
    Graham Eacott
    Vice President, Investor Relations
    (360) 332-4653
    (360) 332-4652 (FAX)
    geacott@centurymining.com
    www.centurymining.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.