Century Iron Intersects 45 Metres of 62.67% Total Fe at Lac La Fer in Hole LLFP3-11-004 Which Ended in Mineralization at 54 Metres

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2012) -

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CENTURY IRON MINES CORP. (TSX:FER) ("Century Iron" or the "Company") is pleased to announce new assay results which tested a Direct Shipping Ore ("DSO") target as part of the 2011 fall exploration program at the Sunny Lake Project - Lac Le Fer property (100% owned by Century Iron), located in north-eastern Quebec, near the town of Schefferville, QC.

Century Iron tested a DSO target, labeled Prospect 3, with one short hole at the end of the exploration program. The target was defined by recent magnetic and ground gravity data and compilation of previous mapping by IOC (Iron Ore Company of Canada). The hole tested a gravity anomaly 1,200 metres long and 400 metres wide. Drilling will resume in May 2012 with a more powerful reverse circulation drill rig to complete drill hole LLFP3-11-004 and drill additional holes to test the full extent of the gravity anomaly.

The drilling results are consistent with the findings of M. Tremblay's 1951 IOC exploration report. In the report filed with Ministère des Ressources naturelles et da la Faune (GM08230), M. Tremblay concluded:

"This area is of the utmost importance to the company as it is the extension of the enrichment zones of Trough and Bruin Lakes."

M Tremblay further commented:

"This is the glory of the summer's work. An ore band extending over 1000' in length and with a width of 128' in one cross-section was outlined by pitting."

The Qualified Persons on the project, as defined under National Instrument 43-101, are Wenlong Gan, P.Geo., and Étienne Forbes, P.Geo. They are responsible for the preparation of all technical information provided in this press release and has reviewed and approved the contents of this press release.

About the Company

Century Iron Mines Corporation (TSX:FER) is Canada's largest holder of iron ore land claims, with interests in several properties in the Provinces of Quebec and Newfoundland and Labrador. Century's mission is to enhance shareholder value through the development of iron ore projects in Canada and to become a major Canadian iron ore producer. Century has promising iron ore assets and is firmly entrenched in western Quebec and in the prolific iron ore-producing region of the Labrador Trough in eastern Quebec and western Labrador. The Company has two key strategic partners in WISCO International Resources Development & Investment Limited and Minmetals Exploration & Development (Luxembourg) Limited S.àr.l., both state-owned Chinese companies with the financial and technical resources to assist the Company with funding and technical expertise for the exploration and development of its iron ore projects.

The Company has interests in the following mineral exploration projects located in Quebec and Newfoundland and Labrador:

• The Duncan Lake Project of which the Company currently has a 51% interest with an option to increase to a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc.;
  
  
• The Attikamagen Project of which the Company currently has an option to acquire up to a 60% interest under an option and joint venture agreement with Champion Minerals Inc. (TSX:CHM);
  
  
• The Sunny Lake Project (100% owned by Century Iron); and
  
  
• The Astray, Grenville, Menihek and Schefferville projects recently acquired from Altius Minerals Corp. (TSX:ALS) (100% owned by Century Iron).

The Company's objective is to enhance shareholder value through the development of iron ore projects in Canada and to become a Canadian iron ore producer. Century Iron's website is: www.centuryiron.com.

About WISCO Resources

WISCO Resources holds an approximate 25% interest in Century Ironand an off-take agreement for up to 60% of the production. WISCO Resources is one of the major subsidiaries of Wuhan Iron & Steel (Group) Corporation ("WISCO Group"), headquartered in Wuhan in the province of Hubei in the People's Republic of China. The WISCO Group is one of the "Big Three" Chinese state-owned integrated iron and steel company. In 2010, the WISCO Group had an annual output of 36 million tonnes of steel. The WISCO Group's portfolio of business activities includes mining, coking, sintering, iron making, steel making, rolling and associated utilities.

About Minmetals

Minmetals holds an approximate 5% interest in Century Iron and off-take agreement for up to 10% of the production. Minmetals is one of the major subsidiaries of China Minmetals Corporation ("China Minmetals"). China Minmetals is a state-owned diversified metals and mining company based in Beijing, in the People's Republic of China. China Minmetals is engaged in the production and trading of metals and minerals, including copper, aluminum, tungsten, tin, antimony, lead, zinc, iron and steel-related commodities. China Minmetals also engages in activities related to real estate development, finance, shipping and tendering.

Forward Looking Information

This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the completion of the current drilling phase at Sunny Lake and the Company's objective to enhance shareholder value through the development of iron ore projects in Canada and to become a major Canadian iron ore producer. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the drilling program at Sunny Lake may be delayed or may not be completed and that the Company's Canadian iron ore projects may not succeed in enhancing shareholder value or allow the Company to become a major Canadian iron ore producer. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.