Century Mining Corporation
TSX VENTURE : CMM

Century Mining Corporation

July 22, 2005 15:00 ET

Century Mining Announces a Working Capital Facility

BLAINE, WASHINGTON--(CCNMatthews - July 22, 2005) - Century Mining Corporation (TSX VENTURE:CMM) announces today that it has entered into an In-Process Gold Purchase Facility with a gold trading firm, under which this firm will make available to Century up to C$1.0 million, on an uncommitted revolving credit facility basis, secured by the sale by Century to the gold trading firm of In-Process Gold from its Sigma Mine in Quebec. Interest will accrue on amounts drawn down by Century at LIBOR plus 3% per annum, plus the contango or backwardation on gold price, as applicable. Proceeds under the facility will be used for working capital purposes at the Sigma Mine.

The holders of Convertible Debentures issued by the Company have entered into a subordination agreement pursuant to which they will subordinate their first priority secured interest on the in-process gold to the new security granted by the Company to the gold trading firm. As consideration, the Company has amended the conversion price of C$1.0 million worth of the 2004 Convertible Debentures from $0.51 to 95% of the market price at the time of conversion, subject to a minimum of $0.35 per share.

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 gold production commenced in March 2005; 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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