Century Mining Corporation

Century Mining Corporation

July 28, 2005 20:05 ET

Century Mining Announces Up to C$3.0 Million in Financings

BLAINE, WASHINGTON--(CCNMatthews - July 28, 2005) - Century Mining Corporation (TSX VENTURE:CMM) announces today that, subject to regulatory approval, it will complete a non-brokered private placement of up to 5,714,300 Units at a subscription price of C$0.35 per Unit for gross proceeds of approximately C$2.0 million. Each Unit will comprise one Common Share and One-Half of One Common Share Purchase Warrant. Each whole Common Share Purchase Warrant will entitle the holder to purchase an additional Common Share at an exercise price of $0.45 per share for a period of 24 months. The proceeds from the unit offering will be used for the purchase of mining equipment and for working capital purposes at the Sigma Mine.

The Company also announces that, subject to regulatory approval, it will complete a non-brokered private placement of up to 2,875,000 common shares on a "flow-through" basis at C$0.35 per share for gross proceeds of approximately C$1.0 million. The proceeds from the "flow-through" share offering will be used for exploration expenses on the Company's properties near Val d'Or, Quebec.

For introducing certain investors to the Company, the Company will pay a 6% cash finder's fee and will issue that number of compensation warrants equal to 4% of the number of shares issued to those investors. Each compensation warrant is exercisable for 2 years for one common share at C$0.45.

All of the securities issued under these private placements will be subject to a four-month hold period.

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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