Century Mining Corporation Concerned Shareholders

April 29, 2011 12:44 ET

Century Mining Corporation Concerned Shareholders Receive Letter from Century's Legal Counsel

TORONTO, ONTARIO--(Marketwire - April 29, 2011) - The concerned shareholders (the "Concerned Shareholders") of Century Mining Corporation ("Century") in connection with the proposed business combination (the "Business Combination") between Century and White Tiger Gold Ltd. ("White Tiger") wish to disclose that they have received a letter on April 28, 2011 from legal counsel to Century, the relevant contents of which are reproduced in Schedule "A" below.

The Concerned Shareholders consider the accusations of illegal proxy solicitation in the letter to be baseless and without merit. At no time have the Concerned Shareholders solicited proxies from any Century or WTG shareholders or advised any shareholders as to how they should vote their shares at the shareholder meeting called to consider the Business Combination. It seems clear to the Concerned Shareholders that the trumped up allegations in the letter show that Century has turned to desperation tactics to force an ill-conceived merger on its shareholders.

Century has previously indicated that it is subject to significant financial stress; so much so that it had to obtain bridge loans from White Tiger to alleviate its short term cash flow requirements. The Concerned Shareholders consider it to be outrageous that these funds are now being spent on bullying its own shareholders with unfounded accusations rather than engaging in meaningful dialogue to address the serious issues that have been raised by the Concerned Shareholders and other stakeholders of Century. The fact that the share prices of both Century and White Tiger have plummeted since the announcement of the Business Combination alone should have alerted Century management that it needed to address the deficiencies in the arrangement with White Tiger in a meaningful way; instead, the Board appears to have spent the better part of the last two weeks hunkering with its lawyers as to how it might muzzle the dialogue that has erupted among its shareholders since it announced the Business Combination.

The Concerned Shareholders believe that the demand in the letter for the Concerned Shareholders to turn over the names and contact details of stakeholders who have contacted the Concerned Shareholders is a thinly veiled attempt to do the very thing that Century is (wrongly) accusing the Concerned Shareholders of doing; which is to contact such shareholders and attempt to bully them into supporting the Business Combination. The Concerned Shareholders wish to advise that they have no intention of complying with this demand.

Finally, the final paragraph of the letter suggests that Century's strategy with respect to the Business Combination is to force the merger on its stakeholders by simply disallowing any proxies that vote against the merger at the shareholder meeting on spurious grounds. Century seems to be telegraphing that the Chairman of the meeting will not be acting in an objective manner when it comes to discharging his duties but rather has been given his marching orders by Century well in advance. Given that there are absolutely no grounds to support Century's allegations of illegal proxy solicitation, this high-handed and egregious fettering of the discretion of the meeting Chairman, who has a duty to ensure the meeting is run democratically and fairly, is an affront to each shareholder of Century.

Concerned Century Shareholders
Richard Bowdenrichard.bowden@gmail.com
James D. Curryjdcurry@eastlink.ca
Larry E. Hooverlarryhoover@nexicom.net
Rainer G. Hummelrghum@cogeco.ca
Fred Jerrettfjerrett@shaw.ca
John Smrkejohnsmrke@yahoo.com


We act for Century Mining Corporation ("Century") and we write in response to your press release dated April 18, 2011 in which the Concerned Shareholders take issue with the joint press release dated March 14, 2011 issued by Century and White Tiger Gold Ltd. and, in particular, your acknowledgement that there has been "considerable feedback from various shareholders" and your encouragement of other shareholders to contact the Concerned Shareholders to discuss the proposed transaction.

We appreciate and respect your right and the right of others to express an opinion concerning the proposed transaction, and Century's Board of Directors expects that the management information circular upon its release will be able to resolve the points raised by you and others. However, your press release is a clear violation of the rules governing the solicitation of proxies and in and of itself offers evidence of previous and ongoing unlawful solicitation activities undertaken by the Concerned Shareholders.

To mitigate the effect of the Concerned Shareholders' actions, we ask that you provide to us a list of all shareholders with whom the Concerned Shareholders or any of their agents have communicated. We assume careful track has been kept of all such communications. Kindly ensure the list includes the contact names, dates of contact and contact details. We look forward to receipt of same by May 4, 2011.

It has also come to our attention that the Concerned Shareholders have utilized a website www.stockigloo.com to solicit shareholder votes opposing the transaction. The website provides for "Anti-Merger Registration" and provides an "Anti-Merger Shareholders Table". We insist that this blatant illegal solicitation cease immediately and this website be deactivated.

We trust you will assist us in our effects to mitigate the damage of the Concerned Shareholders' conduct. Clearly, the actions of shareholders in the lead up to the shareholder vote will be a relevant factor which the Chairman of the Special Meeting may consider in determining the validity of votes cast. We write to specifically caution you that your failure to address this matter responsibly may have serious consequences.

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