Century Mining Corporation

Century Mining Corporation

March 23, 2011 08:30 ET

Century Mining Corporation Receives Additional Bridge Loan Funds From White Tiger Gold

BLAINE, WASHINGTON--(Marketwire - March 23, 2011) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announces that it has received an additional US$1,500,000 tranche of funding from White Tiger Gold Ltd. ("White Tiger") under the second of two bridge loans (the "Bridge Loans") provided by White Tiger to the Company as announced on March 14, 2011.

Century has now received, in aggregate, US$3,300,000 of the total US$4,000,000 commitment under the first and second Bridge Loans. The second Bridge Loan was agreed to concurrently with the execution of the Arrangement Agreement in respect of the proposed business combination of Century and White Tiger (the "Business Combination") as announced on March 14, 2011. The interest rate under the Bridge Loans is 10% per annum, and the Bridge Loans mature on the earlier of the effective date of the Business Combination and the termination of the Arrangement Agreement in accordance with its terms. 

Mr. Daniel Major, President and CEO of Century stated, "The bridge loans from White Tiger have aided Century in meeting our financial obligations and helped continue funding the Lamaque production ramp-up, and will offset some of the losses from the crusher failure and permitting delays we have recently experienced."

About Century Mining Corporation

Century Mining Corporation is a Canadian gold producer and holds strategic land positions in Canada, the United States and Peru. The Company's strategy is to grow to its gold production through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.

On behalf of Century Mining Corporation,

Daniel J. Major, President & CEO

Caution Concerning Forward-Looking Information

This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws including with respect to the intended use of proceeds raised in the private placement. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis included in this Annual Report, in our Annual Information Form and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com.

While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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