Century Mining Corporation

Century Mining Corporation

December 18, 2006 16:13 ET

Century Mining Grants Stock Options to Directors

BLAINE, WASHINGTON--(CCNMatthews - Dec. 18, 2006) - Century Mining Corporation (TSX VENTURE:CMM) announces that it has granted 300,000 stock options to directors of the Company. The granting of these stock options is part of the directors' compensation for 2007. The stock options are exercisable into common shares of Century at an exercise price of C$0.73 per share for a period of five years. Century's common shares closed at C$0.71 on the TSX Venture Exchange on December 15, 2006.

Century Mining has 117,824,189 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan, a maximum of 11,782,419 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 300,000 options, a total of 4,882,500 shares have been reserved for issuance pursuant to outstanding option grants. A further 6,899,919 shares are available for issuance pursuant to future option grants at this time.

About Century Mining Corporation

Century Mining is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru. The Company owns and produces gold at the Sigma and Lamaque mines in Quebec that historically have produced over 9.4 million ounces of gold. In Peru this year Century acquired control of the San Juan Mine where the Company accounts for 100% of gold production. Century's growth strategy is to acquire gold producing assets in South America that will substantially reduce the Company's consolidated total cash cost of production and where there is exceptional exploration potential to expand production at these mines.

Margaret M. Kent, Chairman, President & C.E.O.

Caution Concerning Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is 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 information involves 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 accordingly, readers should not place undue reliance on those statements. 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 resource 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 and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.

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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