Century Mining Corporation

Century Mining Corporation

July 16, 2007 20:38 ET

Century Mining Grants Stock Options

BLAINE, WASHINGTON--(Marketwire - July 16, 2007) - Century Mining Corporation (TSX VENTURE:CMM) announces that it has granted a total of 1,650,000 stock options, of which 1,000,000 stock options were granted to directors and officers of the Company. The stock options are exercisable into common shares of Century at an exercise price of C$0.86 per share for a period of five years. Century's common shares closed at C$0.86 on the TSX Venture Exchange on July 13, 2007.

Century Mining has 137,825,915 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan, a maximum of 13,782,592 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 1,650,000 options, a total of 7,103,750 shares have been reserved for issuance pursuant to outstanding option grants. A further 6,678,842 shares are available for issuance pursuant to future option grants at this time.

Century Mining advises that Diana Rollo, Chief Financial Officer, has left the Company. The Company intends to conduct a search for a new Chief Financial Officer immediately. In the meantime, Richard Meschke will assume the responsibilities of Chief Financial Officer.

About Century Mining Corporation

Century Mining Corporation 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, Century owns an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. The Company has also recently acquired Rosario de Belen where it accounts for 100% of both gold and silver 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 & CEO

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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