Century Mining Corporation
TSX VENTURE : CMM

Century Mining Corporation

November 02, 2006 16:20 ET

Century Mining Provides Update on Santa Clarita Exploration Program

BLAINE, WASHINGTON--(CCNMatthews - Nov. 2, 2006) - Century Mining Corporation (TSX VENTURE:CMM) is pleased to provide an update on the Company's exploration program at its Santa Clarita property in Peru.

A location and exploration map accompanying this news release can be seen by clicking on the following link: http://www.ccnmatthews.com/docs/CMM1102.pdf.

The Santa Clarita prospect is located approximately 5 kilometres by road south of the Company's San Juan mine site and is one of the 5 exploration targets on Century's newly acquired San Juan property. The surface alteration expression covers an area of approximately 1 km x 2 km and is hosted by an intrusive in the Bella Union Complex.

Previous exploration in 2005 and early 2006 by Minera IRL S.A. included 33 surface chip and channel samples taken from the Santa Clarita prospect. These samples ranged from 11.2 to 332 ppm copper; 1.0 to 1601.5 ppm molybdenum; and 0.005 to 5.62 g/t gold. During the last two months Century has conducted surface exploration in this area to confirm the previous data and to obtain further information and select drilling targets.

Century's outcrop and bedrock chip grid sampling across the Santa Clarita prospect is in progress, with a total of 137 samples across a 600-metre east-west and 500-metre north-south extent collected to date. The results for gold have returned a high of 8.99 g/t gold with consistent anomalous elevated gold (greater than 0.15 g/t gold) over an area of 100 metres x 150 metres. The anomalous zone displays high silica, disseminated pyrite and intense alteration at the surface. Copper and 25-element Inductively Coupled Plasma analysis are pending. The target is suggestive of a gold-rich oxide cap over an accompanying copper-gold porphyry system.

Further sampling and drilling will be undertaken to determine the character of the mineralization. A budget of US$300,000 has been allocated for this work. Permits for drilling will be obtained as soon as reasonably possible.

Century's results herein described have been prepared under the guidance of Mr. Ross F. Burns, P.Geo., LG, Vice President of Exploration, who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.

Margaret Kent, President and CEO, commented, "We are excited that the sampling results confirmed the previous work. We have identified our first drill sites on the Santa Clarita prospect. The San Juan concessions host a minimum of five distinct exploration projects in addition to the San Juan Mine. Each of these projects occurs in separate geological settings. Success at any of these additional projects could result in the Company finding a major gold/copper porphyry system. The San Juan property position, which covers an area of 20,000 hectares, has never been extensively explored or drilled, but historically has produced over 1.2 million ounces of gold."

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, and recently signed an agreement to acquire, initially, a 38% interest in the Poderosa Mine. This transaction is expected to close within the next two weeks. 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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