Century Mining Corporation

Century Mining Corporation

January 03, 2007 20:51 ET

Century Mining Reports David Laing's Resignation From the Board of Directors

BLAINE, WASHINGTON--(CCNMatthews - Jan. 3, 2007) - Century Mining Corporation (TSX VENTURE:CMM) announces that David Laing has resigned from the Board of Directors effective December 31, 2006. David Laing, who is Director of Mining at Endeavour Financial Corporation, was appointed to Century Mining's Board of Directors on September 23, 2004 pursuant to the loan agreement between the Company and Endeavour Mining Capital Corp. ("Endeavour") when the Company issued C$8.5 million of 10% Convertible Debentures to Endeavour in a private placement.

The issuance of the Convertible Debentures was a key component in the financing of the Company's acquisition of the Sigma-Lamaque Complex, which is the foundation of Century's gold production and operating cash flow. After a number of partial conversions, Endeavour completed the conversion of the Convertible Debentures into common shares of the Company in March of 2006, at which time the Company was no longer indebted to Endeavour. Under the terms of the loan agreement, Endeavour has no further right to a board seat at this time.

Margaret Kent, President & CEO, in expressing appreciation for David Laing's service to Century, said: "The Board of Directors joins me in thanking David Laing for his invaluable contribution to the development and growth of the Company over the past two years. David's wealth of international mining experience, much of it gained in South America, has been of great benefit to the Company as we have brought the Sigma Mine into production, and more recently evaluated and acquired gold producing assets and exploration properties in Peru. David has also made significant contributions to the audit and compensation committees during his tenure as a member of the board. In wishing David continued success at Endeavour, we would also like to express our appreciation for the support we have received from Endeavour as we have grown from an exploration and development company into an emerging mid-tier gold producer."

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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