Century Mining Corporation

Century Mining Corporation

February 03, 2011 08:30 ET

Century Mining Reports on 2010 Gold Production and Guidance for 2011 Production

BLAINE, WASHINGTON--(Marketwire - Feb. 3, 2011) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announces its 2010 gold production results and 2011 production guidance.

2010 Gold Production

Through the continued commissioning of the Lamaque mine in Québec, Canada, and the expansion of the San Juan mine in Peru, Century achieved a consolidated gold production of 10,716 ounces in the fourth quarter of 2010, and 33,643 ounces for 2010.

The San Juan mine increased gold production in 2010 for the fifth straight year, following completion of upgrades to the mill infrastructure and tailings impoundments and the restart of additional mining zones. Total production for 2010 from San Juan was 19,224 ounces of gold, a 13% increase over 2009. Fourth quarter production was 4,698 ounces of gold.

The Lamaque mine produced 6,018 ounces of gold in the fourth quarter and 14,419 ounces of gold for 2010. Previously reported commissioning delays, which included deliveries of equipment, mine development and operational obstacles, influenced operational ramp up in the fourth quarter. Mine grades were lower than planned as ore production was predominately from mining areas not in the ore resource due to earlier development constraints.

  San Juan Lamaque
Q4 2010 2010 FY Q4 2010 2010 FY
Production (oz Au) 4,698 19,224 6,018 14,419
Tonnes Mined 26,988 97,984 78,051 163,345
Tonnes Milled 29,812 113,439 73,478 157,561
Head Grade (g/t Au) 6.01 6.28 2.73 2.87
Mill Recovery (%) 82.87 80.93 93.29 94.59

The Lamaque operation continues to show steady production improvement with the focus on dilution control, optimization of the low-profile mining equipment, and advancement of the other mining areas of the Bedard Dyke and the North Wall.

Production Guidance 2011

Century Mining anticipates 2011 will be a year of solid growth for its mining operations in both Canada and Peru, where the consolidated production is forecast at between 90,000 to 100,000 ounces of gold. The Lamaque mine will reach the final commissioning stage and commercial production during the year, and is forecast to produce between 70,000 to 75,000 ounces of gold in 2011. The San Juan mine is expected to attain approximately 20,000 to 25,000 ounces of gold during the year.

Michael Page, B.Sc, M.Sc., FAusIMM, a geological consultant to the Company, is a Qualified Person for Century Mining Corporation as defined by National Instrument 43-101, and has reviewed the technical information presented in this news release.

Operational Update Conference call

Century Mining will host a conference call on Friday, February 4th, 2011 at 11:00 a.m. Pacific time (2:00 p.m. Eastern time) to introduce its new President and CEO Daniel J. Major and to discuss operational results for 2010. Financials will be discussed after the 2010 year-end financial results are announced.

Mining analysts, investors and the media are invited to dial toll-free 1-888-942-9044 in Canada and the United States, or 1-517-308-9426 from international locations (normal toll rates do apply) and state the verbal passcode "CenturyMining". The presentation will be followed by a question and answer period.

The conference call will be available on the Company's website at www.centurymining.com via a downloadable audio file.

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 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. 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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