CENTURY MINING REPORTS 2007 FULL YEAR FINANCIAL RESULTS

- Company writes off all costs associated with Sigma open pit closure and

the 2007 Peruvian acquisitions -

Blaine, WA: June 24, 2008 - Century Mining Corporation (CMM: TSX-V) today announced its financial and operating results for the full year 2007, ended December 31, 2007.  Century also announced that it is in the process of finalizing financial results for the 2008 first quarter, ended March 31, 2008, and will announce results immediately upon completion.

(This news release contains forward looking information that is subject to risk factors and assumptions as set out in our Cautionary Statement on Forward-Looking information located at the end of this news release.)

Summary of 2007 operating results

In the year ended December 31, 2007 the Company reported an operating profit from mining operations, before depreciation, amortization and accretion, of $726,798 (2006 - $13,703,412) from gold revenues of $48,062,870 (2006 - $45,135,717).  Expenses incurred in these mining operations were $47,336,072 (2006 - $31,432,305).

For the year ended December 31, 2007 the Company reported a net loss of $47,370,142 or $0.35 per share, compared to net income of $1,266,500, or $0.01 per share in the prior year.

In 2007, the Company entered into agreements to acquire and operate Mina Rosario de Belen, in Peru, and acquire the Shahuindo property and an option for the Atimmsa property in Peru.  The Company recently terminated these three agreements and recorded a write-off totaling $7.1 million as at December 31, 2007.

In November, 2007 Century discontinued operations at its Sigma open pit gold mine in Val d'Or, Qu?bec in order to focus on the Lamaque underground mine at the Sigma-Lamaque Complex, which was reactivated in May of 2007.  Deteriorating ore grades, the inability to predict and determine ore grades and higher mining costs, due substantially to high fuel prices, had made the surface mine uneconomic.  As a result of the cessation of the Sigma open pit operation, the Company ascertained an impairment of the deferred stripping asset balance during the third quarter of 2007, and wrote off the entire balance of $19.0 million.  The Company also wrote down related mining and plant equipment, and recorded a loss totaling $5.6 million.

As a result of the write-offs described above, Century has addressed all outstanding financial issues related to deferred stripping and other write-off items.

The following table shows comparative financial and production data for 2007 and 2006.  Data for 2006 includes only operations for Sigma as San Juan remained in the development stage and costs, net of revenue, were capitalized.

Lamaque Underground Mine Status

Century reopened for development purposes the Lamaque underground mine in May of 2007 and is undertaking a substantial exploration and development program.  It is expected that the Lamaque operation will become cash flow positive by late 2008 and that ultimately the production from the underground mine, when at full capacity in 2011, will more than replace the lost Sigma production.  To reach a positive cash flow status at Lamaque, the Company will need to secure bridge financing of up to $10 million, comprising debt and an equipment leasing package.  The Company intends to replace this bridge debt facility with a senior debt facility that will allow the expansion to continue.

On June 5, 2008 the Company announced that it had secured a commitment for $6 million of this facility from MRI Trading AG.  MRI is a top-tier trader of concentrates and other non-ferrous raw materials.  It is part of the MRI Group of companies, a leading investment and commodities trading group.  The company has a global presence through its offices in Beijing and Shanghai, Santiago de Chile, Lubumbashi, Johannesburg, New Delhi and Brisbane.

Margaret Kent, President & CEO, commented: "We have been very aggressive with the write offs, and our focus now is to ensure that we are successful in procuring funding necessary to continue with the Lamaque expansion.  We have recently announced bridge financing, and we are working to complete the due diligence required to enable completion of the Fortis senior debt facility which will fully fund the project.  Our recent share price decline has come from repeated program sales from a significant shareholder who has declined to work with management to move its block of stock.  As long as this block overhangs the market, it will continue to cause pressure on the market price of the stock.  The management team is working aggressively to introduce the company to new potential shareholders that will assist in stabilizing this situation.  We ask that our existing shareholders remain patient during this difficult time and understand that the company has significant value in its assets and reserve and resource ounces."

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 Lamaque mine in Qu?bec that historically has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in 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 & CEO

For further investor information, please contact:

Brent Jones, Manager of Investor Relations

E-mail: bjones@centurymining.com

Phone: (877) 284-6535 or (360) 332-4653

Fax: (360) 332-4652

Website: www.centurymining.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.

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.