VAL D'OR, QUÉBEC--(Marketwire - June 28, 2011) - Century Mining Corporation (News - Market indicators) ("Century" or the "Company") reported its consolidated financial and operating results for the three months ended March 31, 2011.

Selected Financial Data

"Our focus over the quarter has been ramping up the mining activities of the Lamaque project. While the project has encountered significant challenges, we are making progress as we access the North Wall area of the project. In July, as we begin the longhole stoping of the North Wall area, we expect to have a clear increase in ore tonnage feed rates," said Daniel Major, President and Chief Executive Officer of Century Mining Corporation. "We remain on track for the planned rate of 2,000 tonnes of ore per day by the end of the third quarter."

Financial Review

The Company's net loss for the three months ended March 31, 2011 was $3.6 million, or $0.01 per share, compared to a net loss of $1.3 million, or $0.00 per share, for the corresponding period in 2010.

The San Juan mine in Peru produced 4,443 ounces of gold in the first quarter of 2011, a 4% increase over 2010. The increased volume from the San Juan facility, combined with higher realized gold prices, resulted in gold revenues being higher for the quarter. Reported gold revenues, however, have been impacted by the delivery under the Deutsche Bank AG Forward Gold Purchase Agreement of 880 ounces of gold from San Juan at a recognized price of $561 (US$539) per ounce.

Unit cash production costs per ounce at San Juan for the first quarter of 2011 were US$1,010 compared with US$756 in 2010 and cash costs per tonne milled were $124 compared with $112 for the corresponding period in 2010. The increase in the cash costs at San Juan during the first quarter can be attributed to the lower grade and hence lower ounces recovered, despite the higher tonnes milled, together with increased costs of development, supplies, and labor.

For the three months ended March 31, 2011, all operating costs related to the Lamaque project, net of any recoveries, have been deferred as commercial production has not yet been achieved.

In 2011 administrative expenses were $2.8 million and were $1.8 million higher than the corresponding period in 2010. The increase can be attributed to the additional audit related costs pertaining to the transition from Canadian GAAP to IFRS; legal and professional costs associated with the pending transaction with White Tiger Gold; and salaries and travel costs associated with the continued ramp up of the Lamaque project. Stock based compensation was also higher than the previous year and can be attributed to the additional number of employee stock options being granted during the ramp-up of the Lamaque project.

Cash and cash equivalents at March 31, 2011 totaled $534,040, an increase of $310,150 from December 31, 2010. After net changes to non-cash working capital balances, cash provided by operating activities was $0.8 million. Capitalized development at the San Juan and Lamaque facilities, including the deferral of operating costs related to the Lamaque project, net of any recoveries, amounted to $4.1 million.

In order to fund this capital spending including development, during the first quarter of 2011 the Company issued $4.8 million of equity instruments, and received $3.7 million in unsecured loans.

Subsequent to March 31, 2011, 12,748,333 warrants with a weighted average exercise price of $0.28 were exercised for gross proceeds of $3.6 million; a private placement of 4,000,490 flow-through units at a subscription price of $0.38 per unit for gross proceeds of $1.5 million was completed; and a US$1.0 million working capital loan was received from a major shareholder.

Century's interim financial statements and management's discussion & analysis ("MD&A"), for the three-month period ended March 31, 2011, are available for review on the Century Mining Corporation website at www.centurymining.com and on SEDAR at www.sedar.com.

Outlook

The continuing focus of the Company's activities is on the ramp-up of mining activities at the Lamaque gold mine located near Val d'Or, Québec, Canada. Like any start-up of mining operations, significant challenges include hiring and developing an operations team, training and organizing them, and setting standards and procedures to ensure sustainable and economic production. Good progress is being made in all of these activities as described below. Lamaque produced 5,815 ounces of gold for the quarter ended March 31, 2011.

Stope ore mining at the Lamaque project in the first half of 2011 has been restricted to the narrow vein structures within the Lamaque Flats, and has resulted in lower than planned tonnages and grades, as previously noted in the first quarter 2011 production report. During this period the Company's development actions have been focused on accessing the targeted longhole tonnage ore reserves forecast in the North Wall area. Due to the excellent development rates provided by the mining contractor, CMAC, the Company is in a position to start longhole stoping at the North Wall in July. The North Wall ore targets due to their geometry are expected to provide a clear increase in ore tonnage feed rates and grade versus those achieved to date, and by the end of the third quarter 2011 the Company is targeting to be at the planned rate of 2,000 tonnes of ore per day.

For the year to date, Lamaque has witnessed constrained gold production due to having the Lamaque Flats as the primary ore feed source. As a result, Century has lowered its Lamaque 2011 gold production guidance from the initial 70,000 - 75,000 ounces to 45,000 - 50,000 ounces. With the access to the North Wall in second half of 2011, the Company is forecasting a significant increase in monthly production compared with that achieved in the first half, and the Company is projecting to achieve commercial production at its Lamaque project as of the end of the third quarter of 2011. Including production from the San Juan mine in Peru, which remains on plan, the Company's revised combined production guidance for 2011 is 65,000 to 70,000 ounces of gold.

On March 14, 2011 the Company and White Tiger Gold Ltd. ("White Tiger Gold") announced a proposed business combination whereby Century shareholders would receive 0.4 of a White Tiger Gold share for each Century share under a plan of arrangement ("the Business Combination"). On June 20, 2011, the Company announced that the Toronto Stock Exchange (the "TSX") continues to defer its approval of the Business Combination pending receipt of additional information from both White Tiger Gold and Century including receipt of current technical reports for Century's Lamaque and San Juan projects prepared in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and acceptable to the TSX. Century has engaged Micon International Co. Limited and Edmond van Hees to prepare these reports. Further to the companies' updated joint news release of May 24, 2011, Century now expects to submit the technical reports to the TSX by the end of June 2011.

White Tiger Gold and Century continue to work towards finalizing the management information circulars and ancillary documents for their respective special meetings of shareholders to be held to consider and approve the Business Combination. The management information circulars will describe in detail the terms of the Business Combination and the processes and procedures followed by the independent special committees of the boards of directors of each of White Tiger Gold and Century in respect of the Business Combination.

Completion of the Business Combination remains subject to, among other things, the approval of the disinterested shareholders of each of Century and White Tiger Gold, approval of the TSX, the TSX Venture Exchange and the Ontario Superior Court of Justice as well as any required approval under the Investment Canada Act.

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 to 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

(1) The Company has included a non-GAAP performance measure, total cash cost per ounce of gold, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

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 including with respect to the intended use of proceeds raised in the private placement. 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 Interim Report, in our 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.