CENTURY MINING REPORTS FIRST QUARTER NET INCOME OF $2.0 MILLION AND OPERATING PROFIT OF $5.4 MILLION

- Company records third consecutive quarterly net income  -

Blaine, WA: Century Mining Corporation (“Century” – TSX-V:CMM – May 31, 2007) is pleased to announce its financial and operating results for the first quarter ended March 31, 2007 and initiatives for this year.

(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).

Conference call

Management will host a conference call on Friday, June 1 at 11:00 a.m. Pacific time (2:00 p.m. Eastern time) to discuss 2007 first quarter results and future developments at its operations in Qu�bec and Peru. Mining analysts, investors and the media are invited to phone 1-800-857-3793, or 1-210-839-8504 if outside Canada and the U.S.A., followed by the pass code 2038608 approximately 5 minutes before the start of management’s presentation. The presentation will be followed by a question and answer period. A replay of the conference call can be heard through Friday, June 8 by dialing 1- 800-835-4112, or from outside North America 1-203-369-3829.

First Quarter Highlights

• Net income totaled $2.0 million or $0.02 per share (diluted), compared to a net loss of $1.2 million in the first quarter of 2006.

• Operating profit from mining operations was $5.4 million.

• Total gold production was 16,749 ounces.

• The Company sold a total of 17,065 ounces of gold in the first quarter, at an average selling price of US$656.

• Total cash costs for the first quarter were US$386 per ounce.

• Revenue increased to $13.1 million, up 17.7% from last year’s first quarter.

Major Subsequent Events

• Century received Lamaque underground permit and commenced underground mining operations.

• Century acquired Mina Rosario de Belen in Peru, expanding global operations to four operating mines.

• The Company completed a $12 million equity financing to fund the Mina Rosario de Belen acquisition and other capital requirements.

• Century acquired control of the Shahuindo Project in Peru, in addition to surrounding properties and surface rights.

• Century optioned the Atimmsa Project in Peru.

Summary of first quarter operating results and recent positive initiatives

Revenue in the first quarter ended March 31, 2007, was $13.1 million, up 17.7% from $11.2 million in the same period a year ago. Increased revenue was mainly due to favorable trends in the price of gold, which the company believes will continue for the foreseeable future. The Company intends to leverage favorable trends in metals prices to continually enhance profitability.

The table below summarizes operating results and financial position in the last five quarters.

In the first quarter, the Company recorded an operating profit from mining operations of $5.4 million, a dramatic increase from last year’s first quarter total of $2.0 million. The Company also achieved a net profit of $2.0 million, or $0.02 per share for the period, the third consecutive quarter of net earnings. This compares to a net loss of $1.2 million, or $0.01 per share, in the comparable period a year ago.

The following table presents production results for the last five quarters.

*2006 fourth quarter operating costs reflect a change in the average life-of-mine stripping ratio resulting in additional capitalized deferred stripping and are not an indication of the cash cost of operations on an ongoing basis.

The following table presents 2007 first quarter results by operation.

Century produced a total of 16,749 ounces during the period at a cash cost of US$386 per ounce. The Company sold 17,065 ounces of gold in the first quarter, compared to 19,987 ounces of gold sold in the same period a year ago. Gold production in the first quarter does not include any production from the Lamaque underground mine or the recent expansion at San Juan. Production for the next three quarters is expected to steadily increase, and forecasted total production for 2007 remains at 100,000 ounces of gold.

Corporate administration expenses were $1,131,818, compared to $692,140 in last year’s first quarter. This increase reflected a higher level of head office activity associated with operating the Sigma Mine and the San Juan Mine, including salaries and benefits at higher staffing levels.

Before net changes to non-cash working capital balances, cash flows provided by operating activities were $2,505,344. After the net change to non-cash working capital balances, cash flows provided by operating activities in the first quarter were $2,891,264.

Strategic Mining Shift at Sigma/Lamaque Complex

Pursuant to the receipt of the Lamaque Underground mining permit in April 2007, Century has conducted a thorough review of its operations at the Sigma/Lamaque Complex for the purpose of optimizing operations and continually increasing profitability. As a result, the Company will implement the operational changes and strategies outlined as follows.

Strategic Change

The new plan includes a strategic shift to a significantly larger percentage of Sigma/Lamaque production from underground operations, which will result in a gradual phasing out of mining from the Sigma open pit in late 2009. Open pit mining will continue at the Lamaque West Plug. This strategic shift will facilitate an improved long-term mine plan for the Sigma/Lamaque Complex, as well as lower costs and increased cash flow.

Background

In determining the new plan, the Company evaluated the following issues:

• Increasing cash costs associated with mining the Sigma open pit

• Prohibitive price trends in oil, tires and other spare parts

• Accessibility of open pit resources and reserves from underground

• Accessibility of additional near-surface resources below pit bottom

• Historically low valuation of the Sigma open pit operation by capital markets

Timeline

Century will implement the aforementioned operational changes according to the scheduled shown below.

Production/Resources

The majority of the ore remaining in the Sigma open pit will be accessible by underground mining methods. Century intends to target both open pit resources and ore located under the Sigma mill from underground operations, thereby facilitating more efficient and cost-effective extraction of these ore bodies.

Margaret Kent, President & CEO commenting on Century’s first quarter results and future prospects said: “We are pleased with the first quarter results, and particularly the Company’s ability to generate positive cash flow and net profit. We continue to struggle to achieve targets at the Sigma open pit, with equipment parts availability, tire availability, and other issues. This was one of the main reasons we decided on the strategic shift in operations mentioned above. From our underground experience at San Juan and Lamaque, the new plan will significantly enhance operations since many of the issues we are dealing with are specific to open pit mining. We are confident that these revisions to our long-term mine planning will allow Century to further increase profitability, reduce cash costs and maintain efficient mining operations at the Sigma/Lamaque Complex for many years to come. Although Century has only been mining underground at Lamaque for a short period, we are very encouraged with the initial results. In Peru, we are making excellent progress in the drilling/exploration program that was started in December at San Juan. Drilling and exploration activities in Peru will be expanded to include Rosario de Belen and other properties. Furthermore, we have increased budgets to expedite mill upgrades and mine mechanization at the San Juan Mine. Century will continue its aggressive growth strategies in both Canada and Peru, whereby we will position the Company to benefit from the results of exploration activities, increased production and favorable trends in precious metals prices.”

Regards,

Sara Swisher

Century Mining Corporation

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 Sigma and Lamaque mines in Qu�bec that historically have produced over 9.4 million ounces of gold.  In Peru, Century owns 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.

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 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.

Century Mining Coroporation:  441 Peace Portal Drive / Blaine, WA 98230 / Phone: (360) 332-4653

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