CENTURY MINING REPORTS 2008 FULL YEAR FINANCIAL RESULTS

Century Mining Corp. has released its financial and operating results for the year ended Dec. 31, 2008. Century also announced that it is in the process of finalizing financial results for the 2009 first quarter, ended March 31, 2009, and will announce results immediately upon completion.

Summary of 2008 financial results

In the year ended Dec. 31, 2008, the company reported an operating profit from mining operations, before depreciation, amortization and accretion, of $6,017,441 (2007 -- $726,798) from gold revenues of $14,326,466 (2007 -- $48,062,870). Expenses incurred in these mining operations were $8,309,025 (2007 -- $47,336,072). For the year ended Dec. 31, 2008, the company reported a net loss of $807,070, or nil cents per share, compared with a net loss of $47,370,142, or 35 cents per share, in the prior year.

Century ran a test operation at the Lamaque underground mine from May, 2007, to July, 2008. The expenses of this operation, net of gold sales, were capitalized along with the balance of the feasibility work to produce a bankable feasibility study for the project.

Also during 2008, Century expended $1.66-million at the company's San Juan gold mine. These expenditures were mainly for additional equipment, exploration, shaft refurbishment and mine development. Century plans to continue these operational initiatives at San Juan, which will result in increased production levels. In 2008 the San Juan mine produced a total of 14,252 ounces of gold. Production for 2009 is expected to increase to approximately 16,000 ounces.

As a result of management initiatives to reduce overhead, Century recorded corporate administration expenses in 2008 of $2,222,450, down 51 per cent from $4,504,205 in the previous year. These expenses include salaries and benefits, as well as travel and accommodation expenses.

As at Dec. 31, 2008, the company had a working capital deficiency of $14,985,245, compared with a working capital deficiency of $12,910,084 at Dec. 31, 2007.

During the year under review, management implemented company-wide initiatives such as corporate and administrative cost reductions, negotiations with lenders and creditors, and deferral of certain executive salaries. These initiatives succeeded in providing Century with the time necessary to produce a bankable feasibility study for Lamaque and complete an exhaustive due diligence process with a major European bank, both of which are the basis for the $65-million (U.S.) debt financing announced in Stockwatch on March 24, 2009. The aforementioned initiatives also minimized further impacts to the company's balance sheet during the last year, while the company has been pursuing project financing.

Century's financial statements and management's discussion and analysis have been filed, and are available for viewing at SEDAR.

Outlook for 2009

Century has developed a bankable project at Lamaque that has successfully passed third party due diligence and risk assessment for a senior lending package. The company is committed to continued development of the project, including further additions of gold reserves and resources.
Century is currently in receipt of a $65-million (U.S.) financing underwriting commitment. Once a financing is closed it is expected that the first gold will be poured within four months of start-up.

In Peru, the company continues working on the development of the San Juan mine to anchor the company's growth of its Peruvian business unit. This business unit has provided the financing over the last year to assist with corporate expenditures while Century has been negotiating a financing package.

If the company procures the financing that it needs in June of this year and Lamaque starts production, it is expected that the combined production from the Lamaque and San Juan mines will be a total of 22,000 ounces of gold in 2009.

Margaret Kent, president and chief executive officer of Century, commented: "Management's focus is to work diligently to complete the financing to start up operations at Lamaque and expand gold production at the San Juan mine. With positive trends in gold spot prices and exchange rates, Century's management believes that the outlook for the company has improved significantly over the last year. This is evidenced by numerous inquiries from third parties regarding financings and other potential business combinations that Century has received over the past three months. Management and the board of directors remain committed to increasing shareholder value through financing and operational initiatives currently under way that will be accretive to shareholders. In addition, management and the board are committed to protecting shareholder interests from unsolicited offers through the Company's shareholder rights plan or any other means the board deems prudent."