Century Mining Signs Debt and Equity Agreements for Financing and Closes Flow-Through Financing

BLAINE, WASHINGTON--(Marketwire - Dec. 24, 2009) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce that it has signed all documentation and agreements related to the US$33 million prepaid gold forward facility and the CDN$17 million private placement. These financings have been fully described in previous corporate news releases and discussed at the Special Meeting of Shareholders on November 23, 2009.

Due to the signing of documentation for the above financings immediately prior to the Christmas / Boxing Day holiday weekend, the final closing and disbursement of funds to the Company cannot be completed until the week of December 28, 2009. A subsequent detailed press release will be issued at that time highlighting all terms of the completed financings.

"The signings of the prepaid gold forward agreement and the equity subscription agreements are major milestones for the Company and all of its stakeholders. With the funding of these financings next week, we will have achieved the final step to allow the Lamaque Gold Project in Val d'Or, Quebec to advance towards production in early 2010. On behalf of the Board of Directors and the management team, I would like to thank all our stakeholders for their support and strong vote of confidence in our company. Upon funding, Century will immediately pay the remainder of CDN$3.5 million financial guarantee requested by the Ministry of Natural Resources of Quebec for the reclamation of the Sigma site," commented Margaret M. Kent, President and CEO of Century Mining.

The Company also wishes to announce that it has closed the last flow-through equity financing, comprising 20 million units at a price of CDN$0.20 per share for gross proceeds of CDN$4.0 million. Each unit consists of a common share issued on a flow-through basis and one-half of a common share purchase warrant, with each full warrant exercisable for 18 months at a price of CDN$0.30. This financing was originally announced on November 27, 2009.

All of the securities issued under these private placements will be subject to a four-month hold period.

"We are very pleased to have completed this last tranche of flow-through financing. This $4 million allows the Company to continue its exploration, development, and resource delineation program at the Lamaque Gold Project. The Board of Directors would like to wish all of our stakeholders a happy holiday season, and we look forward to making 2010 a very prosperous year for our company. We will schedule a conference call for early January 2010, once funding is completed," added Ms. Kent.

About Century Mining Corporation

Century Mining Corporation is a Canadian-based gold producer with expanding gold production, late stage development and exploration properties, and holds strategic land positions in Canada, Peru, and the United States. The Company's strategy is to grow into a mid-tier producer through organic growth via existing mine expansions, and by pursuing other strategic and synergistic gold mining acquisitions.

On behalf of Century Mining Corporation,

Margaret M. Kent, President & CEO