Century Mining insiders acquire 11.5 million shares

Century Mining Corp.'s Margaret M. Kent and Ross F. Burns, directors and officers of the company, have directly and indirectly acquired 11.5 million shares and six million warrants of the company from an institutional shareholder of Century in a private transaction. The warrants have an exercise price of 75 cents per share and expire on Oct. 24, 2009.

Pursuant to the above-mentioned transaction, Ms. Kent and Mr. Burns jointly exercise control or direction over, and directly and indirectly own 14,545,914 shares of Century. This represents 8.6 per cent of the company's 169,072,599 common shares currently issued and outstanding.

In September, 2008, the company issued a convertible debenture to Ms. Kent in exchange for a $200,000 loan to the company. The maximum number of shares that have been reserved for issuance on full conversion of the debenture, which matures in March, 2010, is 8,900,822 common shares.

Assuming the exercise of all warrants and stock options, and full conversion of all convertible debentures, there would be 204,211,205 shares on a fully diluted basis. Ms. Kent and Mr. Burns would directly and indirectly hold 30,861,736 shares, representing 15.1 per cent of the fully diluted shares.

We seek Safe Harbor.