PRESS RELEASE
1
April 28, 2009 CENTURY MINING RECEIVES CONDITIONAL UNDERWRITING COMMITMENT FOR US$65 MILLION LAMAQUE PROJECT FINANCING Blaine, WA: Century Mining Corporation (CMM: TSX-V) announced today that further to the press release issued on March 24, 2009, the Company has now received a conditional underwriting commitment for US$65 million. The commitment is subject to the finalization of customary documentation and the transfer of all assets and liabilities associated with the Lamaque Mine into a new wholly-owned subsidiary of the Company. The shares of the new subsidiary will be pledged as part of the security package for the loan. Century is working with Union Securities Ltd. and their legal representatives to complete the transaction. The commitment announced today is with a consortium of international investors, and is being arranged by Union Securities and American Capital Commercial Lending Group. Century is now proceeding with review of all necessary documentation and the formation of the operating subsidiary necessary to comply with the terms of the loan. In addition to the $65 million debt financing, the Company is engaged in negotiations with two other separate parties regarding additional financing alternatives. The two other potential deals under review include a merger with another resource company, whereby the combined entity would have sufficient capital to fund the restart of the Lamaque Mine and pay down the Company’s liabilities and long-term debt, resulting in a significantly stronger balance sheet. The other scenario being considered by the Company’s Board of Directors is a comprehensive agreement with a group of financiers for debt and equity financing for the Lamaque project, in addition to assistance with future capital requirements of the Company. Century also clarified that the three alternatives are not exclusive of each other, and any combination of the $65 million debt deal and one of the two additional deals could be completed to form a well-funded mining house capable of funding current projects and pursuing other potential acquisitions. Shares for Debt Arrangement Century also announced today a shares for debt arrangement, whereby Century will complete a private placement of up to C$2.0 million in lieu of payment to certain creditors. Under the arrangement, Century will issue up to 8.0 million shares of the Company at an issue price of C$0.25 per share. This offering is being made available to various creditors of the Company for the purpose of reducing liabilities and immediately strengthening the Company’s balance sheet and financial position. The shares will be subject to a hold period of four months and a day. The issuance of the shares is subject to compliance with applicable securities laws and the approval of the Exchange.
2
Margaret Kent, President and CEO of Century commented, “We are working diligently with all interested parties to thoroughly evaluate each of the financing alternatives available to Century. Management and the Board of Directors recognize the importance of concluding a financing deal expeditiously, but need time to negotiate and make the appropriate decisions, giving due consideration to all proposals. Regarding the shares for debt arrangement, many of the creditors that are participating in this offering will play a key role in the restart of the mine, and have supported the Company for the past year. We are happy that as key stakeholders they will recognize the potential upside when financing for the project is completed.” About Century Mining Corporation Century Mining Corporation is a junior gold producer. The Company owns and is working towards the restart of the Lamaque mine in Québec that historically has produced over 9.2 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. Total gold production for 2006 and 2007 was 70,401 ounces and 63,124 ounces of gold, respectivel