- Century receives cash payment and shares of Poderosa as settlement -

BLAINE, WA, July 6 /CNW/ - Century Mining Corporation (CMM: TSX-V)

announced today that it has settled a lawsuit in Peru that the Company had

brought against Corporacion Minera San Manuel S.A., Compania Minera Atacocha

S.A.A. and Monica Patricia Arias Vargas de Ucelli, Veronica Rocio Arias Vargas

de Gamero, White Peak Resources Inc. and Koriarias Inc. regarding the binding

agreement signed for the sale of shares to Century of Compania Minera Poderosa

S.A.

As part of the settlement announced today, Century will receive 260,868

common shares of Poderosa, which have been held in trust since a Letter of

Intent was signed by both parties in 2006. In addition to the shares of

Poderosa, Century will receive a cash payment in the amount of US$300,000.

Today's announcement brings to an end all litigation concerning the

"Poderosa" deal.

The law suit Century filed in Peru was the result of what Century

understood was a violation of a binding agreement between Century and the

selling group of Poderosa. In 2006, Century and the selling group entered into

an agreement whereby Century would purchase approximately 38% of the shares of

Poderosa from the selling group. This agreement expired on November 17, 2006

and on November 22, Century was advised that the selling group sold their

shares to a third party.

Margaret Kent, President and CEO of Century commented, "Our main focus

now is closing a project financing for the Lamaque Mine and bringing it into

production. Although litigation is sometimes necessary for the purpose of

protecting the interests of shareholders, the process can require significant

allocation of management's time and other resources. We are pleased have this

matter resolved."

About Century Mining Corporation

Century Mining Corporation is a junior gold producer. The Company owns

and is working towards the start up 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 2007

and 2008 was 63,124 and 14,252 ounces of gold, respectively.

<<

"Margaret M. Kent"

Chairman, President & CEO

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 statements within the meaning

of the United States Private Securities Litigation Reform Act of 1995 and

forward-looking information within the meaning of applicable Canadian

securities laws. We use words such as "may", "will", "should", "anticipate",

"plan", "expect", "believe", "estimate" and similar terminology to identify

forward-looking statements and forward-looking information. Such statements

and information are 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 statements and information

involve 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 information and accordingly, readers

should not place undue reliance on such statements and information. 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 commodity 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 included in this

Annual Report, in our Annual Information Form and in other filings made by us

with the Securities and Exchange Commission and with Canadian securities

regulatory authorities and available at