Under the planned transaction, Century Mining will be acquired by a wholly owned subsidiary of White Tiger, a company that trades on the TSX but operates mainly in Russia, reported The Canadian Press.

The deal has received some of the necessary approvals, including from shareholders, but is still subject to final approval of the Toronto Stock Exchange and TSX Venture Exchange where the companies' shares are listed.

"We appreciate the approval given by the Government of Canada. We are now one step closer to creating a larger, more diversified gold mining company with multiple properties in various stages of production and development in Canada, Russia, and Peru" said Daniel Major, president and chief executive officer of Century and Geoffrey Cowley, White Tiger's CEO, in a joint statement.

Century's stock closed at 21.5 cents, up half a cent, on the Venture Exchange while White Tiger's ended trading Wednesday at 62 cents, down three cents on the Toronto Stock Exchange.

White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation and which currently operates the Savkino heap leach gold operation located in southeastern Siberia.

In addition to Ildikan, Nasedkino/Uryum and Pridneprov, White Tiger Gold Ltd. also holds gold exploration licences in Zolin-Arkinsk and Takhtamygda which are prospective geological environments in south central Siberia.

Century Mining Corporation is a Canadian gold producer and holds strategic land positions in Canada, the United States and Peru.

Its strategy is to grow to its gold production through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.

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