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Century Mining Corp

Friday, February 22nd, 2008

Century Mining Corporation announced that it has received an updated Certificate of Authorization from the Quebec Ministry of Environment for the Lamaque underground project to increase production from 400 tonnes of ore per day to 1,200 tonnes of ore per day. This is a significant step toward achieving Century’s plans to increase production at the Lamaque underground mine, where the Company recently announced NI 43-101 compliant reserves in excess of 1 million ounces of gold.
The Lamaque underground mine contains the following mineral inventory:
Mineral Inventory Summary, Tonnes, Grade grams/tonne, Gold ounces
Proven and probable reserves 7,736,181 4.56 1,134,971
Measured and indicated resources 3,687,308 5.27 624,201
Inferred resources 17,839,915 4.83 2,832,389
Production from the Lamaque underground mine has steadily increased from 5,137 tonnes of ore in October 2007 to 7,783 tonnes in January 2008. Century currently forecasts average production from the Lamaque underground mine of 300 tonnes of ore per day in the first quarter of 2008. The Company plans to increase production to approximately 450 tonnes per day in the second quarter, 700 tonnes per day in the third quarter and 1,200 tonnes per day in the fourth quarter of the year. As part of the Company’s plan to fund Lamaque capital requirements, Century completed the sale of the semi-autogenous grinding mill (the “SAG mill”) on February 14. The SAG mill became surplus equipment when Century completed the transition from open pit operations to underground mining during the second half of 2007. Century will receive a total of $2.0 million from the sale of the SAG mill, of which $1.0 million was received at closing, with the remaining $1.0 million due upon removal of the SAG mill from the site. Century will use the proceeds of the SAG mill sale for capital requirements at Lamaque, including the acquisition of crushing equipment that will enhance milling productivity and efficiency.
As previously announced, the Company has hired a crew of miners, geologists, and engineers for the Lamaque underground program and has procured necessary equipment and materials. As the production ramp up continues, Century estimates that it will need to increase underground mining staff by an additional 37 persons during the first half of 2008, which will be achieved through an aggressive recruiting campaign that began in 2007. Century does not anticipate any delays in the ramp up schedule due to personnel or equipment issues.
Margaret Kent, President & CEO, commented: “We are very excited about the progress we have made since completing the transition from open pit to underground mining. At this point we are on schedule and within budget for the Lamaque production ramp up, and we are confident that Lamaque will achieve positive cash flow in 2008 and serve as the foundation for the Company’s future growth.”
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