Summary of 2007 operating results

In the year ended December 31, 2007 the Company reported an operating profit from mining operations, before depreciation, amortization and accretion, of $726,798 (2006 - $13,703,412) from gold revenues of $48,062,870 (2006 - $45,135,717). Expenses incurred in these mining operations were $47,336,072 (2006 - $31,432,305).

For the year ended December 31, 2007 the Company reported a net loss of $47,370,142 or $0.35 per share, compared to net income of $1,266,500, or $0.01 per share in the prior year.

In 2007, the Company entered into agreements to acquire and operate Mina Rosario de Belen, in Peru, and acquire the Shahuindo property and an option for the Atimmsa property in Peru. The Company recently terminated these three agreements and recorded a write-off totaling $7.1 million as at December 31, 2007.

In November, 2007 Century discontinued operations at its Sigma open pit gold mine in Val d'Or, Québec in order to focus on the Lamaque underground mine at the Sigma-Lamaque Complex, which was reactivated in May of 2007. Deteriorating ore grades, the inability to predict and determine ore grades and higher mining costs, due substantially to high fuel prices, had made the surface mine uneconomic. As a result of the cessation of the Sigma open pit operation, the Company ascertained an impairment of the deferred stripping asset balance during the third quarter of 2007, and wrote off the entire balance of $19.0 million. The Company also wrote down related mining and plant equipment, and recorded a loss totaling $5.6 million.

As a result of the write-offs described above, Century has addressed all outstanding financial issues related to deferred stripping and other write-off items. -- www.cnxmarketlink.com