Century Mining Provides Update On Financing Activities

As previously announced on June 5, 2008, Century and MRI Trading agreed to a total financing package of C$6 million, including a convertible debenture facility of $1 million and a bridge loan debt facility of $5 million for the purpose of continuing planning and development activities for the Lamaque Underground Mine in Quebec.

The $1 million debenture facility has since been completed, and technical due diligence has been completed for the $5 million debt portion. MRI gave the Company oral assurance that the second tranche would be funded more than two weeks ago. As of today's date MRI has not funded the debt portion, stating that they are continuing due diligence and require at least 30 days more to complete further due diligence. No further requests for information have been received by Century.

Century has not been informed by MRI that due diligence performed to date is in any way unsatisfactory, but MRI has declined to indicate a date by which the financing will close. While the Company is exploring other financing alternatives, any discussions are preliminary in nature.

Margaret Kent, President & CEO said: "Representatives of MRI gave us oral assurances that documents would be signed and money wired two weeks ago, and we have provided them with all information and documentation they have asked for. We are disappointed that they have not yet funded the debt portion for reasons that are not entirely clear." -- www.cnxmarketlink.com