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Gold/Mining/Energy : Century Mining Corporation

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From: pstad60	5/1/2006 10:54:17 AM
	of 545

MAY 1, 2006 - 10:01 ET Century Mining Closes Purchase of Bank Debt as Part of the Acquisition of San Juan Gold Mines and Minera Chorunga BLAINE, WASHINGTON--(CCNMatthews - May 1, 2006) - Century Mining Corporation (TSX VENTURE:CMM) today announced that it has completed the purchase from Banco Wiese Sudameris of US$9.9 million of debt securing the majority of the mining concessions owned by San Juan Gold Mines S.A.A. and Minera Chorunga S.A.A. The bank debt was purchased for US$2.5 million. The balance of the transaction, which is the purchase of 60 percent controlling interest in San Juan Gold Mines S.A.A. and 60 percent interest in Minera Chorunga S.A.A., is expected to close in the next several days. Margaret Kent, President & CEO said: "This is the first step in completing the major acquisition of the control of San Juan Gold Mines in Peru. The mortgages we purchased secure the majority of the mining claims giving Century control over the deposit and exploration targets. We look forward to closing the balance of the transaction and commencing our work program". About Century Mining Corporation The Company forecasts gold production of 90,000 ounces at a cash cost of US$325 an ounce from its Sigma Mine in Quebec in 2006. The Company owns the dormant Carolin gold mine in southwestern British Columbia; nine precious metals exploration properties located on the historic Juneau Gold Belt in Alaska; and exploration properties in Peru. Margaret M. Kent, Chairman, President & CEO

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