September 7, 2006
Century Mining Anticipates Receipt of Exploration Permit for San Juan Mine Within Next Two Weeks
BLAINE, WASHINGTON--(CCNMatthews - Sept. 7, 2006) - Century Mining Corporation (TSX VENTURE:CMM) is pleased to announce that the first application for a "Type B" Exploration Permit for drilling on the San Juan Gold Mine property has been filed with the Peruvian Ministry of Mines. The Company has been advised that it can expect to receive the permit within the next two weeks, at which point drilling will immediately commence on the Pampa target at the San Juan Gold Mine in southern Peru. A drilling contract for both surface and underground drilling has been awarded to MDS Drilling of Lima, Peru. The Phase 1 drill program at Pampa, which will total approximately 4,000 metres, is designed to provide geological information and assays to complete an NI 43-101 Technical Report for the San Juan Mine.
This is the first drill program ever to be conducted on the San Juan Gold Mine property, despite the fact that the mine has been in operation for over 20 years and has produced approximately 1.2 million ounces of gold in that period. Drilling permits for several additional exploration targets on the property, including Veta Clara and Santa Clarita, will also be filed in the very near future. Baseline studies that were required by the Ministry for the Pampa permit may now be used in subsequent applications, which should greatly decrease the time necessary to receive approvals.
About Century Mining Corporation
The Company forecasts total gold production of 85,000 ounces of gold at a cash cost of approximately US$385 an ounce from its Sigma, Lamaque and San Juan mines 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 production and 23,000 ha of exploration properties in Peru.
Margaret M. Kent, Chairman, President & C.E.O.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
CONTACT INFORMATION
Century Mining Corporation
Graham Eacott
Vice President, Investor Relations
(877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
geacott@centurymining.com
www.centurymining.com
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