CENTURY MINING CORP ORATION (fka CMNZF)

[NYBob]

Century Mining hires advisors to evaluate strategic options -
Wednesday July 23, 9:51 am ET
BLAINE, WA, July 23 /CNW/ -

Century Mining Corporation -
(CMM: TSX-V) announced today that it has initiated a strategic review process in response to recent difficulties the Company has encountered in its efforts to secure financing. This review process was initiated as a result of Century's evaluation of severe equity market conditions and the current valuation of the Company.

The Board of Directors has therefore engaged Blair Franklin Capital Partners as financial advisors, to identify alternatives available to Century that will enhance shareholder value.

The strategic review will encompass a thorough analysis and evaluation of the prospects and options available to the Company, including the sale of the Company or its assets, the recapitalization of the Company or other alternatives that may be identified by the Company's advisors or Board of Directors.

Margaret Kent, President & CEO said: "We are asset rich, but lacking in working capital. We fully intend to continue all internal work toward completing the due diligence process related to the Fortis Bank financing for Lamaque. Parallel to this process, the Company will explore strategic alternatives which could enhance shareholder value. The Company believes that there are several alternatives that could ease the strain of our current working capital deficit and allow us to move forward and grow the Company during this difficult time we are experiencing in the resource equity markets."

About Century Mining Corporation

Century Mining Corporation is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru in addition to its Canadian projects. The Company owns the Lamaque mine in Québec that historically has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production.

"Margaret M. Kent"
Chairman, President & CEO

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release.

Caution Concerning Forward-Looking Information


This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are 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 statements and information involve 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 information and accordingly, readers should not place undue reliance on such statements and information. 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 commodity 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 included in this Annual Report, in our Annual Information Form and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com.

While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.

For further information

Brent Jones, Manager of Investor Relations, E-mail: [e-mail], Phone: [phone] or [phone], Fax: [phone], Website: www.centurymining.com


Source: Century Mining Corporation

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