White Tiger Gold Ltd. and Century Mining Corporation Announce Proposed Business Combination

TORONTO, ONTARIO--(Marketwire - March 14, 2011) - Century Mining Corporation ("Century") (TSX VENTURE:CMM) and White Tiger Gold Ltd. ("White Tiger") (TSX:WTG) jointly announce that they have entered into a binding agreement (the "Arrangement Agreement") pursuant to which White Tiger and Century will, subject to shareholder, court and regulatory approval, combine under a plan of arrangement (the "Business Combination"). Under the terms of the Business Combination, shareholders of Century will receive 0.40 of a White Tiger common share for each common share of Century held. The board of directors of each company has unanimously approved the Business Combination.

For shareholders of both companies, the Business Combination will result in:

• A single company with exposure to three of the top six global producing nations, with properties in both Canada and Russia
• A strong senior management team with excellent technical skills and a track record in the mining industry as company builders
• An enlarged diversified portfolio of mines and projects, with both underground and open pit operations
• A company with a robust pipeline of projects offering potential long term gold production growth through existing assets
• Improved economies of scale that should support best practice operations, greater access to capital markets and enhanced liquidity to shareholders

Combined Company Highlights

• Combined production from Century's Lamaque gold project (the "Lamaque Project") and San Juan mine (the "San Juan Mine") and White Tiger's Savkino mine (the "Savkino Mine") expected to be approximately 111,000 to 121,000 ounces of gold in 2011

• New mine development at White Tiger's Nasedkino Project (as defined below) with anticipated open pit gold production beginning by 2014

• Significant exploration potential at White Tiger's Pridneprov property located in the world class Yano-Kolyma Gold Belt representing the western continuation of the Alaskan Gold Province, and where Polyus Gold is currently developing its Natalka property

• Substantial combined existing gold reserves and resources (the following summary numbers are calculated and rounded to two decimal places when compared to the underlying NI 43-101 (as defined below) technical reports - see the heading "NI 43-101 Technical Reports" below)

  • 1.43 million ounces ("Moz") of proven and probable gold reserves (11.08 million tonnes ("Mt") with a weighted average grade of 4.01 grams per tonne ("g/t") based on Lamaque Project: 7.7Mt grading at 4.56 g/t to give 1.13 Moz of proven and probable gold reserves; San Juan Mine: 0.65Mt grading at 8.87g/t to give 0.19 Moz of proven and probable gold reserves; Savkino Project (as defined below): 2.73Mt grading at 1.29g/t to give 0.11 Moz of proven and probable gold reserves)

  • 1.61 Moz of measured and indicated gold resources (16.10Mt with a weighted average grade of 3.12g/t based on Lamaque Project: 8.31Mt grading at 4.81 g/t to give 1.29 Moz of measured and indicated gold resources; San Juan Mine: 0.2Mt grading at 2.53g/t to give 0.02 Moz of measured and indicated gold resources; Savkino Project: 4.78Mt grading at 1.11g/t to give 0.17 Moz of measured and indicated gold resources; Nasedkino Project: 2.72Mt grading at 1.52g/t to give 0.13 Moz of measured and indicated gold resources)

  • 3.48 Moz of Inferred gold resources (23.02Mt with a weighted average grade of 4.70g/t based on Lamaque Project: 19.63Mt grading at 4.96 g/t to give 3.13 Moz of inferred gold resources; San Juan Mine: 0.59Mt grading at 9.25g/t to give 0.18 Moz of inferred gold resources; Savkino Project: 0.46Mt grading at 1.61g/t to give 0.02 Moz of inferred gold resources; Nasedkino Project: 2.34Mt grading at 2.01g/t to give 0.14 Moz of inferred gold resources)

• Senior staff with substantial Canadian and Russian operating experience

  • Demonstrated ability to identify, acquire and operate world-class deposits

  • Proven ability to bring greenfield deposits into commercial scale operation

  • Successful track record of raising capital for development

Dr. Geoffrey Cowley, CEO of White Tiger stated, "White Tiger is very pleased to make this opportunity available to Century shareholders to create a global, mid-tier gold producer. The newly formed company will feature a robust portfolio of production, development and exploration assets which we expect will have greater access to the financial markets. This is a very good deal for the shareholders of White Tiger and Century, designed to create value."

Mr. Daniel Major, President and CEO of Century stated, "On behalf of the board and management of Century, we are fully and unanimously supportive of the Business Combination. We believe the combination of Century and White Tiger should provide financial stability to progress Century's Lamaque and San Juan mining operations. In addition, the combination affords Century shareholders with the opportunity to benefit from the tremendous potential of the gold mining industry in Russia."

White Tiger Overview