White Tiger Gold and Century Mining Announce Execution of an Amended and Restated Arrangement Agreement in Respect of Proposed Business Combination (ccnm)

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - White Tiger Gold Ltd. ("White Tiger") (TSX:WTG) and Century Mining Corporation ("Century") (TSX VENTURE:CMM) jointly announce that they have entered into a binding agreement (the "Amended and Restated Arrangement Agreement") with 7918534 Canada Inc. ("AcquisitionCo"), a wholly-owned subsidiary of White Tiger amending and restating the arrangement agreement made as of March 11, 2011, as amended June 16, 2011, between Century and White Tiger providing for the Business Combination (as defined below). Pursuant to the Amended and Restated Arrangement Agreement, White Tiger and Century will, subject to shareholder, court and regulatory approval, combine under a plan of arrangement (the "Business Combination") resulting in Century becoming an indirect wholly-owned subsidiary of White Tiger.

The Amended and Restated Arrangement Agreement provides an exchangeable share component to the transaction to provide Century shareholders with the opportunity to obtain a deferral of taxable capital gains for Canadian federal income tax purposes in certain circumstances. This addition to the structure of the Business Combination provides Century shareholders with the opportunity, instead of receiving 0.40 of a White Tiger common share, to elect to receive 0.40 of an AcquisitionCo exchangeable share (the "Exchangeable Shares") for each Century common share held. Thereafter, the Exchangeable Shares will be exchangeable into White Tiger common shares, on a one-for-one basis, at any time upon the election of the holder and will be automatically exchanged in certain circumstances up to five years after issuance. Each Exchangeable Share carries, to the extent practicable, economic and voting rights equivalent to those of a White Tiger common share.

This structure has been approved by the special committees (the "Special Committees") of the boards of directors of White Tiger and Century, respectively, which Special Committees are comprised entirely of independent directors of each of White Tiger and Century.

Particulars of the Business Combination will be described in detail in the respective management information circulars of each of White Tiger and Century to be filed with the regulatory authorities and mailed to White Tiger and Century shareholders in accordance with applicable securities laws in respect of the special meetings of White Tiger and Century shareholders expected to be held on or about September 13, 2011 to consider and approve the Business Combination.

Completion of the Business Combination remains subject to, among other things, the approval of the disinterested shareholders of each of Century and White Tiger, the TSX Venture Exchange and the Ontario Superior Court of Justice as well as any required approval under the Investment Canada Act and final approval of the Toronto Stock Exchange.