Century Signs Property Option Agreement for Up to 51% Interest in St. Anthony Gold Mine

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Century Energy Ltd ("Century") (TSX VENTURE:CEY) is pleased to announce that
further to the previously announced Letter of Intent with Pacific Iron Ore
Corporation ("Pacific"), it has entered into a definitive Property Option
Agreement ("Agreement") with Pacific for the St. Anthony Gold Mine and adjacent
properties of 8,784 hectares located in the Sturgeon Lake Greenstone Belt in the
Kenora-Patricia Mining District of Ontario, Canada ("Property"). The Agreement
is subject to several conditions, including regulatory approval and completion
of a financing by Century to fund the first year work program. Pursuant to the
Agreement, the financing must be completed on or before October 31, 2012 or such
other date as the parties may agree.


The Agreement provides for three earn-in options under which Century may acquire
up to an aggregate of 51% of the Property. The first option requires a payment
of $2,000,000 for a 20% interest in the Property. The funds will be used to pay
for expenditures on the Property's Phase 1 work program. The second option
requires payment of $2,500,000 for an additional 20% interest in the Property.
The funds will be used for expenditures on the Property's Phase 2 work program.
The third option requires payment of $5,000,000 to acquire a total of 51% of the
Property. The exercise of the second and third options by Century is conditional
upon exercise of the prior option. 


The St. Anthony Gold Mine produced 63,310 ounces of gold in the early part of
the twentieth century from 332,720 tons with an average recovered grade of 0.191
ounces of gold per ton. 


Century intends to continue to pursue exploration on its oil and gas properties
located in Saskatchewan.


This news release may contain certain forward-looking statements, including the
proposed private placement, requisite regulatory approvals and the timing for
each, all of which involve substantial known and unknown risks and
uncertainties, many of which are beyond the Company's control. The Agreement is
subject to several conditions and there is no assurance that the conditions
thereunder will be met. The earn-in options are at the option of Century and
there is no assurance that such option will be exercised even if the conditions
for such exercise are met. Such risks and uncertainties include, without
limitation, risks associated with mining exploration, development, exploitation,
loss of markets, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
explorers and producers, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from internal and
external sources, the impact of general economic conditions in Canada, the
United States and overseas, industry conditions, changes in laws and regulations
(including the adoption of new environmental laws and regulations) and changes
in how they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in foreign
exchange or interest rates, and stock market volatility. Century's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and, accordingly,
no assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds that Century may raise in the
proposed private placement. Readers are cautioned that the foregoing list of
factors is not exhaustive. All subsequent forward-looking statements, whether
written or oral, attributable to Century or persons acting on its behalf are
expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Century does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.