Mr. Ben Wong of Century Eagle reports

CENTURY EAGLE NEWS RELEASE -- EARLY WARNING

Century Eagle Holdings Ltd. has filed an early warning report on SEDAR disclosing a change of its intention with respect to the 49,781,316 common shares of Century Iron Mines Corp. beneficially held by Century Eagle. The Century Eagle shares represent approximately 50.4 per cent of the issued and outstanding common shares of the company. At the request of the shareholders of Century Eagle, as disclosed herein, Century Eagle has formed a preliminary intention to distribute the Century Eagle shares to the Century Eagle shareholders (as defined herein) pro rata in accordance with their respective shareholdings in Century Eagle. The distribution of the Century Eagle shares is subject to transaction structuring and confirmation on the manner of distribution, which have not yet finalized at this time. As a result of the preliminary change of intention with respect to the proposed Century Eagle distribution, Century Eagle no longer holds the Century Eagle shares for investment purposes, as originally disclosed in a report under National Instrument 62-103 made by Century Eagle and filed on SEDAR on May 25, 2011. Century Eagle understands that, upon completion of the Century Eagle distribution, the Century Eagle shares will continue to be held by the Century principals (as defined herein), through the Century Eagle shareholders, for investment purposes.

Century Eagle is a private BVI company controlled by Ben Koon (David) Wong, Sandy Chim, Hua Bai and Patrick Li (the Century principals) through the following respective holding companies (the Century Eagle shareholders): (i) Purple Star Holdings Ltd., a private company, controlled by Mr. Wong, which indirectly owns approximately 49.5 per cent of the shares of Century Eagle, (ii) Thriving Century Ltd., a private company, controlled by Mr. Chim, which indirectly owns approximately 30.6 per cent of the shares of Century Eagle, (iii) Earnlead Investments Ltd., a private company, controlled by Mr. Bai, which indirectly owns approximately 10 per cent of the shares of Century Eagle, and (iv) Wellson Ford Ltd., a private company, controlled by Mr. Li, which indirectly owns approximately 9.9 per cent of the shares of Century Eagle. Mr. Chim is the president and chief executive officer and a director of the company. Mr. Wong and Mr. Bai are each directors of the company.

The common shares of the company are listed on the Toronto Stock Exchange. The Century Eagle distribution is expected to be a private transaction that will be exempt from the takeover bid requirements of Canadian securities laws. Each of Century Eagle, the Century Eagle shareholders and the Century principals may increase or decrease its beneficial ownership of the company's securities depending on future economic or market conditions.

A copy of the early warning reports has been filed with applicable securities commissions and can be found at SEDAR.