Mr. Sandy Chim reports

CENTURY REPORTS ON SUNNY LAKE AND SCHEFFERVILLE WEST DRILLING PROGRAMS AND POSITIVE ASSAY RESULTS

Century Iron Mines Corp. has released positive assay results for its 2014 drilling programs at the Sunny Lake properties, which are located about 55 kilometres northwest of Schefferville, Que., and the Schefferville West property, about 20 km southeast of Schefferville.

The drilling program at the Sunny Lake properties was conducted from late August to the end of October of 2014 with the initial batch of positive assay results previously announced on Nov. 12, 2014. The drilling program at the Schefferville West property was conducted from late October to early November, 2014. Both programs concentrated on potential high-grade targets at the Blackbird Lake area of the Sunny Lake properties and the Red Dragon area at the Schefferville West property, and their surrounding areas.

2014 drilling program highlights

Drilling metres

During the drilling program, century completed 3,711 metres of HQ3/BQ3 diamond drilling on its selected targets, namely the Blackbird targets and surrounding areas (3,083 metres) and the Red Dragon targets (628 metres).

Sunny Lake drilling results

The drilling program at the Blackbird Lake targets returned higher-grade intersections (grading greater than 50 per cent iron (Fe)) in 20 of the 30 drill holes. The highlights include hole BB-14-001, which intercepted 36.3 m at 62.67 per cent Fe (previously disclosed in a news release dated Nov. 12, 2014).

Schefferville West drilling results

The drilling program at the Red Dragon targets was intercepted with high-grade zones in six of seven holes drilled. The highlights include hole SWI-14-08, which intercepted 10.7 m at 65.06 per cent Fe.

Upon completion of data compilation and geological interpretation, the company intends to engage an independent, qualified person to determine if there are sufficient data to support the preparation of National Instruments 43-101 mineral resource estimates of the Blackbird Lake prospect and the Red Dragon prospect. If there are, the company anticipates the estimation exercise to be completed by early 2015.

"I am very pleased that our exploration team have demonstrated their experience and competence by successfully delivering positive results at both the Blackbird Lake and Red Dragon targets, both of which have the potential to become high-grade deposits that could strategically complement our more advanced Joyce Lake DSO project, which is currently under feasibility study," commented Sandy Chim, Century's president and chief executive officer.

Sunny Lake properties: Blackbird Lake targets

The Blackbird Lake targets are located in the province of Quebec, about 55 kilometres northwest of Century's most advanced DSO deposit, Joyce Lake. Ground gravity, magnetic survey and geological interpretation have indicated that the Blackbird Lake area is one of the most favourable high-grade targets on the Sunny Lake properties. The Sunny Lake properties consist of 864 claims covering an area of approximately 42,239.67 hectares and are owned through a joint venture with WISCO International Resources Development & Investment Ltd. (WISCO).

The controlled enriched zone at Blackbird Lake area is over 1,200 metres long and 250 metres wide. Selected assay results for the first 18 holes were previously released on Nov. 12, 2014. Selected assay results of the remaining 12 drill holes are summarized in the associated table.

 
                                BLACKBIRD LAKE TARGETS  

                                             Core
                        From       To      length
Hole                     (m)      (m)         (m)               Average
                                                       Fe %      SiO2 %       Mn %

BB-14-021                 12       18           6     51.65       17.90       0.24
BB-14-022A                21       25           4     51.60       21.89       0.05
and                     26.3       29         2.7     56.90       15.41       0.03
and                     31.7     33.6         1.9     50.50       22.69       0.02
and                     43.7     45.7           2     51.80       21.53       0.00
BB-14-024                120      141          21     55.46       15.30       0.41
including                132      138           6     58.90        9.02       0.48
BB-14-026                 75       78           3     58.00       11.33       0.12
and                     86.4     89.4           3     51.40       19.72       2.13
BB-14-028                 48       51           3     53.60       17.44       0.17
BR-14-001              146.4    158.9        12.5     49.71       26.19       0.09
including              146.4      148         1.6     56.20       16.36       0.23
including              153.5    158.9         5.4     52.77       22.51       0.07
 

Schefferville West property: Red Dragon targets

The Red Dragon targets are located in the province of Newfoundland and Labrador, about 20 km southeast of Schefferville, at the extension of IOC's Redmond mines. The Schefferville West property contains 475 claims through three licences within the Newfoundland and Labrador licensing system, and covers 11,874 hectares. Century has a 100-per-cent-registered interest in the Schefferville West property.

In 2014, seven HQ3/BQ diamond drill holes totalling 628.2 metres were completed, with six holes intersecting ore-type mineralization. The controlled enriched zone at the Red Dragon prospect is over 1,300 metres long and 200 metres wide.

The associated table summarizes the selected assay results from the 2014 drilling program at the Red Dragon targets.

                               2014 RED DRAGON TARGETS                      

Hole                   From        To       Length                          Average
                        (m)       (m)          (m)      Fe %     SiO2 %        Mn %

SWI-14-08              22.7      33.4         10.7     65.06       4.51        0.13
and                      45        48            3     65.70       2.72        0.00
and                      78        81            3     51.30      23.83        0.06
and                      85      88.5          3.5     50.70      23.83        0.01
SWI-14-09                21      36.2         15.2     55.30      18.01        0.08
including                27      36.2          9.2     61.89       9.87        0.11
and                      58        61            3     59.30      12.57        0.00
SWI-14-10                32      42.6         10.6     52.12      24.27        0.00
including              37.6      42.6            5     62.28       9.23        0.00
SWI-14-11                44      49.5          5.5     64.37       6.11        0.03
SWI-14-12              74.5      78.2          3.7     61.90       9.78        0.00
SWI-14-13                45        58           13     59.97      11.86        0.03
including                45        54            9     62.87       7.89        0.04

The 2014 drilling program at the Red Dragon targets was supported by the Junior Exploration Assistance funding from the mineral incentive program of the Department of Natural Resources, government of Newfoundland and Labrador.

Qualified persons

The technical information contained in this release has been prepared, reviewed and approved by Century employees Wenlong Gan, PGeo, and Zhihuan Wan, PGeo, both of whom are qualified persons as defined under NI 43-101.

Quality assurance/quality control (QA/QC)

Iron values were determined by X-ray fluorescence (XRF) major element analysis at Activation Laboratories Ltd. located in Ancaster, Ont., an ISO 17025-accredited laboratory.

QA/QC procedures were implemented in the drilling program, and included the systematic addition of in-house blanks, certified reference standards, and field duplicates at a rate of 10 control samples for every 100 samples sent for analysis, in addition to the laboratory duplicates/standards at Activation Laboratories Ltd.

The sample intervals were determined by mineralization and geology on the HQ/BQ core at lengths ranging from 1.5 to three metres. The overall core recovery is over 85 per cent. All the mineralized intervals were halved using a manual splitter and sampled at a secured core shack at Schefferville. The remainder of the core is kept on-site in Schefferville as a permanent record.

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