Century Iron Mines Corporation (TSX:FER) through WISCO Century Sunny Lake Iron Mines Limited, a joint venture with WISCO International Resources Development & Investment Limited is pleased to announce the results of a Preliminary Economic Assessment prepared by CIMA+ located in Montreal, Quebec with inputs from Met-Chem Canada Inc., Soutex Inc., SRK Consulting (Canada) Inc. and WSP Canada Inc. in respect of the Full Moon Taconite Project. The Full Moon Taconite Project is part of the Sunny Lake Properties in which Century has a joint venture interest of 81.4% and WISCO has 18.6% interest. The NI 43-101 Technical Report for the Full Moon Project will be filed on SEDAR and on Century’s website within 45 days following this news release. The results of the PEA disclosed in this press release are in Canadian dollars.

Project Summary

The Full Moon Taconite Project is located 80km NW of Schefferville in Quebec and the PEA includes the following key parameters:

—  An open pit mine with a strip ratio of 0.1:1, mining for a nominal 30

years of operation

—  Process plant that recovers both Magnetite and Hematite to concentrate

—  The Preferred Option has a high silica content process weight recovery

of 36.2% (Magnetite of 27.0% and Hematite of 9.2%)

—  The Preferred Option assumes production of 20 million tonnes per year

High Silica Content concentrate (4.5% SiO2) and approximately 66% Fe

content.

—  Transportation over a new rail line from the plant to Schefferville then

over the existing rail lines to the Sept-Iles new multi-user port for

shipping to China

—  An initial capital cost estimate with an accuracy of +/- 35%

—  A product sales price based on 62% Fe fines CFR China of US$95 dmt and a

shipping cost of $15 wmt.

—  An exchange rate of US$0.80 to CDN$1.00

Sandy Chim, President and CEO said: “We are very pleased with the Full Moon PEA with a pre-tax IRR of 15.1% on the Preferred Option concentrate production, together with options to produce pellet products at a higher ROI. This project is an excellent fit with our two pronged strategy to first develop our DSO opportunities followed with major high volume and large scale projects such as Full Moon in the long run in anticipation of the recovery of the global seaborne market led by the emerging Asian countries.”

Financial Analysis

Preferred

($millions or otherwise stated)                                      Option

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Project Economics                     LSC       HSC         LSC         HSC

Pellets   Pellets Concentrate Concentrate

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Before-Tax

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Payback Period years                  6.0       5.4         6.3         5.7

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Net Present Value @ 0.0%          $41,654   $46,599     $32,049     $34,939

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Net Present Value @ 8.0%           $6,626    $8,196      $4,807      $5,771

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Net Present Value @ 10.0%          $3,779    $5,048      $2,604      $3,395

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IRR %                                14.6%     16.2%       13.9%       15.2%

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After-Tax

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Payback Period years                  6.5       5.9         6.8         6.3

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Net Present Value @ 0.0%          $27,331   $30,278     $20,879     $22,580

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Net Present Value @ 8.0%           $3,409    $4,419      $2,336      $2,965

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Net Present Value @ 10.0%          $1,424    $2,259        $803      $1,334

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IRR %                                12.0%     13.2%       11.4%       12.4%

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LSC and HSC Recoveries

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Magnetite       Hematite

weight         weight   Total weight

recovery       recovery       recovery

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LSC process                              24.7%           8.5%          33.2%

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HSC process                              27.0%           9.2%          36.2%

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LSC: Low Silica Concentrate (SiO2 1.5%), HSC: High Silica Concentrate (SiO2 4.5%)

Summary of Estimated Initial                                       Preferred

Capital Costs ($millions)                                            Option

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LSC       HSC         LSC         HSC

Pellets   Pellets Concentrate Concentrate

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Mine Pre-Stripping                    48.0      48.0        48.0        48.0

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Mine                                 242.3     242.3       242.3       242.3

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Concentrator / Pellet Plant        4,304.8   4,192.7     2,626.0     2,513.9

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Tailings                             450.4     450.4       450.4       450.4

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Infratracuture                       859.8     859.8       859.8       859.8

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Rail                                 441.1     441.1       441.1       441.1

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Indirects & contingencies          2,717.8   2,651.8     2,717.8     2,651.8

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Total                             $9,064.3  $8,886.1    $7,385.5    $7,207.3

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Summary of Estimated Operating                                     Preferred

Costs ($/tonne)                                                      Option

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LSC       HSC         LSC         HSC

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Pellets   Pellets Concentrate Concentrate

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Mine                                 $6.12     $5.60       $6.12       $5.60

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Concentrator                        $17.98    $12.98      $17.98      $12.98

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Pellet Plant                        $10.73    $11.19       $0.00       $0.00

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Tailings                             $0.80     $0.73       $0.80       $0.73

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Rail and Port                       $27.89    $27.88      $27.89      $27.88

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General & Administration             $2.91     $2.66       $2.91       $2.66

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Total (per tonne of Concentrate)    $55.70    $49.85      $55.70      $49.85

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Total (per tonne of Pellets)        $66.43    $61.04      $55.70      $49.85

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Mineral Resources

The mineral resource model on which the PEA is based was prepared by SRK Consulting. They are classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards for Mineral Resources and Mineral Reserves, and are reported in compliance with NI43-101.

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Mineral Resource Statement(i), Full Moon Taconite Project

SRK Consulting (Canada) Inc., October 17, 2012

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Tonnes (in billions)  Total Iron, Fe (%)

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Indicated Mineral Resources                        7.260               30.18

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Inferred Mineral Resources                         8.694               29.86

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(i)                 Reported at a cut-off grade of 20 percent total iron inside a conceptual pit envelope optimized considering reasonable open pit mining, processing and selling technical parameters and costs benchmark against similar taconite iron projects and a selling price of US$110 per dry metric tonne of iron concentrate. All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability.

Technical Report

An NI 43-101 Technical Report (PEA) will be filed on SEDAR and on Century’s website within 45 days of the date of this news release. The report was prepared under the supervision of Jean-Sebastien Tremblay, Eng of CIMA+, a Qualified Person as defined by NI 43-101 with contributions from Met-Chem Canada Inc. located in Montreal, Quebec, Soutex located in Quebec City, Quebec, SRK Consulting (Canada) Inc. located in Toronto, Ontario, and WSP Canada Inc. located in Montreal, Quebec.

Qualified Persons

The PEA was prepared under the supervision of Jean-Sebastien Tremblay, Eng. of CIMA+, with contributions from Jeffrey Cassoff, Eng. of Met-Chem, Simon Fortier, Eng. of Soutex, Jean-Sebastien Houle, Eng. of WSP, Jean- Francois Couture, PhD, P.Geo of SRK, and Michel L. Bilodeau (Independent / Financial Analysis). All are Qualified Persons as defined by NI 43-101 and independent of Century. They have reviewed and are responsible for the technical information contained in this news release. They have verified all the data disclosed in this news release.

About Century

Century is an iron exploration and development company and has significant properties in the prolific Labrador Trough in Quebec and Newfoundland and Labrador, as well as the James Bay area of Quebec. Century has two key strategic partners, WISCO and Minmetals Exploration & Development (Luxembourg) Limited S.ar.l., both Chinese state-owned enterprises. Each provides financial resources and technical expertise to assist the Company in advancing its projects.

Century’s most advanced project is the Joyce Lake open pit DSO project, a joint venture with WISCO located close to Schefferville, Quebec. It is planned as a 2.5million tonne per year direct shipping iron ore project. The results of a feasibility study are being released concurrently with this press release.

The Company’s mission is to create shareholder value through the efficient allocation of capital resources. In addition to its strategic joint venture with WISCO to develop its iron ore resources, Century is also committed to exploring and capitalizing on strategic opportunities outside of the iron ore market to create additional shareholder value. Century’s website is: www.centuryiron.com.