Business
Alliance Acquires Silver Crown Mine Property
Alliance Acquires Silver Crown Mine Property
About this update from Alliance Mining Corp.
[{"type":"text","content":"\nAlliance Acquires Silver Crown Mine Property\n\n\n Sep. 20, 2010 (TheNewswire.ca) -- Kamloops, British Columbia — Alliance Mining Corp. (OOTC:ANMNF) (CNQ:ALM) (the \"Company\")(CNSX: ALM) is pleased to report that it has entered into an option agreement dated August 16, 2010 (the \"Option Agreement\") with two vendors to acquire a 100% interest in the former Silver Crown Mine located four kilometres NE of the Company's Gold Beetle Mine property in the Weaver Mining District of Yavapai County, Arizona. The Silver Crown Mine was a former silver, gold, copper mine that closed in the late 1960's due to unprofitability due to low metal prices.Under the terms of the Option Agreement the Company will acquire a 100% interest in the Silver Crown Mine property by a cash payment of $700 (paid), issuance of 100,000 common shares within 45 days of the agreement, payment of $20,000 on the first anniversary date of the agreement and a final payment of $30,000 on the second anniversary date. The vendors will hold a net smelter royalty of 2% which the Company can purchase back for $500,000.00The Company also entered into an agreement dated September 11, 2010 with a mineral placer claim holder to acquire the right to stake lode mineral claims over two placer claims that are on hard rock that were part of the former Silver Crown Mine property. Compensation consists of a cash payment of $5,000 (of which $2,500 has been paid) and issuance of 75,000 common shares within 45 days of entering into the agreement and a further $5,000 within 90 days of the agreement. The Placer claim holder will retain a 2% Net smelter royalty on lode claims placed over the placers which the Company can purchase back for $200,000.00 The Company also has an option to purchase the vendor's active placer claims for $25,000 within one year of the agreement.All payments in these agreements are in US dollars.In addition to the foregoing, the Company also staked a total of 35 lode mineral claims adjoining the Silver Crown Mine property and Placer claim properties which now places the former mine property close to its original historical state. The property is approximately 800 acres in size and host numerous old mine workings.The Company will update further on this property once a geological evaluation has been completed and all historical information has been reviewed b...