Apr. 11, 2011 (TheNewswire.ca) --
Alliance Mining Corp, is pleased to announce that it has closed its previously announced non-brokered private placement. The oversubscribed private placement consists of 1,870,000 units at a price of $0.18 per unit in the capital stock for total gross proceeds of $336,000. Each unit will consists of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.25 per share for a period of eighteen months from the closing date of the private placement. Finders' fees totaling $18,229 were paid on a portion of this financing to arm's-length individuals.
Alliance intends to use the proceeds raised to explore its gold, silver and copper projects in Arizona and for general working capital.
Current Projects
Silver Crown Property
Located in Yavapai County, Arizona, the Silver Crown property is a gold-copper-silver exploration play with both bulk tonnage and high-grade deposit potential. A (non NI 43-101 compliant) 1992 historical report on the Silver Crown Property disclosed two inferred resource estimates on the property. A large bulk tonnage gold zone of over 30 million tons of .05 ounces Au per ton within one zone of drilling with a higher-grade silver and gold zone was suggested within the existing mine workings. The grades reported in the mine workings resource were reported as 20 ounces of silver and .09 ounces gold per ton. The Company does not have all the historical information to verify how these estimates were determined as only five of the twenty-seven known diamond drill holes have drill logs along with assay reports. Drill core from diamond drilling is located on the property but much of it has been contaminated by vandalism. The report also states that the property hosts a potential mineralized quartz schist belt averaging 400-600 feet wide up to 6000 feet long.
Due to this inconclusive data the Company cannot verify any of the previous disclosure on the property. Readers are warned not to rely on this historical information as the property must be treated as a prospect until such time as the Company can verify its own findings, using this historical report only for planning exploration and drilling programs to be carried out in accordance with National Instrument 43-101.
Trails End Property
The Trails End Gold Mine is located in Yavapai County, Arizona. The property hosts a main quartz vein structure which appears to be approximately 10,500 feet in length and averaging 4-8 feet wide by evidence of exposed outcroppings along strike.
A past geological report on the property (non 43-101 compliant ) dated December 14, 1983 reports a large persistent quartz vein structure 4-8 feet wide near mine workings with a potential strike length of 10,500 feet. The report also indicated chip sample assays from under ground mine workings assayed as high as 2.68 oz/Au and 3.70 oz/Ag. Previous underground sampling by the Company had similar high grade gold values up to 4.72 oz/ton. The Company had taken twenty grab/chip samples from underground workings that averaged approximately 18.59 grams /ton (.51 oz/ton). Historical reports state that the gold and sulphides may have leached from surface below to the 30-40 foot horizon. These assumptions may support the fact why there are limited mine workings from past mining eras over such a large persistent vein structure which in more recent times produced high grade free milling gold ores below 30 feet. Both existing mine workings are adjacent to a forestry road that cuts through the property at these two locations.
About Alliance:
Alliance mining has been focused on acquiring and delineating highly prospective Gold and Silver mineral properties in Arizona's most prolific gold producing area - Yavapai County located in central Arizona. Over the past decade the company has built up an extensive inventory of geologically significant properties, most of whom have experienced gold and silver production in the past century. The company plans to take these properties to the next stage of exploration and development using modern techniques unavailable to earlier miners. An extensive exploration program is being planned for these precious metal assets in 2011, along with a strong emphasis on increasing shareholder value and liquidity.
ON BEHALF OF THE BOARD
"Jan C. Ross"
Mr. Jan C. Ross, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
Jan C. Ross, President and CEO
(250) 319-4793
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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