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Oct. 26, 2010 (TheNewswire.ca) --
Kamloops, British Columbia — Alliance Mining Corp. (OOTC:ANMNF) (CNQ:ALM) (the "Company")(CNSX: ALM) is pleased to report further findings on the recently acquired Silver Crown Mine and Trails End Mine properties located in central Arizona.
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.
Further to its press release of September 20, 2010, the Company will drop some of the 35 mineral claims that it had staked. Several of these mineral claims had been staked over existing mineral claims that had no markers on the ground. Other claims are in areas that are no longer of interest to the Company. Dropping any of these claims will not affect the two main zones of interest on the Silver Crown property. Applications for drilling permits will be submitted within the next 6-8 weeks.
Trails End Mine and Mill Update
The Company would also like to provide an update concerning the Trails End drill permitting, which it expects should be approved by December 2010. A delay was encountered due to heavy summer rains in the area that damaged the main road to the mine site that will require an amendment to the Plan of Operations. Further road improvements will be completed by the Company prior to drilling.
The Company has also decided to not pursue the former Trails End Mill site as a future processing site to serve the region. Discussion with many of the local permitting agencies for such a processing facility raised concerns due to the proximity to the Hassayampa water shed. The Company is now looking at other sites in the region to serve as the central processing site for bulk sampling and selective mining which can generate positive cash flows to fund further exploration on bulk tonnage targets.
Qualified Person
This press release has been reviewed and approved by William R.Wilson (Aus.I.M.M), a Director of the Company and a "qualified person"(as such term is defined by National Instrument 43-101).
About Alliance:
The Company's mission is focused on acquiring and delineating highly prospective mineral properties in central Arizona that have the right host rocks which have bulk tonnage potential that may be delineated by using cash flows from selective mining of the high-grade zones. This may generate substantial earnings for the Company to generate dividends for our shareholders while also increasing share valuation by sustainable resource building, while limiting dilution to shareholders.
To learn more about Alliance Mining visit www.alliancemining.com
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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