Business
ALLIANCE MINING CORPORATE UPDATE
ALLIANCE MINING CORPORATE UPDATE
About this update from Alliance Mining Corp.
[{"type":"text","content":"\nALLIANCE MINING CORPORATE UPDATE\n\n\n Aug. 27, 2009 (TheNewswire.ca) -- Kamloops, BC: Alliance Mining (CNQ:ALM) Corp. (the \"Company\" or \"Alliance\") is pleased to update the shareholders and general public on its plans moving forward and reflect on the past twenty three months since the Company became a reporting issuer (Public Company).The Company became a reporting issuer in September 2007 at which time the economy and more specifically the United States economy was sliding into a recession which has since spread throughout the world resulting in the most significant downturn since the Great Depression. Although Alliance had entered into the public markets at a very unfortunate period it has managed to survive this down turn and even acquired further mineral properties in Arizona during this period.However the Company has had difficulty raising adequate capital to date to carry out exploration programs on the Company's mineral properties. The Capital that has been raised to date was only sufficient to maintain the Company to stay in good compliance while maintaining and growing our Arizona mineral property portfolio and keeping those mineral properties in good standing. As the Capital Markets seem to be improving over the past few months the Company believes it is better positioned to finally carry out an adequate financing to fulfill its exploration plans on its Arizona mineral properties. The Company has received drilling permits for the Gold Pit Mine property, The Golden Eagle Mine Property and has recently filed applications to acquire drilling permits on the Gold Beetle Mine Properties and the Trails End Gold Mine Property. The Company is also planning to submit further applications for some of its other mineral properties focusing on the known gold and copper mineralization on those properties in the coming weeks.In order for the Company to raise sufficient capital it plans to bring on more senior exploration and mining personnel to join the Company as we head into a new phase which we hope will be extensive year round exploration work that we believe will place delineated resources into measurable categories in order to grow our resource base while defining smaller high grade ore shoots that may be profitably mined in order to establish cash flows too ramp up further exploration programs. In order to get to this p...