Business
Alliance Mining Expands Trails End Mine Property
(via Thenewswire.ca)
About this update from Alliance Mining Corp.
[{"type":"text","content":"Alliance Mining Expands Trails End Mine Property\n\n(via Thenewswire.ca)\nAugust 29 2008 - Kamloops, BC — Alliance Mining Corp. (\"Alliance\" or the \"Company\" CNQ: AMCL) is pleased to announce that it has acquired another 280 acres of mineral claims that expands the Company's Trails End Mine Property located in Yavapai County, Arizona.\n\nThe new mineral claims now place the property holdings of the Trails End Mine Property exactly as to a historical report dated September 1983. The Property was under Option to a public company in 1983 for a total consideration of approximately two million dollars. This company failed to raise the necessary capital too carry out its proposed exploration programs and meet its payment requirements on the property due to a declining gold price after acquiring the property.\n\nThe only known exploration on this property was done In 2002 by Alliance following assay results of a sampling program completed by Alliance Mining Corp (then called Alliance Mining Services Inc.), the Company had entered into a 50/50 joint venture agreement with Arizona Klondike LLC (Tenure Holders of the Trails End Mine) to explore, delineate and mine any potential economic resources on the Trails End Mine Property.\n\nAlliance identified several possible high grade ore shoots near surface on the northern end of the property with the remaining length of the vein being untested. The main quartz vein is approximately 7000 feet long and 4-8 feet wide on surface outcrops. Alliance learned of certain legal issues contesting the ownership of this property and was legally advised to terminate the joint venture agreement with Arizona Klondyke LLC. The tenure holders failed to renew their claims and Alliance acquired the northern part of the Trails End Mine property in January 2008 and now acquired the remaining claims that make up the southern portion of the property placing the property holdings back into its original state. No known exploration has taken place since 2002.\n\nAlliance has acquired the fourteen mineral claims (280 acres) by way of an existing exclusive prospecting agreement with a local prospector who stakes ground for or on behalf of Alliance. The Company is paying US$14,000 to the prospector who also holds a 2% Net Smelter Royalty on each claim. Alliance may purchase the royalty back for US$10,000 per cla...