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Kamloops, BC — Alliance Mining Corp. ("Alliance" or the "Company") is very pleased to announce that the company has signed an option agreement (definitive agreement) for the Comstock Lode tailing properties pursuant to a letter of Intent that was announced on April 15, 2008. The Comstock Lode tailings properties are located in Storey County, Nevada.
The final terms of the definitive agreement are as follows:
Alliance will pay the vendor US$15,000 within thirty days and in order to maintain the lease, Alliance must also make the following staged payments; within 90 days pay the vendor another US$40,000, within six months pay the vendor another US$50,000, within twelve months pay the vendor another US$50,000, within twenty four months pay the vendor US$75,000 and within 36 months pay the vendor US$100,000, maintenance payments of US$25,000 start and are due on the fourth and fifth anniversary.
The vendor retains a 3% net smelter royalty on all four properties. Alliance has the option to acquire outright three of the tailings properties and the net smelter royalties on all four tailing properties by paying the vendor a total of US$200,000 before the first anniversary of the definitive agreement, or US$250,000 by the second anniversary or US$300,000 by the third anniversary.
As part of its due diligence in this acquisition Alliance agents took twenty one channel and borehole tailing samples from the four tailing piles in February, 2008. Sampling was supervised and carried out by independent contract geologist Stephen Russell from Virginia City, Nevada. All samples were sent to American Assay Laboratories (AAL) of Sparks Nevada. All samples were analyzed by using ICP-AES (multielement including mercury) and for gold and silver by fire assay.
Gold and silver assays are as follows:
Gold Silver
SAMPLE # Tailings Property Sample Type Grams Grams
1 #1 Auger 1.271 63.9
2 #1 Auger 1.871 96.7
3 #1 Auger 1.330 96.4
4 #1 Auger 1.108 73.0
5 #1 Auger 1.224 90.3
6 #1 Auger 1.123 53.2
7 #1 Auger 1.266 85.1
8 #1 Auger 1.831 95.2
9 #1 Auger 1.435 98.7
10 #1 Auger 1.339 81.9
11 #2 Auger 2.357 65.0
12 #2 Auger 2.813 140.5
13 #2 Auger 4.985 166.0
14 #2 Channel 1.181 60.0
15 #2 Channel 0.825 112.0
16 #3 Channel 1.012 40.2
17 #3 Channel 0.483 33.9
18 #3 Channel 0.599 43.9
19 #4 Channel 0.302 11.6
20 #4 Channel 0.631 8.2
21 #4 Channel 0.367 5.7 5.7
21 #4 Channel 0.367 5.7 5.7
Jan Ross , President of Alliance Mining Corp, Says: " We are very excited that we now have an agreement in place so that we can start delineating these mine tailings into a 43-101 resource and quickly take the further steps of proving up the economics of these tailings in order to fast track the properties into production."
Leo J. Lindinger, P.Geo., a director of the Company and qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Alliance:
The Company's strategy is to concentrate on historical mining districts hosting dozens to hundreds of smaller mineralized zones that can quickly be delineated into resources while targeting higher-grade zones for mining using state of the art technologies that are not only cost effective but environmentally safe. Alliance is presently focused on properties in Arizona and Nevada. 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 CNQ 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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