Business
Golden Alliance Provides Corporate Update
Golden Alliance Provides Corporate Update
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\nGolden Alliance Provides Corporate Update\n\n\n May 27, 2010 (TheNewswire.ca) -- Golden Alliance Resources Corp. (GLL - TSX.V)(\"Golden Alliance\" or the \"Company\") is please to provide shareholders with a corporate update on its activities since being listed in January 2010. The Company has reorganized its wholly-owned Peruvian subsidiary Minera las Palmeras and is currently assembling a high-profile local management team to oversee, in conjunction with head office management, the following near-term activities and longer-term growth objectives:1) Commence a 2,000m diamond drilling program on its 100% owned 7,060ha Cocha copper-silver-gold project in Junin Department. The drill program will test the undrilled South Cocha geophysical-geochemical target and a strong IP chargeability anomaly below 200m depth at the Central Cocha target. Prior drilling in the area in 2006 and 2007 intersected high-grade copper-silver mineralization hosted by interlayered shale and clatstic tuffaceous rocks. Highlights included: 37.9m averaging 3.61% copper and 38.2 g/t silver in vertical hole CO-07-20 starting at 54.37m and 30.23m averaging 2.67% copper and 24.1 g/t silver in angle hole CO-06-03 from 82.9m depth*. Drilling is planned to commence in August subject to receipt of drilling permits.2) Commence a detailed surface exploration program aimed at delineating drill targets on the Company's 100%-owned 1,700ha Acero copper-gold project in the Andahuaylas-Yauri porphyry copper belt in southern Cusco Department. Preliminary surface sampling on Acero in 2005 yielded composite chip sample results including 1.15% copper over 30.0m and 0.74% copper over 50.0m**. The Constancia copper-molybdenum project currently being explored by Norsemont Mining Inc. (TSX:NOM') (TSX:NOM) is located 20km to the east and Xstrata plc's (OOTC:XSRAY) Tintaya copper-gold-silver porphyry-related skarn deposit is located 60km to the southeast.3) Achieve access to resume exploration activities on the 100% owned 6,800ha Rio Tabaconas gold project in Catamarca Department, northern Peru by reaching an agreement with the local community.4) Continue to aggressively seek, evaluate and negotiate accretive high-potential advanced exploration projects in Peru and Colombia.Golden Alliance is well positioned for growth of shareholder value with an attractive portfolio of highly-pros...