Sep. 20, 2010 (TheNewswire.ca) --
Kamloops, British Columbia — Alliance Mining Corp. (OOTC:ANMNF) (CNQ:ALM) (the "Company")(CNSX: ALM) is pleased to report that it has entered into an option agreement dated August 16, 2010 (the "Option Agreement") with two vendors to acquire a 100% interest in the former Silver Crown Mine located four kilometres NE of the Company's Gold Beetle Mine property in the Weaver Mining District of Yavapai County, Arizona. The Silver Crown Mine was a former silver, gold, copper mine that closed in the late 1960's due to unprofitability due to low metal prices.
Under the terms of the Option Agreement the Company will acquire a 100% interest in the Silver Crown Mine property by a cash payment of $700 (paid), issuance of 100,000 common shares within 45 days of the agreement, payment of $20,000 on the first anniversary date of the agreement and a final payment of $30,000 on the second anniversary date. The vendors will hold a net smelter royalty of 2% which the Company can purchase back for $500,000.00
The Company also entered into an agreement dated September 11, 2010 with a mineral placer claim holder to acquire the right to stake lode mineral claims over two placer claims that are on hard rock that were part of the former Silver Crown Mine property. Compensation consists of a cash payment of $5,000 (of which $2,500 has been paid) and issuance of 75,000 common shares within 45 days of entering into the agreement and a further $5,000 within 90 days of the agreement. The Placer claim holder will retain a 2% Net smelter royalty on lode claims placed over the placers which the Company can purchase back for $200,000.00 The Company also has an option to purchase the vendor's active placer claims for $25,000 within one year of the agreement.
All payments in these agreements are in US dollars.
In addition to the foregoing, the Company also staked a total of 35 lode mineral claims adjoining the Silver Crown Mine property and Placer claim properties which now places the former mine property close to its original historical state. The property is approximately 800 acres in size and host numerous old mine workings.
The Company will update further on this property once a geological evaluation has been completed and all historical information has been reviewed by a qualified person in accordance with 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 that 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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