Jan. 7, 2011 (TheNewswire.ca) --
January 7, 2010 - Alliance Mining Corp. (OOTC:ANMNF) (CNQ:ALM) (the "Company" or "Alliance") is pleased to announce that the non-brokered private placement announced December 7, 2010 (the "Private Placement") consisting of 1,250,000 units has been oversubscribed for a total of 1,375,000 units for gross proceeds of $68,750.
The Company has closed the second tranche of the Private Placement by the issuance of 875,000 units at a purchase price of $0.05 per unit to raise gross proceeds of $43,750. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the Company on or before January 4, 2013 at a purchase price of $0.08 per share.
The securities issued by the Company are subject to a hold period of four months and one day and cannot be resold until May 5, 2011.
No finder's fees are payable on the Private Placement. Proceeds of the Private Placement will be used for working capital.
About Alliance:
Alliance mining has been focused on acquiring and delineating highly prospective Gold and Silver mineral properties in Arizona's most prolific gold producing area - Yavapai County located in central Arizona. Over the past decade the company has built up an extensive inventory of geologically significant properties, most of whom have experienced gold and silver production in the past century. The company plans to take these properties to the next stage of exploration and development using modern techniques unavailable to earlier miners. An extensive exploration program is being planned for these precious metal assets in 2011, along with a strong emphasis on increasing shareholder value and liquidity.
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 (OOTC:MNLDF) , 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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