Aug. 27, 2009 (TheNewswire.ca) --
Kamloops, BC: Alliance Mining (CNQ:ALM) Corp. (the "Company" or "Alliance") is pleased to update the shareholders and general public on its plans moving forward and reflect on the past twenty three months since the Company became a reporting issuer (Public Company).
The Company became a reporting issuer in September 2007 at which time the economy and more specifically the United States economy was sliding into a recession which has since spread throughout the world resulting in the most significant downturn since the Great Depression. Although Alliance had entered into the public markets at a very unfortunate period it has managed to survive this down turn and even acquired further mineral properties in Arizona during this period.
However the Company has had difficulty raising adequate capital to date to carry out exploration programs on the Company's mineral properties. The Capital that has been raised to date was only sufficient to maintain the Company to stay in good compliance while maintaining and growing our Arizona mineral property portfolio and keeping those mineral properties in good standing. As the Capital Markets seem to be improving over the past few months the Company believes it is better positioned to finally carry out an adequate financing to fulfill its exploration plans on its Arizona mineral properties. The Company has received drilling permits for the Gold Pit Mine property, The Golden Eagle Mine Property and has recently filed applications to acquire drilling permits on the Gold Beetle Mine Properties and the Trails End Gold Mine Property. The Company is also planning to submit further applications for some of its other mineral properties focusing on the known gold and copper mineralization on those properties in the coming weeks.
In order for the Company to raise sufficient capital it plans to bring on more senior exploration and mining personnel to join the Company as we head into a new phase which we hope will be extensive year round exploration work that we believe will place delineated resources into measurable categories in order to grow our resource base while defining smaller high grade ore shoots that may be profitably mined in order to establish cash flows too ramp up further exploration programs. In order to get to this point, the Company will need to re-restructure management in the coming weeks to better position the company as we move forward.
Another Issue management is looking at is the liquidity and stock price of our Company's securities. Although the capital markets may be slowly coming back, management feels its share price is substantially under valued in relation to its share structure, mineral property holdings, minimal debt, and its upside potential once exploration programs commence. Therefore the Company is exploring other venues and exchanges to see what listing requirements the Company will need to meet in order to qualify. The Company is looking into the Securities Exchange Commission (SEC) regulatory requirements for trading on the OCTBB Markets (Over The Counter Bulletin Board) and also the listing requirements of the TSX Venture Exchange. However there is no guarantee that the Company will take this route, or meet any of these requirements or be accepted by these venues or exchanges. The Company is also looking into Investor relations options to help get the Alliance Mining story and business model out to the public and capital markets.
Management and the Board of Directors would like to thank our loyal shareholders for their patience and support over these very tough times and believe that with your continued support we will reach our goals of proving up substantial gold and copper resources in Arizona that will add significant value to our Company and substantial resources for mining.
About Alliance:
Alliance's strategy is to concentrate on historical mining districts hosting dozens to hundreds of known mineralized zones and selectively delineating the higher-grade zones for selective mining and placing lower grade bigger tonnages into resource classifications by using state of the art technologies that are not only cost effective but environmentally safe. Alliance is presently focused on its portfolio of gold and base metal properties in central Arizona.
To learn more about Alliance 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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