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-prospective exploration projects, a good pipeline of acquisition opportunities under review, a cash balance of $1.25 million and a total of only 6,777,465 shares issued and outstanding. Management will release frequent updates as it advances each of the priorities listed above.
ON BEHALF OF THE BOARD
"Joseph Grosso"
____________________________
Mr. Joseph Grosso, President & C.E.O.
*Panthera Resources Corporation January 11, 2008 News Release
**Panthera Resources Corporation October 31, 2005 News Release
For further information please contact Joseph Grosso, President & CEO, or Corporate Communications at 1-800-901-0058.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
2010
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