VANCOUVER, British Columbia: ALLIANCE MINING CORP (ALM: TSX.V), is pleased to announce that it has signed a binding Letter of Intent with a private Canadian company to acquire 22 mineral claims totaling nearly 50 square kilometres (4,872 hectares) primarily in the Uruachic district of northwestern Mexico. The land package puts Alliance in the heart of a prolific gold exploration area and includes the closest privately held claims, within four kilometres, to Fresnillo PLC’s important Orisyvo discovery (www.fresnilloplc.com). Fresnillo is the second-largest gold producer in Mexico and the world’s largest primary silver producer.
“This represents a major step forward for our Company as we strategically build upon our strong assets in Arizona with an exploration push into one of the most exciting gold regions in the world,” explained Alliance Mining President and CEO Chris Anderson.
One of Alliance’s properties is contiguous to the southern boundary of the Las Bolas Gold-Silver Property being explored aggressively by Agnico-Eagle Mines (AEM, TSX).
Four claims or approximately 1,400 hectares in Alliance’s package are subject to a joint venture agreement with Comstock Metals (CSL: TSX.V). These claims (the “Corona” Project) are located about 15 kilometres west of Las Bolas.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this release.
Under the terms of the binding Letter of Intent, Alliance, as operator, can acquire a 100% undivided interest by making cash payments of $1,000,000 over four years and issuing 1,000,000 shares over four years. Exploration commitments of $220,000 are required prior to year end (2012) and the vendor will retain a 1% net smelter royalty.
ON BEHALF OF THE BOARD
"Chris Anderson "
Mr. Christopher R Anderson,
CEO, President, Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
Christopher R Anderson
The TSX 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.