Alliance Mining has entered into an exclusivity Agreement in order to Pursue A Gold Opportunity in Manitoba Canada
Vancouver, British Columbia: Alliance Mining Corp. (TSX-v: ALM) (“Alliance” or the “Company”) is pleased to announce that it has entered into an exclusivity agreement (the “Exclusivity Agreement”) with Madeira Resources (“Madeira”), a privately held exploration company located in Winnipeg, Manitoba whereby Alliance will have up to 30 days to conduct due diligence on certain of Madeira’s mineral claims commonly known as the Lotus and Denver claims located in Manitoba (the “Property”), with a view to negotiating the terms of a letter of intent and, if applicable, a definitive agreement in order to complete the acquisition of certain of Madeira’s mineral claims (the “Transaction”).
The Lotus and Denver claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba. This belt forms part of the Uchi Subprovince that includes the Red Lake and Pickle Crow belts in northwestern Ontario. The Uchi Subprovince has produced in excess of 15 million ounces of gold with some copper and zinc. Gold production from the Rice Lake belt exceeded 1.7 million ounces with no significant production of other metals. The Lotus claims are just off a provincial highway located approximately 35 kilometers west of the town of Bissett where the Rice Lake Mine is located.
The discovery of gold has played a big part in developing this area of Manitoba. Over the many years there have been multiple smaller mines which include the Jeep Mine and the Poundmaker to only mention a few.
The Lotus property was originally discovered in 1924. Esso Resources Canada Ltd. conducted a channel sampling and mapping program in 1979 and followed up with a diamond drilling exploration program in 1980., A total of 22 holes for 3,850 feet of drilling was completed at that time, with four gold bearing zones identified, according to an Esso report, completed in 1980, ” Report on Diamond Drill Program on Lotus Prospect, Esso Resources Canada Ltd, R.S.Hall, October 20, 1980”, (non NI43-101 compliant) http://www.gov.mb.ca/data/em/application/assessment/92914.pdf
Another drilling program was conducted in 1981 by Esso, where 20 holes for 3,660 feet of drilling was completed at that time and associated report being completed, “Esso Minerals Canada, Division of Esso Resources Canada Limited, Lotus and Ling Veins, CB 8344, 1981 Exploration, J.G. Jansen, December 1981 (non NI43-101 compliant). http://www.gov.mb.ca/data/em/application/assessment/92914.pdf
In 1982, a joint venture between Esso and Brinco Mining Limited developed and mined at the Lotus property. This material was processed through Brinco’s mill at the Rice Lake Mine location (Government of Manitoba, Science, Technology, Energy and Mines Department, Mineral Inventory File No 375).
The Property is considered to be early stage exploration property; there are no known mineral resources. All information and references are not being relied upon by the company in order to proceed with any potential transaction. Any data in this press release is considered historical and are not 43-101 compliant and should not be relied upon as accurate by the reader
The Transaction is subject to, among other things, the completion of due diligence, completion of a National Instrument 43-101 technical report on the Property, the execution of a mutually satisfactory definitive agreement and obtaining all necessary regulatory approvals, including the TSX Venture Exchange. Further details about the Transaction will be provided in a comprehensive news release if and when the parties enter into a letter of intent and/or a definitive agreement.
Alliance is very excited to be working in the province of Manitoba where it ranks as one of the top locations worldwide for investment attractiveness.
Michael Willett, P.ENG has reviewed and approved the contents of this new release and is a Qualified Person as defined in National Instrument 43-101. Alliance is formulating a technical committee of which Mr. Willett may be a part of to advise the Company.
This news release may contain forward-looking statements including but not limited to the Transaction, completion of a 43-101 technical report, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and the execution of the definitive agreement. This news release refers to historical reports with reserve and resource calculations and or estimations that no NI 43-101 compliant and therefore cannot be relied upon whatsoever. Such statements are made purely for reference and should not be relied upon for its accuracy or for investment purposes. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “will”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed transaction with Madeira will be completed or, if completed, will be successful.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; results of exploration activities; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; equipment breakdowns; labour disputes; the increase in cost estimates and the potential for unexpected costs and expenses; the results of exploration activities; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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.
ON BEHALF OF THE BOARD
Al Beaton Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp. (604) 488-3900
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of them TSX Venture Exchange) accepts 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.