Vancouver, British Columbia: Alliance Mining Corp. (TSX-v: ALM) (“Alliance” or the “Company”) is pleased to announce it has made the first payment of $250,000.00 by issuing 5 million common shares of its capital to Tiberius Gold Corp. in connection with the option agreement between Alliance Mining Corp. and Tiberius Gold Corp. Alliance may acquire 100 per cent of Tiberius’s property located in the centre of the Bissett gold mine camp in Manitoba. Under the agreement, Alliance may earn in a 100-per-cent interest in the property by making certain staged cash payments and/or share payments of common shares in the capital of Alliance to Tiberius over a four-year period equal to a total of $1.25-million as follows: (i) $250,000 in cash and/or common shares on or before 90 days of the TSX Venture Exchange’s approval of the transaction; (ii) $250,000 in cash and/or common shares on or before the first anniversary of the approval date; (iii) $250,000 in cash and/or common shares on or before the second anniversary of the approval date; $250,000 in cash and/or common shares on or before the third anniversary of the approval date; and $250,000 in cash and/or common shares on or before the fourth anniversary of the approval date.
The 5 million shares paid to Tiberius Gold Corp. are subject to a 4 month statutory hold period in accordance with applicable securities laws.
Alliance is actively seeking to expand its presence in the Bissett Gold camp through future property acquisitions and/or potential joint venture exploration partnerships with neighbouring companies. At present Alliance is actively working with its Manitoba based geological team to prepare for its upcoming exploration program.
Alliance Mining has an option to acquire 100 per cent of the Red Rice Lake property located in the centre of the Bissett gold camp in Manitoba. The property is located close to the town of Bissett, Man., and just four kilometres south of Klondex Mines’ producing True North gold mine.
The Red Rice Lake gold property claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba. This belt forms part of the Uchi sub province that includes the Red Lake and Pickle Crow belts in Northwestern Ontario.
ON BEHALF OF THE BOARD
Al Beaton PEng
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
Antony Claydon: 604-445-5421
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
Alliance Mining Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4