NEWS RELEASE
February 24, 2011 Trading Symbol: CNSX: ALM
ALLIANCE ANNOUNCES HIGH GOLD ASSAYS AND NEW CFO / BOARD MEMBER
Alliance Mining Corp, is pleased to announce assay results from a broad sampling program completed in January 2011 on its Placerita Project located in Yavapai County, Arizona. The focus of the program was to acquire representative samples from various historic mine
workings, where accessible, on the property to assess their potential for gold, silver and copper deposits.
Some highlights of the assay results received are as follows:
Mine workings Sample # Au g/ton Ag g/ton Cu %
Silver Crown 4 1.07 6.71 1.09
Gold Beetle 8 7.97 1.10 0.03
Gold Beetle 10 72.6 3.10 0.07
Golden Eagle 12 14.8 6.30 0.13
Gold Pit 17 25.5 104.00 0.03
Several of the high grade gold and silver values are interpreted as being related to two past producing copper porphyry mines which lie adjacent to the Alliance properties. All samples taken were over a minimum of 2 meters across silicified shear zones and quartz veins. The results indicate the potential for high grade gold and silver deposits as well as copper porphyry deposits. Plans are underway to conduct a systematic mapping and sampling program over the various properties. Further exploration will also target manganese, lead and zinc potential on the property as some assays returned values as high as 5,060 ppm manganese, 8.85% lead and 2,548 ppm zinc.
Most of the mines sampled have been closed since the 1940's due to the war powers act of 1942. Since that time, very little exploration activity has been conducted in the area. Over the last eight years, Alliance has been focused on acquiring the best prospects in the region and consolidating them into contiguous claim blocks, The region was Arizona’s most active historical mining area .
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
The company also is pleased to announce the appointment of Patrick Forseille as director and chief financial officer. Mr. Forseille is a professional geoscientist with an accounting background.
He has over 20 years experience in exploration and corporate finance. We thank William Wilson for his services as our past CFO, who will remain on our board of Directors.
About Alliance:
Alliance mining has been focused on acquiring and delineating highly prospective Gold and Silver mineral properties in Arizona's most prolific gold producing area - Yavapai County located in central Arizona. Over the past decade the company has built up an extensive inventory of geologically significant properties, most of whom have experienced gold and silver production in the past century. The company plans to take these properties to the next stage of exploration and development using modem techniques unavailable to earlier miners. An extensive exploration program is being planned for these precious metal assets in 2011, along with a strong emphasis on increasing shareholder value and liquidity.
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
Vancouver office 604-628-6645
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.