ALLIANCE MINING CORP (TSX-V:ALM) (the "Company") is pleased to
announce that it has entered into two letters of intent (each, a
"LOI") with CompaƱia de Minas Buenaventura S.A. ("Buenaventura")
(NYSE:BVN) (Lima Stock Exchange:BUE.LM), a Peruvian mining company,
relating to the purchase of a 100% interest in properties
comprising of past producing mines located in Peru: the Shila-Paula
Mine property and the Poracota Mine property.
These LOIs are principally due diligence agreements that allow
for a 60 day detailed due diligence period by the Company, with an
option to the Company to extend the due diligence period by a
further 30 days, after which, provided satisfaction in the sole
discretion of the Company, a definitive agreement will be entered
into for one or both properties. There is no guarantee that the
Company will enter into definitive agreements in regard of either
property. During the due diligence period and prior to entering
into definitive agreements for one or both of the properties, the
Company does not have any obligations to Buenaventura. The LOI
relating to the Shila-Paula Mine property contemplates the Company
acquiring a 100% interest in that property for consideration for
CDN$1,500,000, and the LOI with respect to the Poracota Mine
property contemplates the Company acquiring a 100% interest in that
property in consideration for CDN$1,000,000. It is estimated that
an aggregate of over CDN$5,000,000 has been spent by Buenaventura
in exploration on the two properties.
Because Buenaventura is listed on both the NYSE and LM more
information on the mines are public documents.
The acquisition of the mine properties would include the three
past operating mines, all existing infrastructure, mining and
milling equipment, complete database and all exploration targets in
and around these three mines. These assets are in a prolific gold
& silver mining region of Peru and both Shila-Paula &
Poracota are located within 25km of Buenaventura Orcopamapa mine
which produced an average of 275,000 OZ of Gold annually several
years running and is still in operating. Dr. Andy Chakrabarti,
Alliances Advisor, reviewed these assets, along with the relevant
documentations, in Lima and onsite, in December 2014 and me t with
key Buenavantura staff and influential members of the local
communities to discuss these assets. Dr. Chakrabarti is a Qualified
Person, but has not personally verified the mineralization at the
Shila-Paula & Poracota properties and the mineralization at any
adjacent or nearby properties are not necessarily indicative of the
mineralization at those properties.
Shila-Paula Mines & Mill
To view an enhanced version of Shila-Paula Mines
& Mill, please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian2.jpg
Shila Mine & Plant Asset:
- Mineral processing plant with 250TM/day capacity. The land area
of the plant operations and tailings deposits belongs to the
Community of Chachas who has given 38.45 hectares to
Buenaventura.
To view an enhanced version of Shila Mine &
Plant Asset, please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian4.jpg
- Bulk production equipment of concentrate and dore bars, in
excellent condition.
- The combined book values of the buildings, machinery and
equipment of the Shila Mine & Plant are estimated to be
$3,756,505.14.
- The replacement value for the mill and infrastructure at Shila
is estimated well in excess of $15,000,000.
- Buenaventura completed a 28 plus drill hole resource
delineation drilling program on the historic tailings impoundments.
Alliance is currently reviewing the data on the program
Buenaventura provided.
Mining & Beneficiary Concessions:
- Buenaventura owns 82 hectares of beneficiary concession and
13,787 hectares of mining concessions.
Five exploration targets that have been explored by
Buenaventura, these properties are the Anchaca, Collpa, Escribano,
Huactana, & Tocracancha properties. Buenaventura's exploration
was limited to Geophysical & Geochemical Surveys, Geologic
mapping and sampling, Trenching and limited drilling. More work,
including drilling, will be required to prove a true resource
definitions and potential.
Surface Land Properties & Lease Area:
- Buenaventura owns at Shila-Paula 1,440 hectares of surface
land.
- Buenaventura owns at Shila-Paula 118.28 hectares of leased
area.
Paula Mine Assets:
Satellite of Paula Mine Facility
To view an enhanced version of Satellite of Paula
Mine Facility, please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian6.jpg
Train at Paula
To view an enhanced version of the Train at
Paula, please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian8.jpg
Head Frame at Paula Mine
To view an enhanced version of Head Frame at
Paula Mine, please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian10.jpg
- The combined book values of the buildings, machinery and
equipment of Paula mine is estimated to be $79,095.11
Poracota Mine
To view an enhanced version of Poracota Mine,
please visit:
http://orders.newsfilecorp.com/files/3026/13283_allian12.jpg
Poracota Mine Asset:
- The combined values of the buildings, machinery and equipment
of Poracota mine has not been determined at this time.
Surface Land Properties & Lease Area:
- Buenaventura controls at Poracota 11,974.21 hectares of
land.
Five exploration targets that have been explored by
Buenaventura, these properties are the Faculla, Oxidos,
Perseverancia, Soras, & Wendy properties. Buenaventura's
exploration was limited to Aeromagnetic Survey, Geophysical &
Geochemical Surveys, Geologic mapping and sampling, Trenching and
limited drilling. More work, including drilling, will be required
to prove a true resource definitions and potential.
Pursuant to the LOI relating to Poracota, Buenaventura has
agreed that in the event the Poracota mine returns to operations,
Buenaventura will process for the Company any mineralized material
mined at the Poracota mine property at Buenaventura's Orcopampa
plant that is located 13km away from Poracota mine property.
Dr. Andy Chakrabarti, PhD. of Economical & Mining Geology
from Durham University in, U.K. is an advisor to Alliance Mining is
a Qualified Person within the meaning of Canadian National
Instrument 43-101 who prepared or supervised the preparation of the
technical information that forms the basis for the disclosure on
both the Shila-Paula and Poracota Properties and has reviewed and
approved the technical content of this release. Alliance intends on
disseminating and filing an additional news release, which will
include additional technical information both the Shila-Paula and
Poracota Properties, and a NI 43-101 report will be finalized and
filed on SEDAR within 45 days of the date of such news release
supporting the disclosure therein.
ALL DATA HAVE BEEN REPORTED ON AS IS BASIS FROM PUBLIC
INFORMATION RELEASED BY BVN. NO INDEPENDENT VERIFICATIONS HAVE BEEN
CARRIED OUT AS YET AND WOULD FORM AN INTEGRAL PART OF THE PROPOSED
DUE DILIGENCE STUDIES.
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
which have had gold and silver production in the past century.
ON BEHALF OF THE BOARD "Travis Snider" Mr. Travis Snider,
President, Director
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
CONTACT: FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 628-6645
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Apr 2023 to Apr 2024