VANCOUVER, BC / ACCESSWIRE / May 12, 2020 / Alliance Mining Corp. (TSXV:ALM) ("Alliance" or the "Company") is pleased to announce it has made the final two payments of $250,000.00 each by issuing 10 million common shares of its capital to Tiberius Gold Corp. Alliance has now completed all payments to acquire 100 per cent of Tiberius's property located in the Bissett Gold mine camp in Manitoba. Under the agreement, Alliance earned 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 $1.25million 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.
Alliance Mining has now purchased 100 per cent interest in the Red Rice Lake property located in the Bissett gold camp in Manitoba. The property is located close to the town of Bissett, Man., and just four kilometres south of the True North gold mine which its current owner 1911 Gold Corp ( Formerly Klondex Mines) has just recommenced operations reprocessing tailings..
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 Lake belts in Northwestern Ontario
ON BEHALF OF THE BOARD
Allan Beaton
Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 488-3900
Investor Relations: 604-488-3900
E-mail: ir@alliancemining.com
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
SOURCE: Alliance Mining Corp.
View source version on accesswire.com:
https://www.accesswire.com/589393/Alliance-Mining-Purchases-100-Ownership-Tiberius-Gold-Corp-Bissett-Gold-Mine-Camp-Manitoba
