Vancouver, British Columbia (FSCwire) - Alliance Mining Corp. (TSX-V: ALM) (“Alliance” or the “Company”) is pleased to announce that it has signed an option agreement (the “Agreement”) with Tiberius Gold Corp. (“Tiberius”) a private company, under which ALM may acquire 100% of Tiberius’ property (the “Property”) located in center of the Bissett Gold Mine Camp Manitoba (the “Transaction”).
"The Board of Directors of Tiberius Gold Corp. is pleased to be entering into an Option Agreement with Alliance Mining Corp and look forward to exciting and positive developments." - Kenneth W. Munroe, Chairman Tiberius Gold Corp
Under the Agreement, ALM may earn-in a 100% interest in the Property by making certain staged cash payments and/or share payments of common shares in the capital of ALM to Tiberius over a four year period equal to a total of $1,250,000 as follows: (i) $250,000 in cash and/or common shares on or before 90 days of the TSX Venture Exchange’s (the “TSXV”) approval of the Transaction (the “Approval Date”); (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 Transaction is subject to, among other things, the completion of a National Instrument 43-101 technical report on the Property, and obtaining all necessary regulatory approvals, including the TSXV. If complete, the Transaction will constitute a “Fundamental Acquisition” as such term is defined in TSXV Policy 5.3. The common shares of ALM will remain halted until the TSXV has reviewed the Transaction in accordance with TSXV Policy 5.3.
