SOURCE: El Alacran Gold Mine Corp.

September 11, 2006 09:45 ET

El Alacran Gold Mine Corp. Completes Acquisition of the Alacran-Scorpio Mine

Gold Company Announces Completion of Acquisition and Upcoming Project

TORONTO -- (MARKET WIRE) -- September 11, 2006 -- El Alacran Gold Mine Corp. (PINKSHEETS: EAGM) a precious metal mining company, finalized the acquisition of The Alacran-Scorpio Mine, located directly adjacent to the Company's flagship property of El Alacran.

"We were working diligently on bringing this property under El Alacran Gold Mine Corp.," said Rafael Delgado, C.E.O. of El Alacran Gold Mine Corp. "It is a property that most definitely will require extensive studies to assess the property's full resource potential. We have our Company's Geology and Geophysics Consultant, Mr. Mario Monroy, working on the strategies and will be implementing them with our experts in the field."

Mr. Jaime Infante will be the Lead Project Developer for this property, who currently has over 33 years experience in Direction and Management of Energy projects throughout South America. This includes the planning, development, construction and operation of oil & gas, thermo/hydro power plants, as well as the mining sectors like coal, gold, silver and platinum mines. As a Civil Engineer, Mr. Infante will be taking the lead on the Alacran-Scorpio project dealing with the day to day mining operations.

"It is a pleasure and privilege to be working with such a great team," said Mr. Infante. "We know the potential of our current properties. The entire area is rich with gold, silver and massive copper resources that will surely impact our Company's worth over the years to come. We must study the complete area in depth in order to provide our shareholders with the most precise results."

Based on the Company's decision to further explore both initial mines in depth, El Alacran Gold Mine Corp. has been heavily involved in negotiations with two producing properties. The Company will be releasing information on these upcoming mines very shortly.

About El Alacran Mining Corp (PINKSHEETS: EAGM)

EAGM is a precious metal mining company engaged in the acquisition, development, and production of properties throughout South America. The Company currently engages in gold, silver and copper mining and related activities, including exploration, extraction, processing, and refining throughout Colombia. El Alacran's staff consists of senior geologists, civil and mining engineers; all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.

Forward-Looking Statements

Statements contained in this news release, which are not historical facts, are forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; procurement of required capital equipment and operating parts and supplies; equipment failure; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity, weather and other natural phenomena; failure to obtain necessary permits and approvals from government authorities; changes in government regulations and policies including tax and trade laws and policies; ability to maintain and further improve positive labor relations; and other development and operating risks. Although El Alacran Gold Mining Corp. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. The company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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