Empire Mining Corporation

Empire Mining Corporation

February 03, 2011 09:01 ET

Empire Accelerates Drilling at Bursa Copper-Gold Discovery; Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to announce that it is accelerating drilling on the Demirtepe target at its Bursa Project in Turkey. On January 18, 2011 Empire announced a significant new discovery in the first hole drilled at Demirtepe, which intersected 47.35 meters of 2.02% Copper, 0.96g/t Gold and 21.64g/t Silver including 8 meters of 9.1% Copper, 4.68g/t Gold and 95.3g/t Silver. 

The drill program will be expanded with an additional 10,000 meters of diamond drilling and accelerated by utilizing up to four drill rigs. This expansion is in addition to completing the initial four-hole scout program currently underway, where two holes are in progress in each of the northern and southern lobes of the main soil anomaly. Drilling of the remaining planned scout holes has been slowed by difficult drilling conditions caused by numerous shallow ancient mine workings and broken ground. The expanded program will utilize up to four rigs that are powerful enough to effectively deal with the ground conditions and penetrate the deeper porphyry target. 

The size of the mineralized system, as indicated by the 1,500 by 500 meter soil geochemical anomalies, geophysical anomalies, and scattered old workings suggests that the skarn mineralization encountered in the first drill-hole, and probably the target of ancient miners, is driven by a deeper porphyry system. Drilling will focus on obtaining continuity within the skarns and drilling into the porphyry intrusion. 

In connection with plans to accelerate the drilling program, Empire also announces that, subject to TSX Venture Exchange approval, Empire will undertake a non-brokered private placement of up to 8,000,000 shares at a price of $0.45 per share, for total gross proceeds of up to $3.6 million. Finders' fees of 8% in either cash or shares may be payable in connection with the private placement. The proceeds of the private placement will be used for drilling at the Bursa Project and for general working capital purposes.

Empire is earning a 65% interest in Bursa from Anatolia Minerals Development Limited.

Empire's Qualified Person, David C. Cliff, BSc (Hons), MIMMM, C Eng, FGS, also Empire's President & CEO, has reviewed and approved the content of this news release.


Robert F. Giustra, Chairman

This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting Empire's exploration plans and its proposed private placement. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary permits and other authorizations; the ability to locate qualified investors; the ability to identify and comply with applicable prospectus and registration exemptions in Canada and potentially other jurisdictions; the ability to obtain TSX Venture Exchange approval of the private placement and associated finders' fees; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; availability of financing; that Empire will be able to locate qualified investors for the private placement; that the private placement will be conducted in compliance with applicable prospectus and registration exemptions in Canada and elsewhere; that the TSX Venture Exchange will approve the aforementioned transactions; power prices; that general market conditions will continue; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.

Neither the 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.

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