Empire Mining Corporation

Empire Mining Corporation

August 14, 2008 09:00 ET

Empire Mining Announces Closing of Private Placement; Sprott and Passport Become Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2008) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire" or the "Company") is pleased to announce that it has closed its private placement previously announced on June 27, 2008. The Company has raised $2,079,999 through the issuance of 6,933,332 units at a price of $0.30 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.38 per share for a period of eighteen months expiring February 6, 2010.

The majority of the units in the private placement were subscribed for by Sprott Asset Management Inc., and Passport Materials Master Fund, LP.

Integral Wealth Securities Limited (the "Finder") received a cash commission of $166,399, being 8% of the gross proceeds raised and 554,666 Finder's warrants entitling it to acquire common shares at a price of $0.38 until February 6, 2010. All securities issued are subject to a four month hold period expiring December 7, 2008.

The proceeds of the private placement will be used for exploration and development of the Company's Bulqiza chromite project in Albania.


Robert F. Giustra, Director

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this news release.

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