Empire Mining Corporation

Empire Mining Corporation

March 14, 2008 09:00 ET

Empire Mining Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2008) -


Empire Mining Corporation (TSX VENTURE:EPC) ("Empire" or the "Company") is pleased to announce that, subject to TSX Venture Exchange approval, the Company has arranged a brokered private placement for gross proceeds of a minimum of $1,050,000 to a maximum of $2,025,000 with Canaccord Capital Corporation (the "Agent").

The Agent will utilize commercially reasonable efforts to sell between 3,500,000 and 6,750,000 units ("Units") at $0.30 per Unit. Each Unit will be comprised of one common share (a "Share") and one half of one share purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to purchase one common share at the price of $0.38 for a period of 18 months following the closing.

The Agent will receive a cash commission on the sale of the Units representing 8% of the gross proceeds and will also receive warrants (the "Agent's Warrants") entitling the Agent to purchase common shares equal in number to 8% of the aggregate number of Units sold at a price of $0.38 per share for a period of 18 months following the closing.

The proceeds of the private placement will be used for general working capital and for exploration and development of the Company's Bursa Property.

Empire is currently evaluating a number of mineral properties for potential acquisition. The Company's initial acquisition consists of an option to earn a 65% interest in the Bursa copper-molybdenum-gold porphyry property located in western Turkey.

The Bursa Property (the "Property") is located 120km south of Istanbul and covers 429km2 within a belt of demonstrated copper and molybdenum porphyry systems in Bursa and Kutahya provinces. Past drilling by Rio Tinto on one of these systems, Karapinar, intersected 0.36% Cu, 51ppm Mo, and 0.1ppm Au over 221 meters from surface and 0.31% Cu, 152ppm Mo, and 0.07ppm Au over 54m at a depth of 273 meters in the same hole. A number of drill targets on the Property with potential for economically important porphyry and associated skarn systems remain untested.

Work at Bursa is planned to begin in March 2008 with the aim of establishing potentially economic copper-gold mineralization through drilling at Karapinar and other partially defined mineralized zones. Geochemical and geophysical surveying and geological mapping will also be carried out to identify and delineate additional targets for drill testing.

The Company's Qualified Person, John Prochnau, B.Sc. (Mining Engineering), M.Sc. (Geology), a director of Empire, has reviewed and approved the content of this news release.


Robert F. Giustra, Director

Cautionary note for US Investors: This news release may contain forward-looking statements that may address future events and conditions and therefore involve inherent risks or uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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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