Feb 4 2011
Empire Mining Corporation (TSX VENTURE:EPC) has announced 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.
Source: Empire Mining Corporation