Golden Alliance Signs Agreements to Access its Rio Tabaconas High Grade Gold Project, Peru
Golden Alliance Resources Corp. (GLL - TSX.V) ("Golden Alliance" or the "Company") is pleased to report that management has successfully negotiated access agreements with local surface owners on its 100%‑owned 6,800ha Rio Tabaconas gold project in Cajamarca Department of northern Peru. With these agreements in place the company can now move to complete the necessary environmental and geological studies to move forward with the work program. The Company gratefully acknowledges the generous attitude of the locals and will honor their good faith by continuing to work in close consultation with the community and its representatives.
Test drilling carried out on the property to date was a 1,600m 33 hole program in 2001 focused entirely on 3 discrete zones on Cerro Tablon distributed over 650m. Highlights from the drilling included*:
-18.0 g/t gold over 16.4m (estimated true width of 7m), including 118 g/t (3.445 oz/ton) over 2.15m containing visible gold in RT-29
-4.9 g/t gold over 14.11m (estimated true width of 10m), including 15.2 g/t gold over 2.86m in RT-22
-5.1 g/t gold over 9.45m (estimated true width of 6m), including 17.6 g/t over 1.41m in RT-21
-13.0 g/t gold over 3.10m (estimated true width of 2.7m), including 33.3 g/t gold over 1.00m in RT-25
-8.8 g/t gold over 25.42m (estimated true width of 11.5m), including 19.8 g/t over 2.90m and 12.6 g/t over 7.62m in RT-13
-5.3 g/t gold over 17.09m (estimated true width of 11.3m), including 14.2 g/t gold over 2.66m in RT-11
-3.2 g/t gold over 21.41m (estimated true width of 12.5m), including 5.5 g/t gold over 6.27m in RT-6
*See Kobex Minerals Inc. (Formerly IMA Exploration Inc.) October 31, 2001 News Release
For a presentation on the Rio Tabaconas property, please follow the link below:
http://www.goldenalliancecorp.com/i/pdf/Rio_Tabaconas_TechPresentation-July_2010.pdf
The Rio Tabaconas project is located within the prolific Cajamarca copper-gold metallogenic belt which is defined by more than 20 important gold and copper-gold deposits including Yanacocha (>26 Moz past production1), Lagunas Norte (7.5 Moz P&P Reserves2) and Fruta del Norte (5.7 Moz M&I and 6.1 Moz Inferred Resources3). Intrusion-related gold mineralization at the Rio Tabaconas property occurs within the 4km by 2km Midas Trend which is open and may extend further both to the northwest and southeast. Work to date has included mapping, detailed soil and rock sampling, airborne and surface geophysics and limited drilling. At Cerro Tablon high-grade massive sulphide carbonate-replacement bodies occur in at least 7 zones along a 1.5km trend. The adjacent Cerro Las Minas has four known mineralized zones within a 1km2 area exhibiting both bulk tonnage disseminated gold and shear-zone hosted lode gold styles of mineralization.
President's Comments
In the last 10 years Rio Tabaconas necessitated a very skilled team of community relation specialists who have maintained a determined vision to succeed in re-establishing access to this project. The team has dedicated their skills and talents in support of the newly listed Golden Alliance Resources Corp. to join a Canadian and Peruvian technical and administration of internationally acclaimed leaders who are, in aggregate, the management that will advance Rio Tabaconas and other Company projects to achieve the envisioned high potential.
In conclusion, Golden Alliance, with only 6.8 million shares outstanding, an accredited and motivated management team, will be advancing the Company's projects, some of which host bonanza grade discoveries with an opportunity to materialize substantial values for shareholders.
ON BEHALF OF THE BOARD
"Joseph Grosso"
____________________________
Mr. Joseph Grosso, President & C.E.O.
1Newmont Mining Corporation website
2Barrick Gold Corporation 2009 Annual Report
3Kinross Gold Corporation website
For further information please contact Joseph Grosso, President & CEO, or Corporate Communications at 1-800-901-0058.
Neither 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
2010