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Re: News Release - Tuesday, September 18, 2007
Empire Mining Announces Qualifying Transaction
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VANCOUVER, B.C., September 18, 2007 - Empire Mining Corporation
("Empire") (EPC.P: TSX-V), is pleased to report that it has entered
into an option agreement (the "Agreement") with Anatolia Minerals
Development Ltd. ("Anatolia"), to earn a 65% interest in the Bursa
copper-molybdenum-gold porphyry property (the "Property") located in
western Turkey.
The proposed transaction will serve as Empire's qualifying transaction
(the "Qualifying Transaction") for the purposes of the policies of the
TSX Venture Exchange (the "Exchange"). It is a condition of the
Agreement that the transaction complete on or before November 15, 2007.
On conclusion of the proposed Qualifying Transaction Empire will trade
as a Tier 2 Mining Issuer on the Exchange.
Pursuant to the terms of the Agreement, dated September 17, 2007,
Empire can earn a 65% interest in the Property by:
1) Making cash payments to Anatolia totalling US$520,000 over 5 years;
2) Making payments to Anatolia over 5 years of Empire common shares
totalling 5% of Empire's fully diluted share capital as at the 5th
anniversary of the Agreement;
3) Making expenditures on the Property totalling US$7.5 million over 5
years; and
4) Completing a pre-feasibility report on the Property by the 6th
anniversary of the Agreement.
Upon earning a 65% interest in the Property, Empire and Anatolia will
enter into a formal joint venture agreement establishing each party's
ownership, rights and obligations in the joint development and
operation of the Property.
The Bursa Property covers 2975km2 over a belt of demonstrated copper
and molybdenum porphyry systems in Bursa and Kutahya provinces, 120km
south of Istanbul.
The most consistently mineralized porphyry system found on the Bursa
Property to date is Karapinar where past drilling by RTZ intersected
0.35% Cu over approximately 350 meters. Molybdenum consistently
surpassed 0.01% Mo towards the bottom of these holes and occasionally
exceeded 0.04%
Mo and gold averaged 0.15g/t Au. A number of drill targets on the
Property with potential for economically important porphyry and
associated skarn systems remain untested.
Empire will engage an independent qualified person to prepare a
technical report with respect to the Property in accordance with the
requirements of NI 43-101 and the Exchange. Empire's Qualified Person
for the purposes of this news release is John F. Prochnau, P.Eng., a
director of Empire.
Anatolia Minerals Development Ltd., is incorporated under the laws of
Yukon Territory and publicly traded on the Toronto Stock Exchange.
Anatolia is a leading minerals explorer in Turkey, with development now
proceeding on its 100% owned ��pler Gold Project.
Empire currently has $1,375,000 in working capital which is sufficient
to complete the proposed Qualifying Transaction and to fund the
anticipated first year exploration expenditure of $500,000. There is no
financing required, nor does Empire propose to undertake a financing at
this time.
The proposed Qualifying Transaction does not constitute a Non-Arms'
Length Transaction under the Policies of the Exchange. There are no
Non-Arms' Length Parties to Empire who are directors or insiders of
Anatolia. Empire does not intend on obtaining shareholder approval for
the proposed transaction but rather will be preparing and filing a
filing statement under the policies of the Exchange.
It is contemplated that the current directors and officers of Empire
will continue to hold their positions with Empire upon completion of
the proposed Qualifying Transaction. The size of Empire's board of
directors is currently determined at three and consists of Kenneth P.
Judge, Chairman, President & CEO, John F. Prochnau and Robert F.
Giustra. Sean C. McGrath and Jacqueline Collins hold the offices of
Chief Financial Officer and Corporate Secretary respectively.
Mr. Judge, Chairman, President & CEO, completed degrees in Commerce,
Jurisprudence and Laws at the University of Western Australia before
qualifying as a Barrister and Solicitor specializing in international
mergers and acquisitions law. Mr. Judge is a resident of Monaco from
where he is involved in private investment and restructuring of
resource companies.
Mr. Prochnau, Director, is a mining engineer and geologist. Early in
his career, Mr. Prochnau held management positions with Selection Trust
Group and Billiton International Metals B.V. Mr. Prochnau was the
founder of Brancote Holdings plc which discovered the 3.8 million oz.
high-grade Esquel Gold Deposit in
Argentina which was subsequently
acquired by Meridian Gold Corp.
Mr. Giustra, Director, holds an Economics degree from the University of
Western Ontario. Mr. Giustra has been actively engaged in the
creation, financing, development, restructuring and management of
publicly-traded junior mining companies since 1992. His early
experience in public markets includes working as an Investor Advisor
with a national securities brokerage firm and later as an Investment
Banker at an international investment dealer where he co-founded the
equity sales and corporate finance departments.
Mr. McGrath, CFO, is a professional accountant who has spent the last
nine years providing financial management services to publicly traded
companies, with emphasis on junior mineral exploration and oil and gas
exploration companies. He holds a Bachelor of Commerce (Hons) degree
from Memorial University of Newfoundland and has attained two
professional accounting designations - CGA and CPA.
Ms. Collins, Corporate Secretary, is a Securities/Corporate Finance
Paralegal with over 21 years experience as a legal administrator,
corporate secretary and paralegal at both independent and national law
firms, and with public resource companies. She specializes in the
preparation, finalization and filing of all securities documents for US
and Canadian foreign and domestic issuers with Canadian and US
securities regulators, including all continuous disclosure documents.
Global Securities Corporation, subject to completion of satisfactory
due diligence, has agreed to act as sponsor in connection with the
transaction. An agreement to sponsor should not be construed as any
assurance with respect to the merits of the transaction or the
likelihood of completion.
Completion of the transaction is subject a number of conditions,
including but not limited to, Exchange acceptance. There can be no
assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing
statement to be prepared in connection with the transaction, any
information released or received with respect to the transaction may
not be accurate or complete and should not be relied upon. Trading in
the securities of a capital pool company should be considered highly
speculative.
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 press release.
ON BEHALF OF THE BOARD
"Robert Giustra"
Robert F. Giustra, Director
For further information please call 1-866-689-2599.
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.
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Copyright (c) 2007 EMPIRE MINING CORPORATION (n/a) All rights
reserved. For more information visit our website at
http://www.empireminingcorp.com/ or send
mailto:info@empireminingcorp.com
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