======================================================================
Empire Mining Announces Private Placement
======================================================================
Vancouver, British Columbia, Canada. March 14, 2008. Empire Mining
Corporation (EPC: TSX-V) ("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 coppermolybdenum- 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.
ON BEHALF OF THE BOARD,
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.
For more information contact:
Ray Lagace
Investor Relations
604-638-3474 or 1-866-689-2599
info@empireminingcorp.com
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.
======================================================================
Copyright (c) 2008 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
======================================================================
.