Vancouver,
B.C., February 26th, 2009. Empire Mining Corporation (EPC: TSX-V)
("Empire" or the "Company") is very pleased to announce
that it has been awarded four Exploration Licenses at its Bulqiza chromite
project in eastern Albania. The Company first announced on May 21st, 2008,
that it had been awarded an Exclusive Prospecting Permit covering the most
prospective geological terrain within the productive Bulqiza Ultramafic
Massif in eastern Albania. The Prospecting Permit provided the exclusive
option to acquire exploration rights within the Prospecting Permit area.
The
Exploration Licenses cover 64.5 km2, in four discrete project areas
containing numerous chromite showings, prospects and past-producing mines.
The licenses provide exclusive rights for conversion to Mining Permits. A
map of the project areas can be viewed here:
www.empireminingcorp.com/i/maps/albania/nr_bulqiza_locations-geology.pdf
David
Cliff, President and CEO of Empire commented: "The Bulqiza district is
known to contain some of the highest quality chromite deposits in the
world. We are therefore very pleased that the Albanian government is
persuaded that our proposal to consolidate much of the Bulqiza district
reflects recognition that Empire has assembled the technical, financial and
operating capability to undertake the required evaluation and planning for
a substantial re-development of the country's chromite industry expected to
be focused on the Bulqiza district."
The
Bulqiza chromite deposits are noted for exceptional continuity along strike
and dip and rank among the largest ophiolite-hosted, folded stratiform
occurrences in the world. The ores are characterized by high grades (+40%
Cr2O3) and metallurgical quality (CrFe ratios of 3:1) and command premium
prices in global markets. Prior to the collapse of communism in the late
1980's the Albanian chromite industry, anchored by the famous Bulqiza Mine,
was the third largest producer in the world.
Empire's
Bulqiza-Batra License (38.8 km2) covers much of the southern half of the
Massif, surrounds the Bulqiza Mine and covers the undeveloped south
extension of the productive Bulqiza chromite structure within the adjacent
Batra Mine. Other important historic mines within the license area include
the Thekna, Lugu Gjat-10 Korriku, Ushitari and Ternova mines. Existing
historic resources within the license documented and reported by the
Albanian Geological Survey, total about 2 million tonnes grading +40%
Cr2O3.
Empire's
Bulqiza Veriore License (6.9 km2) contains numerous unexplored chromite
showings and prospects and the projected deep north extension of the
productive Bulqiza Mine ore structure. The Qafe Burreli (6.1 km2) and
Liqeni i Dhive (12.7 km2) Licenses are located in the northern sector of
the Bulqiza Massif and cover a number of significant but incompletely
developed chromite occurrences and former mines with near surface resource
potential.
The
current Empire program consists of compilation and interpretation of the
extensive historic data base assembled by the Albanian Geological Survey and
the former state company, Albkrom, during the communist era. The Company's
initial objective is to re-confirm state-defined resources, principally at
the Batra and Thekna mines, and implement drilling and underground
development programs necessary to expand existing resources and upgrade
them to 43-101 standards.
The
historic resources and figures indicated in this press release are not NI
43-101 compliant and a qualified person has not done sufficient work to
confirm the figures or to classify the historic estimates as current
mineral resources. They should not be relied upon and Empire Mining does
not treat them as current.
The
Company's Qualified Person, John Prochnau, B.Sc. (Mining Engineering),
M.Sc. (Geology), and a Special Advisor to Empire, has reviewed and approved
the content of this news release.