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El Alacran Gold Mine Corp. Announces Its Flagship Precious Metals Mine

Posted on: Tuesday, 8 August 2006, 15:00 CDT

El Alacran Gold Mine Corp. (PINKSHEETS: EAGM), a precious metal mining company, announces the Company's initial and flagship property by the same name, "El Alacran" Mine.

"This property contains a gold, silver and copper deposit in northwestern Colombia, which has been worked on by artisan miners for almost twenty years," said Rafael Delgado, C.E.O. of El Alacran Gold Mine Corp. "This project will require additional studies in order to assist in the modern-day development of the area and to ascertain the project's full resource potential."

The El Alacran project is located in the Municipality of Puerto Libertador, in the northwestern Colombian department of Cordoba. The project is located approximately 475 km northwest of the Colombian capital of Bogota, or alternatively, 200 km north of the city of Medellin. It is geographically located on the northern-most end of Colombia's Central Cordillera, in a low range of hills known as the Serrania de Ayapel. Topography is characterized by relatively subdued, rounded hills, with elevations in the area ranging form about 60 to 350 metres (195 to 1150 feet) above sea level. The region is crossed by a dense network of streams and rivers, the principle of which is the north to northeast flowing San Pedro River, which is what makes this a prime location for mining.

The mining permits were initially granted by the Colombian Ministry of Mines and Energy to the private company of Minas Santa Gertrudiz, which was subsequently renamed "Socieded Minera El Alacran" in 2001. (License No. 022-23) The permits allow for a full range of exploration, development and production activities to be presently carried out throughout the property.

"The Company pursued the El Alacran project based on Preliminary exploration measures such as surface mapping, trenching and pitting," continues Mr. Delgado. "The exploration data from El Alacran indicate the presence of significant near-surface gold and massive copper resources, and suggest that the known resource base has the potential to grow exponentially if subjected to deeper exploration studies. We are happy to embrace this opportunity."

The Company is currently working on releasing the results of the studies and Geologist report, which will outline just how extensive a project that this mine will become. The report will be released immediately for the public once completed.

About El Alacran Mining Corp (PINKSHEETS: EAGM)

EAGM is a precious metal mining company engaged in the acquisition, development, and production of properties throughout South America. The Company currently engages in gold, silver and copper mining and related activities, including exploration, extraction, processing, and refining throughout Colombia. El Alacran's staff consists of senior geologists, civil and mining engineers; all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.

The Company's initial focus will be on the exploration and procurement of gold, silver and copper in San Juan de Asis, in the Province of Cordoba.

Forward-Looking Statements

Statements contained in this news release, which are not historical facts, are forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; procurement of required capital equipment and operating parts and supplies; equipment failure; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity, weather and other natural phenomena; failure to obtain necessary permits and approvals from government authorities; changes in government regulations and policies including tax and trade laws and policies; ability to maintain and further improve positive labor relations; and other development and operating risks. Although El Alacran Gold Mine Corp. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. The company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 Contact: El Alacran Gold Mine Corp. email- Contact via http://www.marketwire.com/mw/emailprcntct?id=717420F4656717C1 Phone- 1800 880 9286 Fax- 416 499 8806  

SOURCE: El Alacran Gold Mine Corp.

Source: MARKET WIRE

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