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El Alacran Gold Mine Corp. And Los Mates Mine Confirm Joint Venture

Posted on: Tuesday, 21 November 2006, 09:00 CST

El Alacran Gold Mine Corp. (PINKSHEETS: EAGM) a precious metal mining company, confirms a joint venture with Los Mates Mine located in the municipality of San Pedro in the Province of Valle.

The joint venture took place between El Alacran Gold Mine Corp. and Mr. Fernando Infante, as well as Mr. Rafael Delgado, which both hold 50% ownership of this property of 1,482 acres. As part of the venture, this was Mr. Infante's contribution towards the Company, as he will take the lead in the operations of both the Alacran-Scorpio and Los Mates Mine projects

The land and mining rights are updated with the Colombian government mining department of Ingeominas. It is registered as Concession Contract GF 9 121 and is legally binding for thirty years in which the Company can dedicate to the exploration and extraction of resources of this property.

"This property was of importance to the company since it has already been in production, tunnels have been built, it has excellent access to and from the mine, plus its size and additional testing from various locations," said Rafael Delgado, C.E.O. of El Alacran Gold Mine Corp. "Los Mates Mine is a large property that has been producing for many years on a rudimentary basis and the Company will be able to expand its potential and operation under this joint venture."

While Mr. Fernando Infante and Mr. Rafael Delgado (on behalf of El Alacran Gold Mine Corp.) hold a 50 / 50 ownership of this mine, they have also reached an agreement to further negotiate additional properties. Mr. Delgado and Mr. Infante will review other potential projects and joint ventures that they can bring to EAGM and for the growth of the Company.

Geologic test results, projections and calculations are to be released over the following weeks to the public.

"We are extremely happy with how the Company continues developing through acquisitions and ventures, and now holding a viable, producing mine while further exploring our other properties," concluded Mr. Delgado. "El Alacran Gold Mine Corp. will release more technical and further results quite shortly. We trust that once the initial numbers are released, our shareholders will understand that EAGM is focused on developing a high precious metals yielding portfolio of properties."

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.

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 Mining 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: Email: Contact via http://www.marketwire.com/mw/emailprcntct?id=05436246B768ADB4 Phone: 1800 880 9286 Fax: 416 499 8806  

SOURCE: El Alacran Gold Mine Corp.

Source: MARKET WIRE

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