Iron South Makes Option Payment on Fierro Project
05.10.2012 | The Newswire
Iron South Mining Corp. (TSX-V: IS, FSE: OAY1 (WKN: A0RK7E), "Iron South" or the "Company") is pleased to announce that, pursuant to the terms of a property option agreement ("Agreement") (announced by news release dated October 24, 2011), it has issued an aggregate of 500,000 common shares of the Company to the shareholders of Iron South Exploration Inc. ("IS Exploration"), a private company, representing the six month anniversary share payment under the Agreement. The Company has also made the six month anniversary exploration expenditures of $150,000. The shares are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange and shall not trade before January 28, 2013.The Company has been granted an option to earn a 100% interest in IS Exploration's Fierro high-grade iron project, located in Rio Negro, Argentina. The Fierro Project is located adjacent to the producing Minera Sierra Grande iron mine, owned by Metallurgical Corporation of China Ltd. The Sierra Grande mine occurs in a 3.2 km long band of oolitic iron formation, with widths ranging from 5 to 15 m. The deposit has been drill tested to a depth of 1,100m. It has a historical, non NI 43-101 compliant mineral resource of 199 Mt (million tonnes) at 57.5% iron oxide1 at the South Deposit. The project is road accessible year round, in an area of flat topography at an elevation of approximately 300 m and within 30 km of a deep sea port.
Gerald G. Carlson, Ph.D., P.Eng., who is a Qualified Person for the purposes of National Instrument 43-101, reviewed and approved the technical information in this press release.
1 Metallurgical Corporation of China Ltd. Global Offering Prospectus, September 11, 2009
About Iron South Mining Corp.
Iron South is a Vancouver-based iron exploration company led by an industry-renowned management team with technical expertise and market experience. Iron South has an option to earn 100% interest in the Fierro high-grade iron project, located in Rio Negro, Argentina. The project is immediately adjacent to the producing Minera Sierra Grand iron mine, owned by Metallurgical Corporation of China Ltd. Management is continuing to evaluate acquisitions to build its property portfolio with a focus on iron projects with established value and significant upside potential. Iron South is a member of the Grosso Group, a management company specializing in resource exploration since 1993.
ON BEHALF OF THE BOARD
"Gerald Carlson"
Dr. Gerald Carlson, President & CEO
For further information please contact:
Iron South Mining Corp.
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@ironsouthmining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.