Iron South Mining Corp.: Fierro Claims Option Agreement Amendment
05.04.2013 | The Newswire
Iron South Mining Corp. (TSX-V: IS, FSE: OAY1 (WKN:A0RK7E), "Iron South" or the "Company") announces that it has amended the Fierro Project option agreement previously announced in the Company's news release dated October 24, 2011 in respect of an option on the group of mineral concessions, known as the Fierro Claims, located in Rio Negro Province, Argentina (the "Property").The Company and the vendor, a private company, have agreed to provide for a one year extension of the Company's first year's required expenditures on the Property, in consideration of the issuance of an additional 250,000 common shares of the Company resulting in the exploration expenditures being shifted out by one year. Accordingly, the cumulative issuance of 5,250,000 common shares and cumulative exploration expenditures of $3,000,000 must be made by the fifth anniversary of the date of TSX Venture Exchange approval of the option agreement.
Completion of the amendment to the option agreement including the issuance of the additional shares is subject to receipt of approval from the TSX Venture Exchange.
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.