Iron South to Earn 100% Interest in Fierro Claims
09 April 2014 - 8:40AM
Access Wire
Vancouver, BC / ACCESSWIRE / Apr 8 2014
/ 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 ("Option Agreement") previously
announced in the Company's news releases dated October
24, 2011 and April 5, 2013 in respect of an option on the group of
mineral concessions, known as the Fierro Claims, located in Rio
Negro Province, Argentina.
The Company and the
Optionor, a private company, have agreed to accelerate the
earn-in provisions such that the Company can earn an immediate 100%
interest in the property by waiving the remaining work commitments
on the Fierro Project and accelerating
the issuance of the remaining 3,500,000 common shares payable
to the Optionor, subject to
TSX
Venture
Exchange
approval.
Under the original Option
Agreement and Amendment No. 1, the Company was required to make
four remaining Expenditure payments totaling $2,850,000 between
April 4, 2014 and April 4, 2017 and issue to the Optionor an
aggregate of 3,500,000 common shares of the Company, on or before
April 4, 2017. Upon the issuance of the 3,500,000 common shares to
the Optionor, all conditions for the Company to have earned a 100%
interest in all of the mining concessions that are subject to the
Option Agreement shall have been fulfilled.
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
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos, President
& CEO
For further information please
contact:
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.
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