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, President & CEO
For further information please contact:
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.