Tim Beale, President of Iron Creek, commented: “We are pleased to have closed the previously announced deal with Minera Fuego that allows Iron Creek to significantly increase its property portfolio in several highly prospective mineral belts of northern Chile. This signifies another milestone for 2014 after the consolidation of the Company’s shares and the successfully raising of approximately C$5.6 million in a private placement financing. The important San Guillermo property is complementary to our existing Las Pampas and Magallanes properties, and establishes Iron Creek as a major player in the important Paleocene mineral belt. These properties are low altitude, easily accessed, and are highly prospective for bonanza-style epithermal precious metals veins. Calvario-Mirador, San Valentino and Reina Hija all represent porphyry copper targets with significant untested potential, particularly for deeper hypogene copper centres. Bronce Weste has potential for mineralised veins, as well as a possible deep porphyry copper target.
The company will focus in the short term on reprocessing existing exploration databases in order to refine target models, complemented by limited additional surface exploration, prior to farming out the most attractive targets for third party investment and drill testing.
We are also delighted to welcome Raymond Jannas to our Board of Directors. Raymond will strengthen the board and bring significant knowledge and an important network of contacts to help support our efforts to continue growing Iron Creek.”
About the Acquisition
Pursuant to a previously announced binding Letter of Intent (see the Company’s news release dated May 6, 2014), a wholly owned Chilean subsidiary of Iron Creek has concluded the purchase and acquisition from Fuego of 100% of five mining concessions in northern Chile known as the San Guillermo, Calvario-Mirador, San Valentino, Reina Hija and Bronce Weste concessions (the “Concessions”).
In consideration for the Concessions, Iron Creek has granted to Fuego a 2% Net Smelter Royalty on precious metals and a 1% Net Smelter Royalty on base metals mined from the Concessions (the “NSR Royalties”), and issued to Fuego 3,479,464 common shares, representing 9.9% of the issued and outstanding share capital of the Company. Iron Creek shall have the perpetual right to acquire 50% of each of the NSR Royalties on each property in consideration of a cash payment to Fuego of USD 5.0 million, on a property by property basis.
Additionally, the Company shall issue a further 1 million common shares to Fuego upon completion by Iron Creek of its first feasibility study regarding a project to be developed on any of the Concessions.
About the Concessions
Bronce Weste totals 4,344 Ha and is located southeast of Los Vilos and immediately to the west of the El Bronce de Petorca Au-Ag-Cu mines (Cia. Minera Can-Can S.A.). A limited number of structural targets anomalous in Cu, Au and other elements have been tested by Fuego by almost 5,000 m of drilling. A very large, structurally controlled alteration zone on the property remains to be fully explored.
Appointment to the Board of Directors of Iron Creek – Raymond Jannas
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent consultant, is the Company’s Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
About Iron Creek
Iron Creek Capital Corp. is a Vancouver-based exploration company focused on the acquisition and exploration of world-class mineral systems in Chile. The Company has assembled a portfolio of exploration projects prospective for gold, silver and copper mineralization.
ON BEHALF OF THE BOARD
Timothy J. Beale, President
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Iron Creek Capital Corp. Actual results may differ materially from those currently anticipated in such statement.