SOURCE: Ironwood Gold Corp.

Ironwood Gold Corp.

October 30, 2009 09:00 ET

Ironwood Gold Corp. Announces Strategic Project Acquisition -- Company Appoints Senior Leadership

SCOTTSDALE, AZ--(Marketwire - October 30, 2009) - Ironwood Gold Corp. (OTCBB: IROG) (the "Company" or "Ironwood") wishes to announce it has signed an acquisition agreement with Ironwood Mining Corp., and related parties for 100% right, title and interest in and to certain mineral claims known as the Cobalt Canyon Gold Project in Nevada. The agreement includes consideration of both share and cash payments in exchange for said title.

The Cobalt Canyon project is located at an elevation of about 6,000 feet in the Caliente mining district of southeastern Nevada, in Lincoln County on the east flank of the Chief Range about 115 miles northeast of Las Vegas and 5 miles north of the town of Caliente. The project data includes an independently authored 2008 N.I. 43-101 compliant report which offers the opinion that Cobalt Canyon appears to have potential for 1.5 million ounces of gold -- and possibly considerably more -- as either an open-pit or underground target. Given the high grades in some samples -- up to 1.16 opt Au, Cobalt Canyon appears to have potential for an underground mine. If mineralization is also disseminated in wall rocks around the mineralized structures as suggested by several samples, the property may also hold tonnages and grades that could support an open-pit mine.

Ironwood Gold Corp. plans to undertake an exploration program consisting of (but not limited to) additional claims, mapping and prospecting, geochemical sampling, analysis of ore specimens and selective induced potential surveys of geologically identified targets, identification of drill targets, and an initial program of 5,000 feet of core drilling in order to further the development of the project into a production phase.

In related news, the Company is pleased to announce the appointments of Mr. Behzad Shayanfar as a Director and Chief Executive, as well as Mr. Robert J. Reukl as both a Director and Company President.

Mr. Shayanfar began his career with a degree in civil engineering which led to notable projects in the energy and communications sector in his native Iran. He subsequently went on to the London School of Economics to pursue a degree in economics. This led to a productive role as a successful commodities futures trader which eventually allowed him the latitude to move into private investor/developer real estate opportunities in Dubai, India, the U.K. and the U.S.A. His business and financial acumen continue to fuel his desire for new projects and have led to his interest in the resource sector.

Mr. Reukl has been a geologist in the mineral exploration and mining business for over 25 years. A graduate of Lakehead University in Thunder Bay, Ontario, he is a member in good standing with the Canadian Institute of Mining and Metallurgy and the Prospectors and Developers Association of Canada. Mr. Reukl's work includes significant roles with Placer Dome Canada, Noranda and A.C.A. Howe International Ltd. Mr. Reukl has also acted as a director of several publicly listed junior exploration companies over the past 15 years.

Additional details regarding the Company, details of the acquisition agreement and regarding the appointments outlined above are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.


Ironwood Gold Corp. is a mineral exploration and development company building a portfolio of prospective properties containing known deposits of strategic precious metals in politically stable, mining-friendly North American districts with recognized production histories.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.


Ironwood Gold Corp.
Behzad Shayanfar, CEO

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    Ironwood Gold Corp.