SOURCE: Ireland Inc.

August 15, 2007 06:00 ET

Ireland Inc. Acquires Rights to Columbus and Red Mountain Mineral Projects

BLAINE, WA--(Marketwire - August 15, 2007) - Ireland Inc. (OTCBB: IRLD) (the "Company") announced today that it has completed the acquisition of certain rights to a mineral project located in Esmeralda County, Nevada (known as the Columbus Project) and a mineral project located in San Bernardino County, California (known as the Red Mountain Project) from Nanominerals Corp. ("Nano").

In consideration for Nano's rights to the Columbus and Red Mountain Projects, the Company:

(a) issued an aggregate of 30,000,000 shares of common stock to Nano and to certain business associates of Nano;

(b) granted a royalty to Nano of 5% of net smelter returns, if any, from the Columbus and Red Mountain Projects and from any future mineral projects that may be assigned or transferred to the Company by Nano;

(c) assumed all of the obligations of Nano under the terms of its option agreements for the Columbus and Red Mountain Projects; and

(d) agreed to reimburse Nano for any of its properly documented expenditures on the Columbus and Red Mountain Projects (estimated to be approximately $1,000,000).

Concurrent with the Company's acquisition of Nano's rights to the Columbus and Red Mountain Projects, Ms. L. Archibald (formerly the Company's principal shareholder) sold 18,200,000 shares of the Company's common stock to Nano at a price of $0.0025 per share. These shares represent all of the shares of the Company's common stock owned by Ms. Archibald.

As a result of the above transactions, the Company now holds the following option rights:

(a) an option to acquire up to a 15% interest in the Columbus Project;

(b) an option to acquire the remaining 85% of the Columbus Project by way of merger with the owners of the Columbus Project, Columbus S.M. L.L.C. and Columbus Brine Inc.;

(c) an option to acquire up to a 60% interest in the Red Mountain Project; and

(d) an option to acquire the remaining 40% interest of the Red Mountain Project for approximately $4,000,000 in cash and stock.

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with US securities regulators. When used in this news release, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions, are forward-looking statements. The risk factors that could cause actual results to differ from these forward-looking statements include, but are not restricted to the Company's limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties affecting the Company's planned geological work programs, uncertainty of estimates of mineralized material, operational risk, environmental risk, financial risk and currency risk.

IRELAND INC.

/s/ Douglas D.G. Birnie
________________________
Douglas D.G. Birnie
CEO, President and Secretary

Contact Information

  • Contact:
    Ireland Inc.
    810 Peace Portal Drive, #201
    Blaine, WA 98230
    Telephone: (360) 318-3020