IronOne Inc.

IronOne Inc.

August 23, 2011 09:25 ET

IronOne Inc. Commences Diamond Drilling on the Maguse River Iron Project in Southern Nunavut

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2011) - IronOne Inc. ("IronOne" or the "Company") is pleased to announce that it has commenced diamond drilling operations with two drill rigs on its 100% owned Maguse River Iron Project, located approximately 60 kilometres north of the coastal town of Arviat in southern Nunavut.

The Company is currently implementing a C$4.3 million exploration program, which will include the completion of approximately 6,000 metres of diamond drilling. The drilling program is exploring prioritized magnetic targets along an 18 kilometre strike length of prospective stratigraphy, identified from an 8,044 line kilometre high resolution airborne magnetometer survey completed by the Company in June 2011. Initial drilling is focused on the eastern portion of the property, closest to tidewater, where the magnetic anomalies appear thickest due to folding and are believed to have the best potential for a large deposit discovery.

Seven diamond drill holes totalling 2,448 metres have been completed to date on the project. First assays results are expected in September.

Craig MacDougall, President & CEO commented, "We are very pleased to report the start of drilling operations on the Maguse River Iron Project. The exploration team, under the direction of Paul Sobie, has worked very hard to ramp this project up to a drill stage in a very short period of time and we look forward to encouraging results".

Project Background

The Maguse River Iron Project is comprised of some 1,844 square kilometres of prospecting permits covering a nearly 200 kilometre strike length of folded, magnetite-rich, metasedimentary rocks of the Archean-aged Rankin-Ennadai Greenstone Belt.

The eastern boundary of the project area is located 15 kilometres from tidewater on the western shore of Hudson Bay, some 60 kilometres north of the coastal town of Arviat in southern Nunavut, and 300 kilometres by sea from the rail link to the North American rail network at the port of Churchill, Manitoba. As a result, the project location offers superior infrastructure potential relative to many other similar remote Canadian projects.

In 2011, IronOne is implementing a C$4.3 million exploration program to explore for Algoma-type iron ore deposits in the project area. The Company believes the project has potential for the discovery of an entirely new iron ore district in Canada's north.

Qualified Persons

The quality control, technical information and all aspects of the exploration program are supervised by Mr. Paul Sobie, P.Geo., Director of Exploration for IronOne. The information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and Chief Executive Officer for IronOne Inc. Both Mr. Sobie and Mr. MacDougall are qualified persons as defined by National Instrument 43-101.

About IronOne:

IronOne Inc. is a private exploration company based in Toronto, Canada that is focused on the exploration, discovery and development of the next generation of iron ore deposits in Canada. The Company's key asset is its 100% interest in the Maguse River Iron Project located in southern Nunavut.

The Company also has an option to earn a 100% interest in the Lac Virot Iron Project located in the prolific Labrador Trough, near Wabush, Labrador, and adjacent to the Iron Ore Company of Canada's Carol Lake iron ore mining operation.

On behalf of IronOne Inc.

Craig MacDougall, President & Chief Executive Officer.

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