SCOTTSDALE, AZ--(Marketwire - Feb 19, 2013) - Ironwood Gold Corp. (OTCQB: IROG) ("Ironwood" or the "Company") in the execution of its business plan to develop a high quality portfolio of exploration properties containing known deposits of gold is pleased to advise it has received a comprehensive plan outlining activities towards the development of an extended N.I. 43-101 compliant evaluation of the Raquel 3 and 3B mining concessions located in in the Alamos Mining district of Sonora, Mexico.
The proponent, SRK Consulting (www.srk.com) ("SRK"), is an independent, international consulting practice offering mining project services from exploration through feasibility, mine planning and production operations. Formed in 1974, SRK employs over 1500 professionals in more than 45 offices on 6 continents. Among SRK's 1500 clients are most of the world's major and medium-sized metal and industrial mineral mining houses, exploration companies, banks, petroleum exploration companies, construction firms and government departments.
SRK has presented a detailed exploration plan outlining an estimated eight month program commencing with a due diligence site visit and development of a GIS data platform to integrate and maintain adequate controls for evaluation. The work plan further details a comprehensive target review followed by a program of geological mapping and sampling, alteration mapping and surface geophysics with the results combined as GIS data culminating in the definition of specific drill targets. The plan identifies that the extent of the mineralization offers the potential for up to 10 drill holes in order to develop an evaluation consistent with best practices and international standards.
Mr. Luis Manuel Arroyo Dominguez, Principal Mining Engineer at SRK Mexico, states, "We welcome this opportunity to work with Ironwood at this promising concession. Modern exploration techniques and higher commodity prices makes an up-to-date evaluation of this location a logical progression towards a production scenario which currently appears to offer a reasonably high degree of probability for a favorable outcome."
With offices in Zacatecas, Mexico, SRK proposes the fielding of a team of professionals led by Mr. Arroyo including staff with previous work experience at the El Gochico mine located within the Raquel concession. El Gochico was historically mined by Industrias Peñoles, S.A.B. de C.V ("Peñoles") which documented 1981 reserves at 500,000 tonnes proven with 185 g/t Ag, 9.81% Zn, 0.51% Pb and .73% Cu as well as 301,000 tonnes of probable reserves @ 120 g/t Ag, 8.2% Zn, 0.36% Pb and 0.59% Cu and a Possible Resource of 1,412,000 tonnes. Mill production was recorded at 12,000 tonnes per month with a total production of 540,000 tonnes until production ended in mid-1985 when metal prices dropped and the mine closed. The site is still considered active and the property includes roads and an electrical transmission line. It is reported that Peñoles invested US$17M in mine development which was was recovered in the first 2.5 years of production.
Ironwood CEO Behzad Shayanfar states: "We are very pleased with the proposal from SRK. The quality of their work is recognized globally and given the regional location of their office and experienced personnel, we have received what we feel is a very cost effective estimate. Additionally, the program is quite aggressive with a rapid timeline which suits our needs thoroughly. We are working diligently to finalize matters in order to get underway as soon as commercially practicable."
Additional details regarding the Company and its agreements 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. For more information visit: www.ironwoodgold.com.
About Ironwood Gold Corp. (OTCQB: IROG)
Ironwood Gold Inc. is building a high quality portfolio of high probability exploration properties principally located in Nevada and Mexico which are historically prospective for gold and silver. For more information visit: www.ironwoodgold.com.
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.
ON BEHALF OF THE BOARD
Ironwood Gold Corp.
Behzad Shayanfar, CEO