Iron Creek & Hochschild Mining Exercise Underlying Options over the Victoria JV Project
04.03.2011 | CNW
VANCOUVER, March 4 /CNW/ - Iron Creek Capital Corp. (TSX-V: IRN) is pleased to announce that Iron Creek and Hochschild Mining Holdings Limited (“Hochschild“) have, in recent weeks, exercised the underlying options and acquired complete control of key portions of the Victoria JV Project properties.- An option over 11,500 hectares of ground covering the Incahuasi, Leña and Cenizas porphyry copper targets, and the Nueve Vidas precious metals target was exercised by paying the option holder, Sr. Roberto Masso (“Masso“), a total of US$3 million shared between the joint venture partners.
- An option covering 2,000 hectares of ground covering the Picaron porphyry copper target was exercised by paying the option holder, Compañía Minera Minquest Limitada (“Minquest“), a total of US$300,000 shared between the joint venture partners. Minquest retains a 0.5% NSR royalty interest in the optioned properties, which the joint venture partners can purchase at any time for a cash consideration of US$1 million.
Tim Beale, the President of Iron Creek, said: “We've concluded with our JV partner Hochschild that the exploration carried out to date on the Victoria property has revealed attractive porphyry copper targets at Incahuasi, Leña and Cenizas, and an emerging precious metals target at Nueve Vidas in the southern half of the property, as well as an important porphyry copper target at Picaron in the west of the property. The option payments are fully justified to secure complete control over these targets and will give the joint venture partners complete freedom to explore and test them effectively.“
The Victoria property comprises an outstanding 37km long land package along the Domeyko Fault Zone in northern Chile - a truly world-class mineral belt that is prospective for porphyry copper deposits and epithermal precious metals systems - located approximately midway between the world-class porphyry copper districts at La Escondida and El Salvador.
Hochschild, as operator of the Victoria joint venture, is planning an aggressive exploration program during 2011 to further drill test a series of priority porphyry copper and precious metals targets. Other targets being investigated within the Victoria property include the Vaquillas precious metals target. Several of the key targets, named above, occur within the Masso and Minquest optioned ground. Please refer to project descriptions on Iron Creek's website for more details.
About Iron Creek
Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.
ON BEHALF OF THE BOARD
“Timothy Beale“
Timothy 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.
Forward-Looking Statement
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.
For further information:
Suite 830-355 Burrard Street
T: 604.682.1545
F: 604.682.1514
Vancouver BC, Canada
V6C 2G8
www.ironcreekcapital.com
info@ironcreekcapital.com