Iron Creek Enters Into Option Agreement With Kinross Minera Chile Limitada in Respect of Iron Creek's Las Pampas Property
14 April 2014 - 1:30PM
Marketwired
Iron Creek Enters Into Option Agreement With Kinross Minera Chile
Limitada in Respect of Iron Creek's Las Pampas Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 14, 2014) - Iron
Creek Capital Corp. (TSX-VENTURE:IRN) ("Iron Creek") is pleased to
announce that it has signed an option agreement (the "Agreement")
with Kinross Minera Chile Limitada ("Kinross"), a wholly owned
subsidiary of Kinross Gold Corp. (TSX:K), whereby Kinross will have
the sole and exclusive option and right to acquire up to a 75%
undivided interest in Iron Creek's Las Pampas mining concessions
located in northern Chile (the "Concessions"), by complying with
the terms and conditions set out in the Agreement.
Kinross has stated that it will start exploration activities on
the Las Pampas property immediately.
A non-binding Letter Agreement for Las Pampas was originally
signed between Iron Creek and Kinross on July 24th, 2013, with a
60-day exclusivity period during which a definitive option
agreement was to be completed between the parties, a period that
was also designed to allow Kinross to complete its due diligence of
the Concessions. This exclusivity period was extended by mutual
agreement between the parties in order to allow these processes to
be completed, including the preparation of Spanish-language
documents for registration in Chile.
Further details of the agreement can be found in Iron Creek's
news release dated August 8th, 2013. An Initial Option Period of
four years will allow Kinross to earn a 60% interest in the Las
Pampas Properties by spending $5 million. Kinross then has an
Additional Option Period lasting five years during which it can
earn an additional 15% (to 75% in total) by either spending a total
of $20 million or completing a Canadian NI 43-101 compliant
bankable feasibility study on the property. Iron Creek has the
option of participating in the project with either a 40% or 25%
interest in the properties, depending on Kinross' actions and
decisions during the Initial and Additional Option Periods
respectively, or converting its interest to a NSR Royalty.
About Las Pampas Property
Iron Creek's 100% owned Las Pampas Property is an approximately
50,000 hectare land package located in an exceptional position
along the highly prospective Palaeocene mineral belt in northern
Chile. The property is centred along strike and approximately 35Km
southwest of the multi-million ounce gold and silver mining
district at El Peñon and related deposits. The consolidated Las
Pampas property previously comprised two separate but contiguous
packages of concessions called Pampa Buenos Aires and Pampa
Sur.
Previous exploration activities, including drilling, have
returned excellent geological, geochemical and geophysical results
indicative of low sulphidation epithermal bonanza precious metals
veins - the main target type sought - together with evidence for
possible disseminated precious metals targets and deep porphyry
copper targets. Further details can be obtained from Iron Creek's
website (http://www.ironcreekcapital.com/s/LasPampas.asp).
Tim Beale, President of Iron Creek, commented: "Since signing
the original non-binding Letter Agreement with Kinross, we have
been working hard with Kinross to allow them to complete due
diligence on the properties, as well as drafting acceptable
definitive option agreements in Spanish and English. We are very
pleased that this process has now been concluded, and that Kinross
can continue exploration activities on this exciting property
immediately. Several priority targets will be investigated by
Kinross with a view to further drill testing of the best targets in
due course. Kinross will bring significant experience, expertise
and financial clout to bear on the property, to ensure that the
exploration investment will maximise chances for success."
ON BEHALF OF THE BOARD
Timothy J. 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.
Iron Creek Capital
Corp.604.687.5544604.688.1157info@ironcreekcapital.comwww.ironcreekcapital.com
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