VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 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.