Iron Creek & Hochschild Mining Agree Exchange of Property Interests and Royalties
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2013) - Iron Creek Capital Corp. (TSX VENTURE:IRN) ("Iron Creek") is pleased to announce an agreement to exchange property interests and royalties with its joint venture partner, Hochschild Mining Holdings Limited (LSE:HOC.L) ("Hochschild").
The Exchange Agreement
Iron Creek and Hochschild have agreed to exchange their respective interests in the Victoria and Pampa Buenos Aires Properties, so that Iron Creek will be the 100% beneficial owner of the Pampa Buenos Aires Property, and Hochschild will be the 100% beneficial owner of the Victoria Property.
In addition, both parties have agreed to mutually exchange a 2% NSR royalty on the properties, so that Iron Creek retains a 2% NSR royalty on any and all future production from the Victoria Property, and Hochschild retains a 2% royalty on any and all future production from the Pampa Buenos Aires Property.
The Pampa Buenos Aires Property
The Pampa Buenos Aires Property is an approximately 31,000 hectare land package located in an exceptional position along the highly prospective Paleocene mineral belt in northern Chile, approximately 35km southwest of the multi-million ounce gold and silver district at El Peñon and related deposits. The property is contiguous with, and lies immediately north of, Iron Creek's wholly owned Pampa Sur Property. Both properties are prospective for low sulphidation epithermal bonanza precious metals veins and possibly disseminated precious metals targets.
Iron Creek is currently operator and owner of a 50% interest in the Pampa Buenos Aires Property (see last relevant Iron Creek news release dated July 20, 2011), and Hochschild owns a 50% interest in the property as a result of its corporate takeover of Andina Minerals Inc., Iron Creek's previous joint venture partner, completed in February 2013 (see Hochschild news release dated February 20, 2013).
The Victoria Property
The Victoria Property is an outstanding approximately 45,000 hectare land package located along the Domeyko Fault Zone in northern Chile, midway between the world-class porphyry copper districts at La Escondida and El Salvador, and is prospective for porphyry copper deposits and epithermal precious metals systems, and contains multiple targets.
Hochschild is currently operator and owner of an approximately 66.1% interest in the Victoria Property, with Iron Creek currently owning an approximately 33.9% interest in the property (see last relevant Iron Creek news release dated December 21, 2012).
Tim Beale, President of Iron Creek, comments;
"This agreement to exchange property interests and royalties with our joint venture partner will allow Iron Creek to focus on moving forward with its combined 44,000 hectare land package at Pampa Buenos Aires and Pampa Sur, where exploration to date has shown excellent potential for high-grade gold-silver veins, as well as some indications for possible disseminated precious metals targets. It also removes Iron Creek from financial commitments at the Victoria Property, where it is not the operator, whilst at the same time ensuring that shareholders remain engaged with any discoveries and upside potential through the 2% production royalty interest on the property."
ON BEHALF OF THE BOARD
Timothy J. Beale, President
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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Iron Creek Capital Corp.
Timothy J. Beale