U.S. Markets open in 8 hrs

Ironwood Gold Signs LOI to Acquire Idaho Property Offering Carlin Trend Characteristics

SCOTTSDALE, AZ--(Marketwire - 01/12/11) - Ironwood Gold Corp. (OTC.BB:IROG - News) (the "Company") is pleased to announce it has entered into a Letter of Intent ("LOI") to acquire a 100% interest in mining operations on 12 unpatented mining claims commonly known as the Artesian Project property, located approximately 30 miles south west of Twin Falls in Cassia County, Idaho.Historically, the Black Pine Mine, located 60 miles to the east, operated by Pegasus in the late 1990's, produced approximately 600,000 ounces of gold by heap leach processing at an average grade of 0.020 oz/ton gold within the same geological formation. Currently, the north side of the Artesian Project claim block is being explored for disseminated gold by Agnico-Eagle Corporation.Previous exploration work at the Artesian Project indicates that anomalous gold occurs along a zone that is at least 1 mile long and approximately 0.5 miles wide and untested at depth. Based on the extent and scope of this report, the potential is good for extending known mineralization along strike and at depth. The resource potential for the Artesian area is placed at a minimum of 1 million ounces of gold, but will require exploratory drilling to confirm.This deposit is a "disseminated gold" system very similar to the "Carlin" type deposits located nearby in Nevada. Previous exploratory efforts utilizing shallow reverse circulation (RC) drilling indicated that average mineralization is approximately 200 feet. Further drill holes to test mineralization at depths greater than 345 feet and delineating mineralization strike length have not been conducted to-date.The Artesian Project lies within an 8 square mile, erosional window in the younger volcanic cover area that is anomalous in gold (hardrock). Geologically, a major structure goes through the property and is responsible for most of the mineralization which is contained in the Pennsylvanian, Oquirrh Formation, of which could extend significantly at depth. Excellent potential exists for open pit mining operations within the project area.Ironwood Gold intends to undertake a thorough review of all available data in order to uncover additional targets along the fault zones found in previous mapping. Similar structures both north and south should be present under the volcanic cover and will require drill testing in order to fully map the extent of the underlying resource potential.The Definitive Agreement shall contain customary representation and warranties, covenants and indemnification provisions. 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. (OTC.BB:IROG - News)
Ironwood Gold Corp. is a mineral exploration and development company building a portfolio of prospective properties containing known deposits of strategic precious metals in politically stable, mining-friendly North American districts with recognized production histories.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 BOARDIronwood Gold Corp.
Behzad Shayanfar, CEO