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Monday, July 26, 2010
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OTCBB: IROG
SCOTTSDALE, AZ -- Ironwood Gold Corp. (OTCBB: IROG) (the "Company") is pleased to announce that pursuant to plans to commence exploratory drilling at the Cobalt Canyon property in Nevada, the Company has accepted a bid for drilling services tendered by Quesnel Brothers Diamond Drilling Ltd. (www.quesnelbros.com).
Preparations are underway and permitting has been completed in order to drill six initial drill holes totaling 1200 meters on the Cobalt Canyon property located in the Chief mining district of Lincoln County, Nevada about 115 miles northeast of Las Vegas and 5 miles north of the town of Caliente at an altitude of about 6,000 feet.
One of the primary goals of the drill program is to determine if mineralization is disseminated in wall rocks around the mineralized structures as suggested by several previous samples. The six drill holes are designed to test four highly rated gold-silver targets areas; a) Gold Chief and Soa Mines; holes 1 and 2, b) Contact Mine hole 3, c) Old Democrat and Advance Mine holes 4 and 5, and d) the Gold Stake Mine hole 6. The drilling will test the targets for structures such as faults for high grade gold and silver mineralization.
Drill plans call for a tentative depth of 200 meters each. However, if significant mineralization is encountered, the depths will be extended. Also, if warranted, additional holes may be drilled to delineate significant mineralization encountered in the initial drilling, based on a visual assessment of mineralization.
The project data includes an independently authored 2009 N.I. 43-101 compliant report which offers the opinion that Cobalt Canyon appears to have potential for 1.5 million ounces of gold -- and possibly considerably more -- as either an open-pit or underground target. At this juncture, the Company has determined that road work and drill pad preparations will allow for drilling to commence in the first week of August.
Based on the results of the drilling, the Company aims to validate the Cobalt Canyon project as capable of commercial operations. The drill sampling will further assist in accurately assessing tonnages and grades across the claims in order to support the establishment of a viable mining operation.
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. (OTCBB: IROG)
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 BOARD
Ironwood Gold Corp.
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Behzad Shayanfar, CEO
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