Symbol: CNG - TSX.V
VANCOUVER, Feb. 5, 2013 /CNW/ - Canadian Mining Company Inc. (TSX.V: CNG), ("the Company") is pleased to announce that it has
entered into an agreement with Ironwood Gold Corp. ("Ironwood"). The
agreement grants to Ironwood an option to acquire up to 100% of the
Raquel 3 and 3B mining concessions owned by the Company's wholly-owned
Mexican subsidiary Canmin Mexico S.A. de C.V., located in the Alamos
Mining district of Sonora, Mexico (the "San Bernardo Project").
The terms of the agreement provide that Ironwood may acquire an
undivided 100% interest in the San Bernardo Project for an aggregate
consideration of US$1,650,000, payable in cash and by the issuance of
shares in the capital of Ironwood, subject to a 2% NSR in favor of
Canadian Mining Company Inc.
Canadian Mining benefits by Ironwood Gold Corp. investing into further
exploration at its San Bernardo Project while still retaining an
interest in the Property. Furthermore, it will allow Canadian Mining's
team to focus on the development of the Sun Group Zeolite Project which
is garnering International attention.
About Ironwood Gold Corp. (OTCQB: IROG): Ironwood Gold Inc. is building
a high quality portfolio of exploration properties containing known
deposits of gold. Ironwood has targeted several high probability
locations historically prospective for gold and silver in direct
proximity to a number of major producing companies.
On behalf of the Board
Ray Paquette CEO
Please see our web site for additional details: www.canadianmining.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Canadian Mining Company Inc.
For further information:
Mr. Ray Paquette 604.684.3301