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