Acquisition
Includes Two New Cape-Sized Port
Development Projects
Company Website:
http://www.ironmininggroup.com
NEW YORK, N.Y. -- (Business Wire)
Iron Mining Group, Inc. (OTCBB:IRNN),
a global iron ore mining and
investment company (IMG),
announced that its wholly-owned
subsidiary, Chile Inversiones de
Minerales, Ltda. has completed the
initial acquisition of 50% of the La
Serena Iron Sands Mine with which
will automatically increase to 70%
upon the repayment of $1,040,000 of
pre-existing debts through the sales
iron ore from the property. On
closing, IMG assumed management
control of the mine and two port
development projects in Chiles
Coquimbo region.
The iron sands property is
known as the La Serena Beach Mine,
which spans two kilometers by one
half kilometer, includes an existing
mineral exploitation concession and
a pending marine concession. Once
granted, this marine concession will
allow the mining of iron ore located
along the ocean floor up to two
kilometers offshore. Based on
geology and feasibility studies
completed by the University of
Santiago in 2009, the combined
concessions are believed to contain
up to 66,500,000 metric tons of
recoverable high-grade iron ore
located within the iron sands along
the beach and the adjacent ocean
floor, representing total estimated
current market value of more than
USD $9 billion. IMG plans to conduct
further geological analysis and to
subsequently file an initial 43-101
report on this property.
Upon approval of its
environmental declaration,
anticipated in Q1 of 2011, IMG plans
initial monthly production of 60,000
metric tons for projected revenue of
USD $8.7 million and seeks to
increase production growth to
180,000 metric tons with revenues of
USD $26 million per month by July
2011. Furthermore, with the
acquisition of two port development
projects, IMG is committed to
investing in port infrastructure
allowing for significant growth in
its total iron ore export capacity.
Each of the two new ports is planned
to accommodate Cape-sized vessels
with a combined annual loading
capacity of up to 18,000,000 metric
tons.
Having completed this
acquisition, IMG is on track to
begin production and export of iron
ore from the La Serena Beach Mine in
early 2011 followed by further
production from our Atacama Desert
and Tocopilla projects by Q3 of
2011 said CEO, Garrett K. Krause.
We look forward to working with the
regional authorities and the local
community to make this project
impactful and beneficial for
everyone involved. Further, we will
immediately begin advancing our two
associated port projects with
support of our Chinese partners in
order to accommodate increased
annual iron ore export volumes from
Chiles Coquimbo region.
About Iron Mining Group, Inc.
Iron Mining Group is a global
iron ore mining company with its
initial focus in Latin America. The
Company has entered this marketplace
at a time when the largest iron ore
customer, China, seeks to alter the
status quo by shifting power away
from the traditional iron ore
producers. Iron Mining Group has
signed strategic joint venture
agreements with several Chinese
Steel Groups, which provide
guaranteed long-term iron ore
purchase agreements for 100% of
available production.
For more information, please
refer to
www.IronMiningGroup.com.
Forward Looking
Statements:
Certain statements in this
release and other written or oral
statements made by or on behalf of
the Company are forward looking
statements within the meaning of
the federal securities
laws.Statements regarding future
events and developments and our
future performance, as well as
managements expectations, beliefs,
plans, estimates or projections
relating to the future are
forward-looking statements within
the meaning of these laws.The
forward looking statements are
subject to a number of risks and
uncertainties including market
acceptance of the Companys services
and projects and the Companys
continued access to capital and
other risks and uncertainties
outlined in its filings with the
Securities and Exchange Commission,
which are incorporated herein by
reference.The actual results the
Company achieves may differ
materially from any forward-looking
statements due to such risks and
uncertainties.These statements are
based on our current expectations
and speak only as of the date of
such statements.
Contacts:
Investor Relations /
Media please contact:
Iron Mining Group, Inc.
Michael Carney, (646) 389‐3070
Fax: (310) 919-3116
Investor@IronMiningGroup.com
Source: Iron Mining Group, Inc.
