VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Central Iron Ore Ltd. (News - Market indicator) ("CIO") (the "Company") is pleased to announce that that it has applied for a new exploration licence application that is considered prospective for the occurrence of gold. The application is directly south of CIO's current tenements in the South Darlot Gold Project area and will significantly add to the presence CIO has created in the region.
South Darlot Project Area
The South Darlot Gold Project area is approximately 320km North West of Kalgoorlie and includes the British King gold mine which is 100% owned and NI43-101 compliant. The British King gold mine is situated 5km west of Barrick Gold Corporations Darlot Gold Mine.
Following a recent corporate strategic review of its tenement holdings, CIO decided to maintain and actively work towards securing a greater exposure, tenement footprint and presence within this highly prospective and somewhat underexplored area.
Accordingly the Company has decided to pursue opportunities to expand its tenure both within and around Barrick's core Darlot mine tenements, through either joint venture and/or acquisition, to underpin and provide the impetus for a renewed exploration effort which will focus on the significantly underexplored, deeper potential of the area. Deposits targeted will comprise new or extensional mineralisation, in known and/or previously mined areas, as well as any 'new' area deposits within or peripheral to any known mineralisation within the general area.
Collectively, this tenement expansion and the renewed corporate focus on exploration, both in and around the Company's prior holdings, will underpin its renewed proactive exploration stance. Activities will recommence on a mine site and more regional exploration basis, as will efforts on expanding the Company's regional tenure.
CIO's current South Darlot regional tenement package now comprises some 336km2 of highly prospective country under tenure. Given its recently renewed proactive exploration stance and focus, the Company believes these tenements represent both a major exploration and future development asset.
QUALIFIED PERSON
Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a consultant geologist, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
On behalf of the Board of Directors
CENTRAL IRON ORE LTD.
Brett Hodgins, President/CEO
For further information, please contact: www.centralironorelimited.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding additional gold tenemnts. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.
ABN: 32 072 871 133
Neither the 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.
