LOI To Acquire Brimstone Mining Inc. June 26/06
VANCOUVER, BC, Jun 26, 2006 (MARKET WIRE via COMTEX) -- Irwin Energy, Inc. (the Company) (PINKSHEETS: IWNE) today announced the execution of a Letter of Intent ("LOI") with Brimstone Mining, Inc ("Brimstone") whereby Irwin's subsidiary, Mayflower Exploration, Inc. would acquire Brimstone Mining, Inc. and Brimstone's wholly-owned subsidiaries, Mayflower Mine, Inc. and West Mayflower Mine, Inc., joint owners the Mayflower Mine in Southwestern Montana. Under the terms of the LOI, Irwin will deliver $500,000 and $1,500,000 of Irwin common stock in exchange for 100% of the issued and outstanding capital stock of Brimstone.
About the Mayflower Mine Project
The Mayflower Mine Project in Southwestern Montana is an exploration project with significant potential for new discoveries and additional minable reserves. A block of minable reserves containing 20,771 ounces of gold and 138,205 ounces of silver has been defined below the historic workings of the "Eastern Ore Shoot."
Historically, the Mayflower Mine was a high-grade gold and silver producer discovered in the 1890's by W. A. Clark, one of the Butte Copper Kings. The property was acquired by the Anaconda Company which operated the Mayflower Mine from 1935 to 1942. Subsequently, it was mined under a lease agreement with Anaconda from 1958-1961. The Mayflower Mine has produced over 225,000 ounces of gold and over 875,000 ounces of silver from about 143,700 tons of ore. Irwin Energy, through its subsidiary, plans to aggressively implement its Mayflower Mine exploration plans.
About Irwin Energy
Irwin Energy, Inc., based in Vancouver, B.C. was founded for the purpose of engaging in the exploration, acquisition, development and production of crude oil and natural gas, and other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.
Safe Harbour Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.
Copyright Copyright Hugin ASA 2006. All rights reserved.
Contact:
Kenan Williams +1 604 608 0810
Pavel Doukhine +1 604 608 0832
SOURCE: Irwin Energy, Inc
Copyright 2006 Market Wire, All rights reserved.
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