Irwin Energy Acquires Brimstone Mining Inc.
Wednesday August 16, 2:30 pm ET
VANCOUVER, BC--(MARKET WIRE)--Aug 16, 2006 -- Irwin Energy Inc. (Other OTC:IWNE.PK - News) announced today that it has closed its acquisition of Brimstone Mining Inc. Under the terms of the agreement, Irwin acquired 100% of the issued and outstanding capital stock of Brimstone Mining Inc., for a total of $2,000,000 in cash and stock. Through this acquisition, Irwin Energy now has a 100% interest in the Mayflower Mine in Southwestern Montana.
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About the Mayflower Mine
The Mayflower Mine Project in Southwestern Montana is an exploration project with significant potential for new discoveries. The Mayflower Mine's 1995 drilling program identified a block of minable reserves containing 20,771 ounces of gold and 138,205 ounces of silver, as well as two zones that hold potential for new discoveries that could lead to additional minable reserves. The mining of the identified reserves will pay for the cost of exploring some other target zones in the area.
About Irwin Energy
Irwin Energy is a junior oil and gas and resource company based in Vancouver, B.C. Founded for the purpose of engaging in the exploration, acquisition, development and production of crude oil and natural gas, and related activities. Recent acquisitions include gold and silver properties and other resource opportunities. 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 Harbor 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.
Contact:
Contact Info:
Investor Relations
Pavel Doukhine
604 608 2733
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Source: Irwin Energy Inc.
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