Iron Creek Defines Significant Gold and Silver Anomalies from a Talus-Fines Sampling Survey at its Exploradora Project, Northern Chile

TSX-V: IRN

VANCOUVER, Oct. 17, 2012 /PRNewswire/ – Iron Creek Capital Corp. (TSX-V: IRN -
“Iron Creek”) is pleased to report results from the first phase of a
talus-fines sampling program carried out over the Portezuelo area of
its Exploradora gold-silver project in northern Chile. The principal
targets of the program are low-sulphidation, epithermal precious metals
quartz veins. Iron Creek, through its wholly owned Chilean subsidiary,
has an option agreement with Anglo American Norte S.A. to acquire 100%
of the Exploradora property subject to certain expenditure commitments
(see news release dated September 7, 2011).

Highlights of the talus-fines sampling program include:

        --  Important anomalous gold and silver trends defined, with values
            in talus-fines materials up to 0.51g/t Au and 61.7g/t Ag
        --  Highly anomalous pathfinder trace element geochemistry with
            values up to 890ppm As; 126ppm Sb; 2,670ppm Zn; and 10,001ppm
            Pb
        --  Results highlight extensions to a previously known mineralized
            structure at Portezuelo as well as suggesting potentially new
            mineralized structures obscured by talus slope cover materials

About the Exploradora Property

The Exploradora Property is located directly along the Domeyko
Cordillera, the principal porphyry copper belt in northern Chile. The
property is located within the Exploradora porphyry copper, skarn and
precious metals district, and to the NE of the El Salvador /
Potrerillos porphyry copper and precious metals district.

The geology of the belt is dominated by Triassic, Jurassic and
Cretaceous sediments and volcanics, and Mid-Tertiary plutonic rocks,
calc-alkaline volcanic rocks and sub-volcanic porphyritic intrusions.
Most of the significant areas of mineralization within the Exploradora
District, including a porphyry copper discovery, are zoned around the
margins of the central Exploradora pluton and hosted within volcanic
and sedimentary rocks.

The Exploradora Property has potential for low-sulphidation precious
metals quartz veins. Veins of this type outcrop in historic trenches in
the Portezuelo area on the eastern margins of the Exploradora district
pluton, and further veins outcrop in historic trenches and small
workings in the Ladera area further to the southwest. An extensive area
of epithermal quartz vein float blocks, on moderate slopes covered by
talus deposits, lies between Portezuelo and Ladera – a distance of
about 5km.

The property is easily accessed by a good quality dirt road from the Pan
American highway and is located at moderate Andean altitudes of <
4,000m with modest slopes. The Exploradora Properties have recently
been expanded and now cover more than 5,000 hectares.

Previous work by Iron Creek includes detailed geological mapping of the
property and limited rock-chip sampling of outcropping veins yielding
values up to 3.45g/t Au and 480g/t Ag. More recent work, reported here,
comprises a detailed sampling grid of talus-fines totalling
approximately 2,000 samples on a 100m x 25m grid covering a key part of
the Portezuelo area at the northeast end of the property.

Exploradora Soil Sampling Program

Talus deposits obscure extensive areas around the southern and eastern
margins of the Exploradora plutonic igneous complex, an area almost
entirely covered by the property under option. A first phase of talus
fines sampling to test the methodology was carried out on the eastern
margins of the Exploradora plutonic complex, in an area named
Portezuelo. Just over 2,000 sieved samples (-10 mesh) of talus fines
were collected every 25m over an area of approximately 2.5km x 3.0km on
east-west oriented lines spaced 100m apart. The sample lines were
designed to cross known structures, with most of these being oriented
northwest-southeast. A large part of the prospective trend, centred on
Ladera to the southwest of Portezuelo, remains to be sampled by future
surveys.

The main Portezuelo South epithermal vein structure, partially exposed
in historic trenches, is shown to be highly anomalous in gold and
silver, as well as pathfinder elements such as arsenic and antimony. In
detail, at least two and possibly three sub-parallel structures are
revealed in this area. The overall strike length of the mineralized
Portezuelo South trend defined to date by the surface geochemistry is
approximately 2km – significantly greater than the strike length
subject to historic trenching – suggesting a potentially important
series of mineralized structures. Additionally, lead and zinc show a
high degree of anomalism along this trend.

Other potentially important mineralized trends have also been defined:

        --  Portezuelo Secondary North Structure - approximately 500m of
            strike length of a new structure, sub-parallel and located 750m
            northeast of the main Portezuelo South structure, is revealed
            by anomalous gold, silver, arsenic, antimony, lead and zinc
            values.
        --  Perdida Anomaly - several geochemical anomalies, dominated by
            gold, silver, lead, zinc and copper, with only very minor
            arsenic and antimony, occur in an area approximately 1km west
            of the main Portezuelo South structure. The anomalies may
            reflect more than one obscured structure in the bedrock.
        --  Other smaller anomalies may be significant and worthy of
            further follow up.

Tim Beale, President of Iron Creek, commented: “These geochemical
anomalies have confirmed Iron Creek’s interpretation when we originally
optioned the property that the potential for possibly mineralized
epithermal vein structures around the margins of the Exploradora
plutonic complex was much greater than the limited outcrops and
historic trenching had previously indicated. We are excited by these
results, which give us justification for extending the talus-fines
sampling surveys over the rest of the property, as well as justifying
detailed follow-up of the existing anomalies with trenching and
possibly drilling.”

Summary maps showing the location of the talus-fines sampling survey
together with some of the principal geochemical results are available
on Iron Creek’s website.

QA/QC

Geochemical samples are collected in accordance with accepted industry
standards and best practices. Talus fines samples are submitted to ALS
Chemex Laboratories in La Serena, Chile, for preparation by PREP-41,
with digestion by aqua regia digestion and analysis for 51 elements by
ICP-MS and ICP-AES (ME-MS41). Gold is analysed by 50gm fire assay and
AAS (Au-AA24). As standard procedure, Iron Creek conducts routine
quality-assurance and quality-control analysis on all assay results,
including the systematic utilization of certified reference materials,
blanks and field duplicates.

Qualified Person

Demetrius Pohl, Certified Professional Geoscientist (CPG), is the
Company’s Qualified Person as defined by National Instrument 43-101,
and is responsible for the accuracy of the technical information in
this news release.

ON BEHALF OF THE BOARD

    “Timothy J. Beale”

Timothy Beale, President

Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.

Forward-Looking Statement

Some of the statements in this news release contain forward-looking
information that involves inherent risk and uncertainty affecting the
business of Iron Creek Capital Corp.  Actual results may differ
materially from those currently anticipated in such statement.

SOURCE Iron Creek Capital Corp.