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Iron Creek Provides an Exploration Update at its Victoria Joint Venture Project, and Agrees Dilution with Hochschild Mining

December 21, 2012

TSXV: IRN

VANCOUVER, Dec. 21, 2012 /PRNewswire/ – Iron Creek Capital Corp. (TSXV: IRN -
“Iron Creek”) is pleased to provide an exploration update on recent
work completed by Hochschild Mining Holdings Limited (HOC.L:
“Hochschild”), the operators of the Victoria Joint Venture project. As
a result of a recent cash call by the operators to Iron Creek, Iron
Creek has declined the opportunity to contribute, and consequently will
be diluted from its previously held 40% interest in the project, to
33.88%.

The Victoria Property – an outstanding 37km long land package along the
Domeyko Fault Zone in northern Chile, located approximately midway
between the world-class porphyry copper districts at La Escondida and
El Salvador – is prospective for porphyry copper deposits and
epithermal precious metals systems, and contains multiple targets.

        --  Further drilling at the Picaron porphyry copper target, which
            now totals 3,707m in seven diamond drill holes, has cut a fully
            formed, dioritic porphyry copper-gold-moly system, with
            multiple intrusive phases and veinlet types, but with low metal
            grades to date. However, the system remains open, particularly
            to the east under post-mineral cover. Further drilling under
            the cover will be considered in the future.
        --  A third round of vertical reverse circulation drill holes was
            completed by the operator at the Picaron Exotic target during
            September and October of 2012. 1,294m were drilled in 15 RC
            holes, making an overall total of 4,552m in 50 holes on this
            target since late 2011. The latest round of drilling has
            extended the exotic copper oxide mineralization in the young
            gravels further to the north and northwest. Analytical results
            from the latest phase of drilling are still pending. One
            principal horizon of exotic copper mineralization occurs at
            approximately 30m depth below the surface, with a less well
            developed secondary horizon at approximately 50m depth below
            the surface. Picaron Exotic is important both as a target in
            its own right, but also to trace the supergene mineralization
            back to its hypogene source.
        --  Drilling of possible porphyry copper mineralization has been
            carried out by the operator at the Victoria II target located
            to the east of the Cenizas target. Victoria II was previously
            tested as a precious metals vein target with 2,015m of reverse
            circulation drilling in 9 holes completed. In September and
            October of 2012, the operator drilled a further 1,686m in five
            reverse circulation holes to test coincident Cu, Mo, Au and Ag
            surface geochemical anomalies associated with a zone of
            sericitic alteration, abundant hydrothermal breccias, and an
            anomalously low magnetic feature. Analytical results are
            pending.
        --  During the quarter, the operator initiated a three hole reverse
            circulation drill program at the Incahuasi porphyry copper
            target, planned to total 1,250m. To date, approximately 450m of
            this program had been completed, with results pending. The
            target comprises well developed hydrothermal alteration
            coincident with anomalous surface geochemistry, particularly
            molybdenum, and an outcropping quartz-iron-oxide (oxidised
            sulphides) veinlet stockwork.
        --  An experienced consultant geologist contracted by the operator
            has completed a property-wide geological mapping and review
            process in order to help determine priorities for future
            exploration work from the multiple targets available.

Tim Beale, President of Iron Creek, comments: “Although the Victoria
property remains highly prospective for both porphyry copper
mineralization and precious metals mineralization, with a number of
targets subject to ongoing exploration, and several other targets
requiring future exploration investment, current market conditions
dictate that Iron Creek must reduce its interest in the project in
order to bring future financing commitments to a more manageable
level.”

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. Dr. Pohl has verified that it is an accurate summary
of the reports provided to Iron Creek by Hochschild, and contained
within reports by historic workers. However, Iron Creek has not
independently verified Hochschild’s exploration results, or those of
historic workers.

ON BEHALF OF THE BOARD

    “Timothy J. Beale”
Timothy J. 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.


Source: PR Newswire