IRN

Iron Creek Capital Corp. (TSX VENTURE:IRN) ("Iron Creek") is pleased to announce
that it has signed a non-binding letter agreement (the "Agreement") with Kinross
Minera Chile Limitada, a wholly owned subsidiary of Kinross Gold Corp. (TSX-TO:
K: "Kinross"), whereby Kinross will have the sole and exclusive option and right
to acquire up to a 75% undivided interest in Iron Creek's Las Pampas mining
concessions located in northern Chile (the "Concessions"), by complying with the
terms and conditions set out in the Agreement.


The Agreement is subject to a 60-day exclusivity period during which a
definitive option agreement must be completed between the parties, and Kinross
must complete its due diligence of the Concessions.


The Agreement can be summarised as follows:



--  Initial Option: Kinross will have the exclusive Initial Option,
    exercisable at its sole discretion, to earn an undivided 60% interest in
    the Concessions by; 
    --  Funding and incurring an aggregate of US$5 million in exploration
        expenditures over 4 years, including a minimum of US$500,000 in the
        first year 
    --  Subscribing for such number of units of Iron Creek by way of private
        placement that will cause Kinross to hold up to 20% of the issued
        and outstanding common shares of Iron Creek
--  Additional Option: After the exercise of the Initial Option, Kinross
    will have the exclusive Additional Option, exercisable at its sole
    discretion, to acquire an additional undivided 15% interest in the
    Concessions (to 75% interest in total) by; 
    --  Funding and incurring an additional US$20 million in exploration
        expenditures over the 5 year period after the exercise of the
        Initial Option, or by completing a Canadian National Instrument 43-
        101 compliant bankable feasibility study with respect to the
        Concessions over the same time period



Kinross will be operator of the Concessions during the option periods. Kinross
may extend the Additional Option period by intervals of one year up to a maximum
of 4 years by incurring a minimum of US$1 million in expenditures during each
additional year. Kinross may also pay Iron Creek cash in lieu of expenditures
during the Initial and Additional Option periods.


If Kinross exercises its Initial Option, a Joint Venture mining company ("Joint
Venture") will be incorporated to hold the Concessions, with initial ownership
of the Joint Venture being 60% Kinross and 40% Iron Creek. If Kinross exercises
the Additional Option, the share structure of the Joint Venture will be adjusted
so that Kinross owns 75% and Iron Creek 25%.


After the Initial Option has been exercised, or after the Additional Option has
been exercised, Iron Creek may either maintain its interest in the Joint Venture
and proportionally fund all future expenditures, or Iron Creek may opt to
convert its interest in the Joint Venture to a net smelter return royalty,
giving Kinross a 100% interest in the Concessions. A portion of the net smelter
return royalty may be purchased by Kinross for cash.


The northern half of the Las Pampas Property, formerly known as Pampa Buenos
Aires, is subject to existing net smelter return royalties of 2% in favour of
Hochschild Mining PLC, and a 2% royalty payable to Rusoro Mining. The Rusoro
Mining royalty is capped at US$5 million and will be deducted from Iron Creek's
net smelter return revenue.


The Las Pampas Property

Iron Creek's 100% owned Las Pampas Property is an approximately 50,000 hectare
land package located in an exceptional position along the highly prospective
Palaeocene mineral belt in northern Chile. The property is centred along strike
and approximately 35Km southwest of the multi-million ounce gold and silver
mining district at El Penon and related deposits. The consolidated Las Pampas
property previously comprised two separate but contiguous packages of
concessions called Pampa Buenos Aires and Pampa Sur. Las Pampas is prospective
for low sulphidation epithermal bonanza precious metals veins and possibly
disseminated precious metals targets and deep porphyry copper targets. Further
details can be obtained from Iron Creek's website
(http://www.ironcreekcapital.com/s/Home.asp).


Tim Beale, President of Iron Creek, commented: "At a difficult time for the
industry in general this is an exceptional agreement for Iron Creek. We are very
pleased to have Kinross as our partner to invest in the Las Pampas property.
Results from Iron Creek's previous work, some of which was carried out with a
previous joint venture partner, have suggested the property has excellent
potential to host mineralised precious metals (bonanza) veins in particular, and
also to host possible disseminated precious metals deposits and deep porphyry
copper deposits. Kinross will bring significant experience and expertise to bear
on the property, as well as money, and combined with Iron Creek's experience and
expertise will ensure that the exploration investment will maximise chances for
success."


ON BEHALF OF THE BOARD

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Iron Creek Capital Corp.
Timothy J. Beale
President
604.687.5544
604.688.1157 (FAX)
info@ironcreekcapital.com
www.ironcreekcapital.com

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