TSX.V) (“CIO” or “the Company”) is pleased to announce that a settlement has been reached with Red 5 Limited. Red 5 Joint Venture After long negotiation Red 5 Limited and Central Iron Ore Ltd’s subsidiary South Darlot Mines Pty Ltd
ABN: 32 072 871 133
Central Iron Ore Ltd.
Suite 1 Level 2, 49-51 York Street, Sydney 2000 Australia
Tel. 61 2 9397 7555
NEWS RELEASE Symbol: CIO-TSXV
December 14, 2021 For Immediate Dissemination
Settlement with Red 5 Limited
VANCOUVER, BRITISH COLUMBIA – (December 14, 2021), Central Iron Ore Ltd. (CIO –
TSX.V) (“CIO” or “the Company”) is pleased to announce that a settlement has been reached
with Red 5 Limited.
Red 5 Joint Venture
After long negotiation Red 5 Limited and Central Iron Ore Ltd’s subsidiary South Darlot Mines Pty Ltd
(SDM) has reached a settlement with Darlot Mining Company Pty Ltd (Darlot) pursuant to which it was
agreed that SDM has earned an additional 19% interest in M37/1045, M37/709, M37/631 and M37/552
(taking its interest from 51% to 70%) pursuant to a 2011 farm-in agreement. It was also agreed under the
Settlement Deed and Joint Venture Agreement entered into by the parties that Darlot is holding a 70%
interest in a portion of two additional tenements, M37/421 and M37/632, on trust for SDM.
We are most pleased with this outcome and will now commence further development and
exploration on these tenements.
SOUTH DARLOT GOLD PROJECT (Western Australia)
The Company’s South Darlot Gol d Project area i s located approximately 320km northwest of
Kalgoorlie in Western Australia and includes:
The British King Mine
This mine which was 49% owned by the Company and which is National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI43-101”) compliant is 5km southwest of Red 5 Limited’s Darlot
Mine and is currently in care and maintenance. Under the terms of Tenement Acquisition Agreement dated
30 October 2014 regarding the sale of British King by CIO to BK Gold Mines Pty Limited, the British King
Mine has now reverted to 100% beneficial ownership by CIO. CIO is registered on title for 49% and has
received signed transfer forms from BK Gold Mines Pty Limited to Central Iron Ore Limited for the transfer
of a further 51% interest as agreed.
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https://gullewaau.sharepoint.com/sites/Documents/Documents/CIO_Shared/TVX/Press Releases/2021 12 09 Red 5 Joint Venture .docx
The registration of unencumbered title of that 51% interest is being delayed by Silverstream SE22, who
provided funding to BK Gold Mines Pty Limited to fund their acquisition under the Tenement Acquisition
Agreement. Silverstream SE22 has refused to remove the caveats which prevents registration of the
transfers. CIO maintains that such refusal has no legal foundation and is evaluating it s options which
includes commencing legal proceedings.
South Darlot Gold Project
RED 5 JV Project (Formerly Barrick Joint Venture Project)
The tenements set out in the table below (“Red 5 JV Tenements”) are the subject of a joint venture between
the Company and subsidiaries of Red 5 Limited (“Red 5 JV”), and are situated southwest of Red 5’s Darlot
gold mine and are contiguous with CIO’s current holdings in the area. The Red 5 JV Tenements are detailed
below.
Project Tenement Status Area (ha)
Barrick JV M37/421 Granted 381
Barrick JV M37/552 Granted 200
Barrick JV M37/631 Granted 776
Barrick JV M37/632 Granted 595
Barrick JV M37/709 Granted 98
Barrick JV M37/1045 Granted 90
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Qualified Person’s Statement
Mr Andrew Bewsher is a Member of the Australian Institute of Geoscientists and has compiled the
information within this report relating to mineralisation. Mr Bewsher has sufficient experience relevant to
the style of mineralisation and type of deposit un der consideration and to the activity currently being
undertaken to qualify as a Competent Person as defined in NI 43-101.
On behalf of the Board of Directors
CENTRAL IRON ORE LTD.
“Brett Hodgins”
____________________________
Brett Hodgins, President/CEO
For further information, please contact:
www.centralironorelimited.com
Investor and Media Inquiries:
Direct: +61 2 9397 7555
Email:[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Although the
Company believes that such information is reasonable, it can give no assurance that such expectations will prove to
be correct. Forward -looking information is typically identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company
cautions investors that any forward -looking information provided by the Company is not a guarantee of future results
or performance, and that actual results may differ materially from those in forward looking information as a result of
various factors, including, but not limited to, the state of t he financial markets for the Company’s equity securities, the
state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in
the nature, quality and quantity of any mineral deposits that may be lo cated, the Company's ability to obtain any
necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able
to implement its business strategies and other risks associated with the exploration an d development of mineral
properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such risk
factors and their potential effects, copies of which may be accessed through the Company’s page on SEDAR at
www.sedar.com.