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Gullewa Limited : CIO Target Announcement

01/29/2013 | 06:15am US/Eastern
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G

GULLEWA LIMITED

A s x

R e l e a s e

23 January,2013

ASX Code: GUL

ABN 30 007 547 480

Level8

49-51York Street

Sydney NSW 2000

Australia

Tele : +612 9397 7555

Fax : +612 9397 7575

www.Jullewa.com info@gullewa.com www.alleJiancecoal.com www.centrallronorellmlted.com

Centrallron Ore Limited (CIO) Announces Target of 270,000 to 1,500,000 Oz of Au at South Darlot

Herewith find an announcement made to the Vancouver Stock Exchange by Centrai lron Ore Limited {TSX-V:CIO) in which Gullewa Limited holds a 36.1% interest.

We at Gullewa are delighted at the progress made by CIO at South Darlot which we understand will be pursued with due vigour.

AW Howland-Rose

Chairman Gullewa Limited

MSc, DIC, FGS, FIMMM, FAusiMM, MAICO, FAIG, CErili

For any enquiries : Anthony Howland-Rose 02 9397 7555

Centrai

lron Ore

ABN:32 072 871133

Centrallron Ore Ltd.

#1641 Lonsdale Ave,Suite 869, North Vancouver, B.C.V7M 2J5 Canada

Tel. 604.988.8186 Fax.604.357.5353

NEWS RELEASE January 22,2013

Symbol:CIO-TSXV For Immediate Dissemination

SOUTH DARLOT GOLD PROJECT- EMPEAOR STAUCTUAE EXPLORATION TARGET OF

270,000 to 1,500,000 Oz of Au.

VANCOUVER, BRITISH COLUMBIA- (Marketwlre- January 22, 2013), Cantrallron Ore

Ltd.(CIO- TSX.V) ("Cio• or ''the Company'1is pleased to announce an exploration target of

1.7 to 4.1 million tonnes at 5.0glt to 11.5glt Au (270,000 to 1,500,000 Oz of Au) on the Emperor

structure at its South Darlot Gold Project. The exploration target was interpreted as a linear structure from historical gold workings, gold occurrences within historical drill holes,

aeromagnetic and gravity geophysics as well as results from the company's recent drilling program.

Mr Brett Hodgins, President and CEO, said "We are delighted with the results from the recent drilling program and exploration target at our South Darlot Gold Project. The Emperor structure is shaping up as a very important prospect for CIO. The high grade gold results,combined with the prospect being on a granted mining lease, allow CIO to rapidly add value to this asset through commencing an investigation of production scenarios. lbelieve this to be an important moment for CIO with high grade gold discovered close to surface, the identification of a structure which can be extended along strike and the first stage of the Barrick farm-in and joint venture ("JV'1completed. The recent drilling program focused only on the two of 31 gold targets identified within the South Darlot Gold Project area. These two targets are located within the Barrick JV area. 22 untested targets remain within the Barrick JV area and 7 untested targets remain on the 320km2 of 100-per-cent-CIQ-owned tenements. This provides CIO with the platform to grow our gold resources rapidly."

The estimates of exploration target sizes mentioned in this announcement should not be misunderstood or misconstrued as estimates of minerai resources as defined in National lnstrument 43-101 - Stsndards of Disclosure for Minerai Projects (''NI43-101.). The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a minerai resource and it is uncertain if further exploration will result in the determination of a minerai resource.

HIGHLIGHTS

South Darlot Gold Pro)ect

• lnitial exploration target on the Emperor structure has been estimated to be between

270,000 to 1,500,000 oz of Au by 1.7 to 4.1 million tonnes at an expected grade of 5.0gft

Auto 11.5g/t Au.

• The Company has completed the stage 1 fann-in spend to earn a 51% interest in the Barrick JV tenements. CIO can earn an additional 19% interest (equal to a total interest of 70%) by spending an additional AUD$250,000.

• Completed Stage 1 Drilling Program with significant gold intercepts being:

o 4m at 50.3 glt Au including 1m at 158 glt Au from 43m.

o 7m at 27.1glt Au including 1m at 159 glt Au from 46m.

o 4m at 23.2 glt Au including 1m at 81.8 g/t Au from 28m.

Emperor Structure

The Companys recent drilling program oonfirmed a west-north-west (WNW) trending shear zone named the Emperor Structure. lt has been interpreted from a linear trend of historicalgold workings, gold occurrences within drill holes, as well as observations of the diamond drill core and RC chips from the recent drilling at the Endeavour Prospect. The interpretation generated from aeromagnetic and gravity geophysics supports the view that the structure extends further to the WNW ultimately causing a >1OOm displacement of stratigraphy. This gives the Structure a 2.5km strike length, a direct association with gold endowment and a favourable geologica! setting to host significant gold accumulation.

South Darlot Gold Prospects

."

r---------1-----------------

Recent CIO Drtlltng Hlstotlcal Sol SampUng (Max Au ppb) '

@ S t ficalnterSéC'Iion

& >70

@ No Signilìcant lntérs«:tion

,, 40 - 70

._. Minera!isMion

(Prcjeaed to Svrf;.:ceì

I.Jf.storicaiOritling

4. 20 - 40 ò. 10 - 33 o 0- 10

D CIO Tcncrncnl

C 6at1ct. JV rcncment

l/' ExOsed Teoem&nt

J2asoome

250m

Currently, vein-hosted gold mineralisation has been modelled althe A1 Prospect, Mermaid Prospect and the Endeavour Prospect. Potential exists lo explore for extensions of this structure to the ESE as well as across strike.
The Endeavour Prospect is on the southern extent of the Emperor structure and will be the focus on future drilling programs.

Emperor Structure Exploration Target

An initial exploration target on the Emperor Structure has been estimated lo be between
270,000 and 1,500,000 oz of Au by 1.7to 4.1 million tonnes alan expected grade of 5.0g/l Au to 11.5g/t Au (270,000 to 1,500,000 Oz of Au).
The exploration target for the Emperor Structure has been estimated based on a number of assumptions and limitations which include, among other things:
• The strike length of the structure is 1,400m.
• The geometry of the Structure remains constant over their entire length.
• The model depth extent has been fixed to 150 metres (200m down dip extent).
• The average true width is 3.9 metres.
• 100% recovery and no dilution.
• The specific gravity of the materia! is 2.511/m3
• The grade range reflects the average gold concentrations utilising suitable gold top cuts.
• Tonnage range is +20% and -50%.

• Ildoes nottake into account the depth lo top or effect of dip of the models and how this may impact potential mining viability.

A1 M<mnaid Endeavour

The estimates of exploration target sizes mentioned in this announcement should noi be misunderstood or misconstrued as estimates of minerai resources as defined in National lnstrument 43-101 - Standards of Disclosure far Minerai Projects ("NI 43-101"). The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration lo define a minerai resource and ilis uncertain ilfurther exploration will result in the determination of a minerai resource.

SOUTH DARLOT GOLD PROJECT (Western Australia)

The South Darlot Gold Project area is approximately 320km northwest of Kalgoorlie and includes:

• The British King Mine which is 100% owned by the Company and Nl43-101 compliant.

The British King Mine is 5km southwest of Barrick Gold Corporation Limited's Darlot

Mine. The British King Mine is currently under care and maintenance.

• 1OOo/o CIO ownecl tenement package,covering 324km2

• The Barrick JV tenements, in which CIO can earn an interest of up to 70%.

l

o

10km

CIO Tenement

Barrlck JV Tenemenl

O Gold Ocrurrence

HomeSiead

Road Track River l.ake

Nolu rcd Veyeloliun

100% CIO Owned South Darlot Gold Tenements
The Company's current 100% owned South Darlot Gold Project tenement package covers
324km2

Project Tenement Status Area (km-2)

South Darlot

E37/882

Granted

141

South Darlot

E37/1054

Granted

33

South Darlot

E37/1085

Granted

24

South Darlot

E37/1086

Granted

3

South Darlot

E37/1106

Granted

123

British King

M37/30

Granted

0.1

British King

P37/7026

Granted

0.1

For the South Darlot Gold Project, the Company's strategy and objective will be to evaluate the gold prospectivity of the region, generate targets, expand the tenement position and acquire ali access approvais. The Company currently has 7 prospective targets identified on its 100% owned tenements.
Barrlck Jolnt Venture Tenements
The Barrick JV tenements are situated southwest of Barrick's Darlot gold mine and are contiguous with CIO's current holdings in the area which includes the British King Mine, which is
100% owned by CIO and which is Nl43-101 compliant. The tenements covered by the Barrick
JV 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

na

Barrick JV

M37/632

Granted

595

Barrick JV

M37/709

Granted

98

Barrick JV

M37/1045

Granted

90

Barrick JV

P37/7364

Granted

197

Barrick JV

P37/7365

Granted

200

Barrick JV

P37/7366

Granted

113

Barrick JV

P37/7367

Granted

45

For the Barrick JV tenements, CIO's strategy and objective will be to evaluate the gold prospectivity and deliver on target generation and access. The Company currently has 24 targets identified on the Barrick JV tenements. CIO has prioritised the exploration on the Emperor Structure with focus on the Endeavour Prospect.
The Company has now earned a 51% interest in the Barrick JV tenements. CIO can earn an additional 19% interest (equal to a total interest of 70%) in those tenements by spending an additional AUD$250,000.
SUMMARY
The Emperor Exploration target is located on a granted mining lease that is the subject of the Barrick JV. The importance of the status of this being a granted mining lease should not be underestimated in a development context as it gives CIO a significant cost and time advantage of the arder of 18 to 24 months.
The next stage of exploration is planned to convert the Endeavour Prospect which is on the southern section of the Emperor exploration target into a minerai resource. This drilling is planned for the next drilling season, being Q2 2013. The focus of the drilling is to provide a platform to allow the project to move towards a short term production scenario.
QUALIFIED PERSON
Mr Darryl Mapleson who is a Fellow of Australasian lnstitute of Mining and Metallurgy has compiled the information within this report relating to mineralisation and the exploration target. Mr Mapleson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in National lnstrument 43-101 - Standards of Disclosure for Minerai Projects (''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
lnvestor and Media lnquiries: Capitai Street Group
1641 Lonsdale Ave,Suite 869
North Vancouver, B.C. V7M 2J5
TOLL Free IR Line: 1-888-684-1183
Direct:(604) 988-8186
Email:info@capitalstreetgroup.com

Nelther the TSX Venture Exchange nor lts Regulatlon Servlces Provlder (as that term ls deflned In the pollcles of the TSX Venture Exchange) accepts responslblllty for the adequacy or accuracy of thls release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cautlonary Note Regardlng Forwarci-Looklng 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, referto 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 the financial markets for the Company's equity securities, the state of the market for gold or iron ore or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any minerai deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capitai orto be fully able to implement its business strategies and other risks associated with the exploration and development of minerai properties. The reader is referred to the Company's disclosure documents fora 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.

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