Cleveland Mining Company Limited Acquires Iron Ore Project

Cleveland Mining Company Limited announced that it has converted the Memorandum of Understanding for the Ferradura iron ore project, which was announced in February 2012, into a binding Option to Purchase Agreement. Upon exercising its rights under the terms of the binding Option Agreement, Cleveland will have a 100% interest in the Ferradura Project by paying an initial consideration of USD 2 million and a 4% royalty on all FOB iron ore revenue.