Iron South Mining Corporation Provides Corporate Update

Iron South Mining Corp. (TSX-V: IS, FSE: OAY1 (WKN:A0RK7E), "Iron South" or the "Company") is pleased to announce an 8000 m two Phase drill program for its high grade Fierro iron ore project in Rio Negro Province, Argentina. Phase 1 will include 2,000 m to test the top priority 300 Zone and Gonzales Zone targets. Contingent on successful results from Phase 1, the Phase 2 program will consist of a planned 6,000 m of drilling with the objective of defining an initial resource at Fierro.

The recommendations are contained in an independent report by Carl Verley, P.Geo., who reviewed all of the historic data on the Fierro project as well as the recent detailed magnetometer survey results. The recent surface program confirmed the magnetic response of known exposures of iron formation at 300 and Gonzales Zones and indicated the possible presence of covered extensions which would significantly increase the size of these zones. Furthermore, the survey outlined six new magnetically anomalous areas that are believed to represent covered extensions of the iron formations.


300 Zone

At the 300 Zone, north striking and east dipping outcrops of iron formation are exposed for 300 m before disappearing beneath post mineral cover. Assays from saw cuts across the outcrops returned 79.2% Fe2O3 over 7 m and 80.1% Fe2O3 over 5 m. The proposed drilling will test the iron formation down dip from these exposures as well as potential strike extensions, indicated for a minimum additional strike length of 900 m by the magnetic survey.


Gonzales Target

A significant portion of the Phase 1 drill program will test the Gonzales Zone, a zone of several sub-cropping iron formation units. The new magnetic data indicate the presence of multiple parallel iron formation units over a 1.5 km strike length. The data also suggests that some of these occurrences may be flat-lying.


New Targets

Six other magnetic anomalies were outlined that are believed to represent covered occurrences of iron formation. The targets include Rozales, Loma Hierrada, North, Lomo Roto, Lomo Arranza, and Lomo Monochio. A ground follow-up program of prospecting, mapping and sampling is planned as part of the Phase 1 program.


About Fierro Project

The 94,796 ha Fierro Project is located adjacent to the producing Minera Sierra Grande iron mine, owned by Metallurgical Corporation of China Ltd. The Sierra Grande mine occurs in a 3.2 km long band of oolitic iron formation, with widths ranging from 5 to 15 m. The deposit has been drill tested to a depth of 1,100m. It has a historical, non NI 43-101 compliant mineral resource of 199 Mt (million tonnes) at 57.5% iron oxide1 at the South Deposit. The project is road accessible year round, in an area of flat topography at an elevation of approximately 300 m and within 30 km of a deep sea port.


Miscellaneous Business

On April 7, 2010, the Company sold its Peruvian subsidiary Recursos de los Andes S.A.C. to Energold Drilling Corp. ("Energold") to satisfy outstanding debts owed on a drilling contract. As part of the sale, the Company agreed to indemnify and save Energold harmless from and against any claim, loss, cost or expense against certain declarations among them that there are no environmental liabilities. On October 3, 2012, a final fine was handed down by the Peruvian environmental authority with regard to environmental remediation relating to a drilling campaign carried out on a former property in 2008 despite the Company having remediated these deficiencies after being made aware of such deficiencies. The amount of remediation was 3,650 Nuevo Sol ($1,403). The amount that the Company will pay to Energold to satisfy the terms of the April 7th, 2010 agreement is 54,750 Nuevo Sol ($21,050).

Gerald G. Carlson, Ph.D., P.Eng., who is a Qualified Person for the purposes of National Instrument 43-101, reviewed and approved the technical information in this press release. During the due diligence sampling, no internal standards were sent to the laboratory. Acme Labs Chile, an internationally recognized laboratory assayed all samples reported using XRF iron ores analysis 4X30.

1 Metallurgical Corporation of China Ltd. Global Offering Prospectus, September 11, 2009


About Iron South Mining Corp.

Iron South is a Vancouver-based iron exploration company led by an industry-renowned management team with technical expertise and market experience. Iron South has an option to earn 100% interest in the Fierro high-grade iron project, located in Rio Negro, Argentina. The project is immediately adjacent to the producing Minera Sierra Grand iron mine, owned by Metallurgical Corporation of China Ltd. Management is continuing to evaluate acquisitions to build its property portfolio with a focus on iron projects with established value and significant upside potential. Iron South is a member of the Grosso Group, a management company specializing in resource exploration since 1993.


ON BEHALF OF THE BOARD

"Gerald Carlson"
Dr. Gerald Carlson, President & CEO



For further information please contact:

Iron South Mining Corporation
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@ironsouthmining.com



Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.