For Immediate Release
IRELAND INC. SIGNS AGREEMENT AND PLAN OF
MERGER WITH
COLUMBUS BRINE INC.
HENDERSON, Nevada – December 17, 2007
– Ireland Inc. (OTC BB: IRLD) (“Ireland”), a
mining exploration and development company focused upon the
extraction of precious and base metals from mineral deposits in the
Southwestern United States, announced today that it has signed an
Agreement and Plan of Merger (the “Merger Agreement”)
with Columbus Brine Inc. (“CBI”).
On August 15, 2007, Ireland entered into an
agreement with Nanominerals Corp. that conveyed to Ireland an
option to acquire a potential gold, silver and calcium carbonate
project known as the Columbus Project through a merger with CBI,
which currently owns the Columbus Project. Under the original terms
of this agreement, Ireland could not exercise its option to acquire
CBI until January 1, 2008. Based upon results of technical
activities, to date, Ireland and CBI agreed to accelerate the
exercise of the option, and Ireland’s merger with CBI is now
scheduled to close on January 31, 2008.
Under the terms of the Merger Agreement, CBI
shareholders will receive shares of Ireland common stock valued at
$20 million, with the total number of shares to be issued
determined according to an agreed-upon formula based on the average
closing price of Ireland’s common stock during a specified
period of time before the scheduled closing date for the merger.
CBI shareholders will also be issued a warrant to purchase one
share of Ireland’s common stock for every two shares of
common stock issued to CBI shareholders in the merger. The number
of warrants to be issued under the Merger Agreement was increased
from the number that was agreed upon under the original
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