Iron Mining Group Announces Exclusive Iron Ore Development Agreement

Iron Mining Group, Inc. (OTCQB: IRNN) (the "Company” or "IMG”), through its wholly owned subsidiary Heirro IMG Mexico, S.A. de CV ("IMG Mexico”), announced that it has signed an exclusive Iron Ore Development Agreement (the "Agreement”) with Minera BarraNava, S.A. de C.V. ("Minera BarraNava”), a Mexican mineral holding company with control over numerous iron ore concessions in the Colima, Sinaloa and Sonora regions of Mexico. Pursuant to the Agreement, IMG Mexico has secured the exclusive right to explore the El Triangulo II and La Zorra I & II mineral concessions for iron ore with an additional first right of refusal over other Minera BarraNava controlled concessions.

IMG Mexico recently began exploring the El Triangulo II concession ("ET2”) located approximately 40 kilometers from the Port of Manzanillo, Mexico. This concession, which spans approximately 4,800-hectares (11,900-acres), contains areas of strong iron ore interest identified by the IMG Mexico exploration team. The Company recently commissioned a ground magnetometry study with a regional geology firm to identify the potential mineral resource, which it intends to follow with a core-drilling program to confirm and quantify the ore bodies identified. Simultaneously, IMG Mexico intends to complete the necessary applications for exploration and exploitation permits with the Mexican environmental authority.

The Company anticipates that both the geology study and final exploitation permits will be granted within 120 days from signing the Agreement. In the interim, through its pending exploration permits, Heirro IMG may begin removing loose iron ore "rolling rock” material and transporting it to its Manzanillo pre-port patio for processing and export. The Company plans to duplicate this process at each of the additional Minera BarraNava properties in the coming months, with the goal of establishing a multi-year development and mining rollout plan.

Pursuant to the Agreement, IMG Mexico will pay Minera BarraNava a royalty of $10 per metric ton of iron ore sold through the Agreement as well as a 35% profit share of all iron ore mining profits generated thereafter. Additionally, per the Agreement, IMG Mexico shall receive preferred repayment of all mine startup expenses before Minera BarraNava begins earning any profit share. IMG Mexico intends to begin commercial production at ET2 in the third quarter of 2011.

"El Triangulo II, La Zorra I & La Zorra II are three promising iron ore concessions close to the Port of Manzanillo, Mexico,” said Chief Executive Officer, Garrett K. Krause. He added, "These concessions are only a few of several of such iron ore properties in the total Minera BarraNava portfolio. We are extremely pleased to commence our first direct iron ore mining operations in Mexico and as we execute our exploration and iron ore development plan, we are optimistic that the Minera BarraNava projects will be a substantial and long-lasting source of iron ore supply for IMG’s trading subsidiary.”

About Iron Mining Group, Inc.

Iron Mining Group, Inc. is a diversified global iron ore company with its initial focus in Latin America. The Company has entered this marketplace at a time when the largest iron ore customer, China, seeks to alter the status quo by shifting power away from the traditional iron ore producers. IMG has global iron ore trading group and direct mining operations in Mexico and Chile, where it owns a number of iron ore projects in various stages of development.

For more information, please refer to www.IronMiningGroup.com.

Forward Looking Statements:

Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company’s services and projects and the Company’s continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission, which are incorporated herein by reference. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.