Ireland has received assay results from independent consultants McEwen Geological LLC of Arvada, Colorado from 39 holes drilled in 2008. The 2008 drill program was designed to test mineralized targets identified by Ireland’s previous exploration work. Over 1,000 samples were collected under chain of custody (“COC”) standards and delivered for testing and analysis to independent consultants Arrakis Inc. of Denver, Colorado and independent consultants AuRIC Metallurgical Laboratories of Salt Lake City, Utah. The drill samples were analyzed using a caustic fusion technique, and the results reported were from the extracted precious metals. The weight mean average grade for the 56 mineralized intercepts (5,217 feet) approximated 0.046 oz per ton (opt) of gold equivalent. These results have caused Ireland to expand the area known as Zone A from 380 acres to 2,530 acres, including two new mineralized subsections (Zone A – West and Zone A – Central) and to announce Zone B, covering 1,068 acres located three miles to the south of the Zone A – Permitted Area.

       New operational cost estimates, current drill results and geological modeling by McEwen have led Ireland to conclude that the dredge-type mining method, currently used in Zone A, could economically be used to mine to a depth of 200 feet. Based on this, Ireland has estimated that a total of 199.5 million (M) tons of material could potentially be surface mined within the newly identified Zone A – West, Zone A – Central and Zone B.
       The average grade of all of the samples taken within this material approximated 0.041 opt Au equivalent. Additional exploration work will be required before proven or probable reserves can be established.

       Ireland also recently received results from an independent laboratory commissioned to conduct a bulk leach test on 1,738 pounds of material extracted from the 380-acre production permitted area of Zone A under COC standards. No mineral processing operations, such as crushing, grinding, drying or screening, were performed on the sample prior to leaching. The material was analyzed using a caustic fusion technique and reported head grades of 0.055 opt Au and 0.520 opt silver. The leach test extracted 0.047 opt Au and 0.464 opt Ag into solution. The precious metals were then collected on resins and processed to produce Au and Ag bullion for a net extraction of 0.038 opt Au and 0.385 opt Ag. This represents leach extraction of 86.2% of Au into solution and 69.1% of Au recovered as metal. The overall extraction was 0.043 opt Au equivalent. Upon completion of the test, the precious metal beads were delivered to Ireland. Ireland will commission further testing in order to optimize net metal recovery and to validate the leach extraction method.
       “We are very pleased with these results,” observed Ireland President Douglas Birnie. “This represents another very positive step towards our goal of proving the economic feasibility of the Columbus Project.”

       Ireland’s Columbus Project is located in a historically mineralized area that is only five miles from Silver Standard’s Candelaria Mine (formerly owned by Kinross), which was mined as recently as 1997 and historically produced 68 million ounces of silver. Candelaria retains a measured and indicated resource of 44 million ounces of silver and 45,000 ounces of gold. Round Mountain, an operating gold mine jointly owned by Barrick and Kinross, lies some 60 miles to the north-east of the Columbus Project. The head grade at Round Mountain’s heap leach project approximates 0.018 opt gold.
       The Columbus Project consists of 19,680 acres of placer mineral claims, including a 380-acre permitted mine site in Zone A (60-acre mill site and mill facility, 320-acre mine site). Ireland also has the option to acquire an additional 22,640 acres of placer mineral claims adjoining the current project area. Ireland’s permits currently allow it to mine up to 792,000 tons per year to 40 feet in depth for the purpose of extracting precious metals and calcium carbonate.

       In the fourth quarter of 2008, Arrakis completed construction and commenced pilot plant operations at Ireland’s production facility located in the Zone A – Permitted Mine Area. The purpose of this pilot plant test work is to determine the commercial viability of mining and extracting precious metals from the mineralized zones at the project.
       Arrakis has installed and commenced operation of a dredge mining unit, which allows material to be mined and handled as a slurry throughout the production process. This has proved very successful and is the preferred method of mining because of its low cost per ton of material mined.

       Ireland’s technical program will focus on two main goals in 2009: (a) further definition of mineral resources and mineable reserves with a new drill program; and (b) determination of the commercial feasibility of mining and extracting precious metals from those resources and reserves through operations of the on-site pilot plant.

       For the past year, the Company has focused on its Columbus Project, a gold, silver and calcium carbonate property located in the heart of one of Nevada’s historic mining districts.
       Ireland also maintains an option to acquire the Red Mountain Project in California – a potential gold, tungsten and silver property. Ireland holds an option to acquire 100% of the property which includes some 7,500 acres of placer mineral and mill site claims in the historic Rand Mining District, a region that has produced nearly 2 million ounces of gold, 16 million ounces of silver and some 20 million pounds of tungstate. Ireland plans to continue surface sampling to determine the area’s potential mineralization.
       “Columbus and Red Mountain are two projects with significant potential,” stated Mr. Birnie. “Ireland is coming ever closer to our goal of becoming a significant mid-tier mining company.”