Iron Glen's Drilling Program has Commenced

TOWNSVILLE, Australia, September 29, 2010 - Iron Glen Holdings Limited is pleased to announce that the drilling
program for their highly prospective and extremely well located tenement 40
kilometers south west of Townsville has commenced.

Based upon previous seismic surveys, soil sampling and analysis and
fieldwork the company anticipated that this program would involve 6 drill
holes drilled to a depth of approximately 100 meters. However, the recently
completed Gravity Survey has lead to a significant increase in this program.

The Company's consulting geologists, Terra Search Pty Ltd, submitted a
progress report titled "Iron Glen Gravity Survey and Proposed Drillholes"
dated 23rd September 2010.

The following is an extract of that report.

"A drill hole program of 11 holes (1190m) is proposed at Iron Glen. Nine
(9) holes are planned along the strike of the magnetite/calc silicate skarn
zone northwards from the Iron Glen quarry. These holes are targeting
magnetite iron ore bodies and associated base metal sulphide mineralization.
Two holes are planned in the area of pyritic rhyolite porphyry 500m west of
the Iron Glen Quarry. The target here is intrusive related gold
mineralization, with possible associated base metals.

Drilling will be undertaken utilizing All Terrain Drilling's Reverse
circulation Drill rig, depth capability is in the order of 150m."

Mineralization

The primary exploration focus is on MAGNETITE a form of iron ore that is
used to make steel. In a milled form it can be utilized to clean coal because
of its very dense nature and then recovered via magnetic separators because
of its unique magnetic properties and then reused. Other uses include use in
the manufacture of heavy concrete, iron sulfate, toners and paints.

Associated with the magnetite are various levels of other metals
including copper, lead, zinc, silver and gold.

In addition the tenement contains high grade limestone deposits suitable
for cement manufacture.

Site Location

The Iron Glen tenement is located approximately 13 kilometers west from
rail facilities at Woodstock in Northern Queensland that in turn is some 40
kilometers south of the bulk shipping port of Townsville. Not only will this
give Iron Glen a cost advantage over other mines when it is in production, it
also means that the mine workforce will have the opportunity to live at home
and commute to work.

In addition to this locational advantage, a transmission line cuts
through the North Eastern section of the property.

These advantages will be realized in lower freight costs and capital
investment requirements when the company moves into the production phase.

No other magnetite mine has these logistical advantages in Queensland.

All parties interested in the company are requested to visit the
Australian Small Scale Offering Board's web site at
www.assob.com.au/igh.

For additional information about the company and or its activities we ask
you to visit our web site www.ironglen.com or ring one of our
Directors.

Forward Looking Statements

Except for historical information, there may be matters in this
publication that are forward-looking statements. Such statements are only
predictions and are subject to inherent risks and uncertainty. Actual events
or results may differ as a result of risks facing the Company. Assurances
cannot be made by the Company and the Company undertakes no obligation to
update or revise statements.

Patrick Griffiths, Director & Company Secretary of Iron Glen Holdings Limited, T: +61-07-3177-7680, T +61-07-5532-4448, F +61-07-5532-6668