News Feed Item

Minera IRL Ltd Announces Successful Completion of Exploration Drive at Ollachea Project, Peru

LONDON, UNITED KINGDOM and TORONTO, ONTARIO -- (Marketwire) -- 02/13/13 -- Minera IRL Limited ("Minera IRL" or the "Company") (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL), the Latin American gold mining company, is pleased to announce that the exploration drive at its Ollachea Project (the "Project"), Peru, has been completed beyond its 1,200 meter goal ahead of schedule and under budget.


--  Exploration drive has been successfully completed reaching 1,234 meters 
--  Best monthly advance of 216.5 meters achieved in January 
--  Completion more than one month ahead of schedule 
--  Project completion cost estimated at $13.8 million, approximately $1.1
    million below budget 
--  Better than expected ground conditions within the slates that host the
--  Very little water inflow, contrary to hydrogeological model 
--  Exploration drilling of the eastern strike of the deposit from
    underground has commenced 

"The production-size exploration drive at Ollachea has been an outstanding success," said Courtney Chamberlain, Executive Chairman of Minera IRL. "Our Peruvian mining contractor, JJC Contratistas Generales S.A. (JJC) has done an excellent job supported by our consultants TWP Sudamerica S. A. and our team of engineers. The speed and reduced cost associated with the completion of the drive as well as the practical experience gained indicates that assumptions used in the Definitive Feasibility Study (DFS), completed in November 2012, are conservative. This particularly relates to better ground conditions, a much higher advance rate and minimal water infiltration. The focus now turns to the exploration drilling from underground, which commenced early in January."

The exploration drive has a cross sectional size of 5 meters by 5 meters which will become the main haulage route when the mine is developed. The portal is at the future plant site location. Advance was completed on 31 January 2013, at 1,234 meters slightly more than the planned 1,200 meters. The final 200 meters of the tunnel is in the hanging wall parallel to the Minapampa orebody.

The development rate in the slate rock type, host to the mineralization, has been better than predicted with a record 216.5 meters achieved in January 2013. In penetrating the slates, except when developing through the Ollachea Fault Zone, the tunnel has been well supported by rock bolts and shotcrete.

The hydrogeological model predicted that a large amount of water would infiltrate into the exploration drive, indicating a wet mine. This has not occured and, based upon the experience thus far, the mine should be relatively dry. This is expected to reflect in reduced capital and operating costs for ponds and water treatment.

The budget approved in August 2011 for $14.9 million included mobilization, demobilization, access from the highway to the portal site, establishment of the portal, driving of the tunnel, other consultant and owner's costs and a contingency of 10%. The forecast completion cost is now $13.8 million, a significant reduction of $1.1 million compared to the budget.

Exploration drilling has begun probing the eastern strike extension of the Minapampa Zone from cuddies to the east of the nearest drilling from surface. Drilling of this zone from surface was not possible due to very steep terrain.

In addition to providing access for underground exploration drilling, the completed drive will facilitate rapid mine development when project permitting and project financing is in place, expected in the second half of 2013.

The DFS indicated an economically robust project with a steady-state average gold production of 113,000 ounces per annum coming on stream in early 2015. The Environmental Impact Assessment has been submitted to the Peruvian authorities, thus commencing the development permitting process.

Competent Persons Statement

The preparation of the technical information contained herein was supervised by Courtney Chamberlain, Executive Chairman, BSc and MSc Metallurgical Engineering, a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), who is recognized as a Qualified Person for the purposes of National Instrument 43 -101, and who has reviewed and approved the technical information in this press release. Also by Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as the Society of Economic Geologists (FSEG), who is recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed and approved the resource information in this press release.

Minera IRL Limited is the AIM traded, TSX and BVL listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly operating in South America. The Group operates the Corihuarmi Gold Mine and the advanced gold projects Ollachea in Peru and Don Nicolas in Argentina. For more information, please visit www.minera-irl.com.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law or regulation, Minera IRL Limited does not intend to update any forward-looking statements to conform these statements to actual results.

Quality Assurance and Quality Control Procedures Disclosure

The Company has implemented and maintains a Minera IRL quality assurance/quality control (QA/QC) protocol on the Ollachea Project to ensure best industry practice in sampling and analysis of exploration and resource drill core samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of the MIRL procedure (these act as an independent check on contamination, precision and accuracy in the analytical laboratory).

Assay results are reported once rigorous QA/QC procedures have been approved.

Independent Audit Programmes

Towards maintaining compliancy with international standards as they pertain to the minerals industry resource evaluation and estimation procedure, MIRL regularly contracts the services of industry experts to conduct detailed audits of established QAQC procedures.

To view the photo associated with this release, please visit the following link: http://media3.marketwire.com/docs/MineraOllacheaTunnel.jpg.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

Minera IRL
Trish Kent
Vice President, Corporate Relations
+ 511 418 1230

Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Andrew Chubb
+ 44 (0)20 7523 8000

Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Sebastian Jones
+ 44 (0)20 7523 8000

finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
+ 44 (0)20 7600 1658

finnCap (Co-broker, London)
Matthew Robinson (Corporate Finance)
+ 44 (0)20 7600 1658

finnCap (Co-broker, London)
Joanna Weaving (Corporate Broking)
+ 44 (0)20 7600 1658

RBC Europe Ltd (Co-broker, London)
Stephen Foss
+ 44 (0)20 7653 4000

RBC Europe Ltd (Co-broker, London)
Martin Eales
+ 44 (0)20 7653 4000

Buchanan (Financial PR, London)
Bobby Morse
+ 44 (0)20 7466 5000

Buchanan (Financial PR, London)
Gordon Poole
+ 44 (0)20 7466 5000

Buchanan (Financial PR, London)
Louise Mason
+ 44 (0)20 7466 5000

Hill+Knowlton Strategies (PR, Toronto)
Rick Harari
+ 1 416 413 4766

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Qosmos, the market leader for IP traffic classification and network intelligence technology, has announced that it will launch the Launch L7 Viewer at CloudExpo | @ThingsExpo Silicon Valley, being held November 1 – 3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The L7 Viewer is a traffic analysis tool that provides complete visibility of all network traffic that crosses a virtualized infrastructure, up to Layer 7. It facilitates and accelerates common IT tasks such as VM migra...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...