Click here to close now.


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

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:

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
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Scott Guthrie's keynote presentation "Journey to the intelligent cloud" is a must view video. This is from AzureCon 2015, September 29, 2015 I have reproduced some screen shots in case you are unable to view this long video for one reason or another. One of the highlights is 3 datacenters coming on line in India.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...