Welcome!

News Feed Item

Minera IRL Provides Company Update

LIMA, PERU -- (Marketwired) -- 02/17/14 -- Minera IRL Limited ("Minera IRL" or the "Company") (AIM:MIRL)(BVLAC:MIRL)(TSX:IRL), the Latin American gold mining company, is pleased to report that it has exceeded the 2013 production guidance and is providing an update on current activities. The latest investor presentation is available on the Company's website at www.minera-irl.com. All dollar amounts are in United States dollars ("$").

"I am pleased to report that our Corihuarmi Mine has once again exceeded expectations, with full year gold production of 25,223 ounces, above our guidance of 24,000 ounces," said Courtney Chamberlain, Executive Chairman of Minera IRL. "We see 2014 as a pivotal year that is the launching point for our next generation of mines. The Don Nicolas Gold Mine is under construction, our flagship Ollachea Project will start construction when the mining permit and financing is secured, and we will be exploring new zones of mineralization at Corihuarmi that has the potential to significantly further extend the mine life. We expect this to result in a rapid increase in gold production over the next two years while reducing unit cash operating costs."

Preliminary 2013 Operational Results

In the fourth quarter of 2013, the Corihuarmi Mine produced 6,446 ounces of gold, resulting in full year production of 25,223 ounces, 5% higher than Minera IRL's guidance of 24,000 ounces. Higher than forecasted grade and mining more tonnes than scheduled contributed to the increase in gold production. Accordingly, the Company expects to report full-year 2013 site cash operating costs that are well below the budgeted rate of $760 per ounce produced.

Minera IRL ended the year with approximately $3 million in cash, plus undrawn debt facilities of $5 million. Annual gold sales revenues totalled $35.7 million from the sale of 25,200 ounces at an average realized gold price of $1,412 per ounce.

Corihuarmi Gold Mine Update

In 2014, gold production at Corihuarmi is expected to decrease to 21,000 ounces, an increase from the Company's prior outlook of 20,000 ounces, at an expected site cash operating cost of $885 per ounce of gold produced.

The Company is pleased to report that it will soon be initiating a 26-hole, 1,600-metre exploratory drill program on the Company's Ely and Cayhua Ridge prospects. The drill program is expected to cost between $250,000 and $300,000, which will be capitalized, and be completed during the second quarter of 2014.

These prospects are intensely silicified, adjacent and similar to the material currently being mined from Diana and Susan pits, and are identified in figures 1 and 2 at the end of this press release.

A westward extension of the grade-control drilling program from the Diana Pit has already defined ore-grade material on the Company's Ely prospect.

Ollachea Gold Project Update

Since obtaining government approval of the Environmental and Social Impact Assessment ("ESIA") for the Ollachea Project, the Company has focused its efforts on obtaining the mine construction permit from the Peruvian government. The Company is working closely with officials and expects that the construction permit will be granted during the second quarter of 2014 (from the end of the first quarter of 2014).

In parallel with permitting activities, the Company continues to advance project debt financing negotiations, which are now expected to be concluded during the second quarter of 2014 (from the first quarter of 2014). These negotiations include, amongst other considerations, the consolidation of the Company's existing debt facility into a larger senior project debt facility for Ollachea.

The Company continues to target commencement of production during the fourth quarter of 2015, subject to obtaining the construction permit and securing project financing in a timely manner.

Don Nicolas Joint Venture Update

Having secured an $80 million funding package from Compania Inversora de Minas S.A. ("CIMINAS") in 2013, project development has now commenced at the Don Nicolas project in Santa Cruz province of Argentina.

Detailed engineering of the treatment plant is underway at Kappes Cassiday & Associates in Reno, Nevada. The development team, which has extensive experience operating in Santa Cruz province, has also been assembled. Minera IRL Patagonia SA ("Minera IRL Patagonia"), the joint venture company, is in the process of updating the capital budget. Minera IRL Patagonia continues to expect that construction will be fully financed by CIMINAS' earn-in funds.

Site work has commenced with heavy equipment preparing pads and roads for the plant, camp and infrastructure. Sterilization and water bore drilling is nearing completion. Recent photos of site construction work are provided in Figures 3 through 5 at the end of this press release.

Minera IRL Patagonia continues to target plant commissioning by year-end with production commencing in the first quarter of 2015 (from the fourth quarter of 2014). Minera IRL's share of Don Nicolas' gold production is forecast to be approximately 25,000 ounces in 2015.

Minera IRL Patagonia is continuing with metallurgical testing to be used in a heap leach feasibility study for Don Nicolas. This study is now expected to be completed by the end of 2014 (from late 2013). A future heap leaching facility, designed to treat low grade mineralization, is envisioned to operate in parallel to the milling operation currently being developed and has the potential to increase annual gold production, extend mine life and enhance the project's overall economics.

On the exploration front, Minera IRL Patagonia has identified a number of other prospective areas of gold and silver mineralization that are within a reasonable trucking distance to the future Don Nicolas central ore processing facilities that warrant follow-up exploration activities. High priority prospects, which produced very encouraging surface and trench sampling results in 2013, include Cecilia, Paula Andrea, and Goleta. Generative exploration and related activities continue with the objective of developing exploration drill targets.

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.

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

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.

"Site operating cash costs per ounce" is a non-GAAP or non-IFRS measure which does not have a standardized meaning prescribed by GAAP or IFRS and may not be comparable to other similarly titled measures of other companies. Site operating cash costs include costs such as mining, processing and administration, but are exclusive of royalties, workers' profit participation cost, depreciation, amortization, reclamation, capital, development, exploration and other non-site costs (transport and refining of metals, and community and environmental). These costs are then divided by ounces produced to arrive at the cash operating cost per ounce. Management believes this information is useful to investors because this measure is considered to be a key indicator of a company's ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non-GAAP and non-IFRS measure that does not have any standardized meaning prescribed by GAAP or IFRS. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs presented under IFRS.

Competent Persons Statement

The preparation of the technical information contained herein was supervised 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 technical information in this press release.

To view Figures 1-5 associated with this release, please visit the following link: http://media3.marketwire.com/docs/minfig0217.pdf.

Contacts:
Minera IRL
Jeremy Link
Business Development
+1 (416) 907 7363
www.minera-irl.com

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

Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Emma Gabriel
+ 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)
Elizabeth Johnson
(Corporate Broking)
+ 44 (0)20 7600 1658

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

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
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...