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
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.