|By Marketwired .||
|July 30, 2014 02:00 AM EDT||
LIMA, PERU -- (Marketwired) -- 07/30/14 -- Minera IRL Limited ("Minera IRL" or the "Company") (AIM: MIRL)(BVLAC: MIRL)(TSX: IRL), the Latin America gold mining company, announces that it has entered into an agreement pursuant to which Compania Inversora en Minas ("CIMINAS") will acquire the Company's remaining shareholding of Minera IRL Patagonia S.A. ("Minera IRL Patagonia") for a total net cash consideration of US$11.5 million (the "Agreement"). Following the Agreement, Minera IRL has no interest in or has any outstanding obligations or liabilities relating to Minera IRL Patagonia. Minera IRL Patagonia is the joint venture company that owns the Don Nicolas Project in Santa Cruz Province, Argentina.
Mr. Courtney Chamberlain, Executive Chairman of Minera IRL, commented, "We enjoyed working in Argentina over the past four-and-half years and had considerable success defining reserves and resources at the Don Nicolas Project. We were delighted to have attracted CIMINAS as a joint venture last year, who is funding the construction of the Don Nicolas Mine. However, having recently received the Construction Permit to build the Ollachea Gold Mine in Peru, the Company believes that, with great regret, that divesting our interest in Don Nicolas and reallocating the proceeds towards our flagship project is in the best interest of Minera IRL."
Dr. Diego Benavides, President of Minera IRL Patagonia, added, "We thank CIMINAS, our joint venture partner, for their contribution and support since the Agreement was signed in August 2013 and wish them well with the ongoing development of Don Nicolas. We also thank the Argentina and Santa Cruz Provincial authorities for their outstanding support and assistance since 2010. Finally, we wish to pay special tribute to our team in Argentina for their professional discipline, loyalty, support and dedication in making Minera IRL Patagonia a success."
For the year ended 31 December 2013, the assets subject to the transaction incurred a loss before tax of US$15.7 million (US$3.2 million adjusting for loss on deconsolidation of subsidiary). As at 31 December 2013 the carrying value of the assets subject to the transaction was US$43.7 million.
Terms of the Agreement
Under the Agreement, CIMINAS paid US$9.8 million (85%) upon closing of the transaction and will pay US$0.85 million (7.5%) after 90 days and the remaining US$0.85 million (7.5%) after 12 months. The payment of the second and third tranches is conditional upon the satisfaction of certain customary representation and warranties pertaining to the Don Nicolas Project.
Buenos Aires Advisors acted as the Company's financial advisor in connection with the Agreement.
Minera IRL Limited is a AIM, TSX and BVL listed precious metals mining, development and exploration company with operations in Latin America. Minera IRL is led by a management team with extensive operating experience in South America. In Peru, the Company operates the Corihuarmi Gold Mine and the advanced Ollachea Gold Project. For more information, please visit www.minera-irl.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Cautionary Statement on Forward-Looking Information
Certain information in this news release, including information about the Company's financial or operating performance and other statements expressing management's expectations or estimates of future events, performance and exploration and development programs or plans constitute "forward-looking statements". Forward-looking statements often, but not always, are identified by words such as "seek", "believe", "expect", "do not expect", "will", "will not", "intend", "estimate", "anticipate", "plan", "schedule" and similar expressions of a conditional or future oriented nature identify forward-looking statements. Forward-looking statements are, necessarily, based upon a number of estimates and assumptions. While considered, by management, to be reasonable in the context in which they are made forward-looking statements are inherently subject to political, legal, regulatory, business and economic risks and competitive uncertainties and contingencies.
The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL's actual financial results, future performance and results of exploration and development programs and plans to be materially different than those expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.
Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation, except as may be required by law, to update or revise them to reflect new events or circumstances. Risks, uncertainties and contingencies and other factors that might cause actual performance to differ from forward-looking statements include, but are not limited to, changes in the price of precious metals and commodities, changes in the relative exchange rates of the US dollar against the Peruvian nuevo sol and the Argentinean peso, interest rates, legislative, political, social or economic developments both within the countries in which the Company operates and in general, contests over title to property, the speculative nature of mineral exploration and development, operating or technical difficulties in connection with the Company's development or exploration programs, increasing costs as a result of inflation or scarcity of human resources and input materials or equipment. Known and unknown risks inherent in the mining business include potential uncertainties related to the title of mineral claims, the accuracy of mineral reserve and resource estimates, metallurgical recoveries, capital and operating costs and the future demand for minerals. For additional information, please consult the Company's most recently filed MD&A and Annual Information Form.
Minera IRL Limited
+1 (647) 692-5460
Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Neil Elliot/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/Gordon Poole/Louise Mason
+44 (0)20 7466 5000
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Oct. 1, 2016 04:30 PM EDT Reads: 1,317
Oct. 1, 2016 04:00 PM EDT Reads: 3,729
Oct. 1, 2016 04:00 PM EDT Reads: 1,303
Oct. 1, 2016 03:45 PM EDT Reads: 606
Oct. 1, 2016 03:30 PM EDT Reads: 1,198
Oct. 1, 2016 03:30 PM EDT Reads: 1,765
Oct. 1, 2016 03:15 PM EDT Reads: 2,522
Oct. 1, 2016 03:00 PM EDT Reads: 3,068
Oct. 1, 2016 01:30 PM EDT Reads: 871
Oct. 1, 2016 01:00 PM EDT Reads: 5,191
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Oct. 1, 2016 12:30 PM EDT Reads: 3,128
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 12:30 PM EDT Reads: 5,551
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Oct. 1, 2016 12:30 PM EDT Reads: 664
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 12:30 PM EDT Reads: 2,341