| | Published : February 13th, 2013 | Announces Successful Completion of Exploration Drive at Ollachea Project, Peru |
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Minera IRL Ltd Announces Successful Completion of Exploration Drive at Ollachea Project, Peru
London and Toronto, 13 February 2013: Minera IRL Limited ("Minera IRL" or the "Company") (TSX:IRL) (AIM:MIRL) (BVL: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.
Highlights:
- 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 orebody
- 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.
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For more information please contact:
Minera IRL
Trish Kent, Vice President, Corporate Relations
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+511 418 1230 |
Canaccord Genuity Limited (Nominated Adviser & Broker, London)
Andrew Chubb
Sebastian Jones
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+ 44 (0)20 7523 8000 |
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Joanna Weaving (Corporate Broking)
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+ 44 (0)20 7600 1658 |
RBC Europe Ltd (Co-broker, London)
Stephen Foss
Martin Eales |
+44 (0)20 7653 4000 |
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Buchanan (Financial PR, London)
Bobby Morse
Gordon Poole
Louise Mason
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+44 (0)20 7466 5000
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Hill+Knowlton Strategies (PR, Toronto)
Rick Harari
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+1 416 413 4766 |
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.
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 QAQC 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. | |
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Minera IRL
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PRODUCER |
CODE : MIRL.L |
ISIN : JE00B1HNYF12 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Minera IRL is a gold producing company based in Peru. Minera IRL develops gold and silver in Argentina and in Peru, and holds various exploration projects in Peru. Its main asset in production is CORIHUARMI in Peru, its main assets in development are GOLDEN ZONE PROPERTY in Peru and DON NICOLAS in Argentina and its main exploration properties are PAN DE AZUCAR, DUTCH FLAT, WINNEMUCCA MOUNTAIN, AWAKENING, CHERT CLIFF, SUMMIT PROJECT, ESCONDIDO and EAST SANTA CRUZ in Argentina, CATA PRETA, OVERLAND PASS, SCRAPER, WHITE CANYON MINE, SOUTH ESTELLE, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO and FOUR METALS PROPERTY in Brazil, HUAQUIRCA, VECA PROJECT, BETHANIA, OLLACHA and QUILAVIRA in Peru, FRONTERA in Chile and OXFORD LAKE, COTE ARCHIE LAKE, BOLO and DEL ORO in Canada. Minera IRL is listed in Canada and in United Kingdom. Its market capitalisation is GBX 809.0 millions as of today (US$ 1.2 billions, € 1.1 billions). Its stock quote reached its highest recent level on January 07, 2011 at GBX 96.00, and its lowest recent point on August 28, 2015 at GBX 0.25. Minera IRL has 231 130 000 shares outstanding. |
Annual reports of Minera IRL |
Project news of Minera IRL |
9/8/2015 | IRL resumes Peru gold mine operations after deal with locals |
9/7/2015 | Local activists occupy Minera IRL's gold mine in Peru, share... |
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5/22/2013 | Announces Final Community Endorsement of Environmental and S... |
4/2/2013 | Announces Underground Exploration Drill Results, Ollachea Pr... |
2/13/2013 | Announces Successful Completion of Exploration Drive at Olla... |
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7/18/2012 | Confirms Ollachea Resource Estimate |
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5/16/2012 | (Don Nicolas)Commences Permitting on Don Nicolas Project |
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3/30/2011 | (Escondido)Minera IRL Announces Exploration Update, Escondido Project, ... |
3/3/2011 | (Escondido)Announces Exploration Update, Escondido Project, Argentina |
2/22/2011 | (Pan De Azucar)Announces Scout Drilling Results, Pan de Azucar Prospect, Ar... |
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7/30/2014 | Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS |
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5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
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3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | Minera IRL Provides Notice of Fourth Quarter and Year-End 20... |
2/17/2014 | Provides Company UpdateCc: |
2/17/2014 | Informaci=F3n Actualizada de Minera IRLCc: |
2/10/2014 | anuncia cambios en el Directorio y Gerencia de la Compa=F1=E... |
11/29/2013 | participa del Mines and Money y es nominada a dos premios in... |
11/29/2013 | will be attending Mines and Money |
11/14/2013 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
9/30/2013 | Application of the Takeover Code |
9/26/2013 | Recibe la Aprobaci=F3n para el Desarrollo del Proyecto de Or... |
9/26/2013 | Receives Approval to Develop the Ollachea Gold Project |
8/19/2013 | Announces $80 million Financing for the Don Nicolas Gold Pro... |
8/19/2013 | Anuncia Financiamiento de $80 millones par |
5/14/2013 | Anuncia los Resultados Financieros Para el Primer Trimestre ... |
5/9/2013 | Anuncia Tres Nuevos Sistemas de Vetas de Oro en Patagonia |
4/2/2013 | Anuncia los Resultados de la Perforaci=F3n |
3/28/2013 | Anuncia sus Resultados Financieros del ejercicio del a=F1o ... |
3/28/2013 | Announces 2012 Year-End Results |
2/13/2013 | Anuncia la Exitosa Finalizaci=F3n de |
11/5/2012 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
10/17/2012 | Anuncia la Aprobaci=F3n del EIA y el Otorgamiento del Permis |
9/6/2012 | Descubre Nuevo Sistema Minera |
8/24/2012 | Notice of Annual General Meeting |
8/24/2012 | Notificaci=F3n de Asamblea General Anual de Minera IRL Limit... |
8/13/2012 | Anuncia los Resultados Financieros para el Segundo Trimestre... |
7/18/2012 | Confirma el Estimado de Recursos de Ollachea |
7/10/2012 | y Comunidades Firman un Acuerdo de Lic |
6/22/2012 | Sr. Diego Benavides de Minera IRL COMUNIDAD DE OLLACHEA |
6/7/2012 | and Ollachea Community Sign a Thirty Year Surface Rights Agr... |
6/7/2012 | y la Comunidad de Ollachea Firman un |
5/16/2012 | Inicia Proceso de Permisos en el Proyecto Don Nicol=E1s |
5/10/2012 | Anuncia sus Resultados Financieros al Primer Trimestre del 2... |
3/30/2012 | Announces 2011 Year-End Results |
3/30/2012 | Anuncia sus Resultados Financieros del Ejercicio del a=F1o 2... |
3/5/2012 | anuncia Cierre de Oferta de Acciones Comunes por aproximadam... |
3/5/2012 | Announces Closing of Approximately C$33.1 Million Offering |
2/17/2012 | Announces Commencement of Ollachea Exploration Tunnel |
2/17/2012 | Anuncia el Inicio de la Constru |
2/14/2012 | Anuncia el Resultado Exitoso del Estudio d |
11/29/2011 | Realiza el pago de la =FAltima cuota del Contrato de Op |
8/31/2011 | El Directorio de Minera IRL Aprueba la Cons |
6/14/2011 | Announces Significant Resource Upgrade, Ollachea Project, Pe... |
6/14/2011 | Anuncia Significativo Aumento =?ISO-8859-1?Q?de_Recursos_en_... |
5/13/2011 | Anuncia los Resultados Financieros para el Primer Trimestre ... |
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