LIMA, PERU — (Marketwired) — 11/14/13 — Minera IRL Limited („Minera IRL“ or the „Company“) (AIM: MIRL)(BVLAC: MIRL)(TSX: IRL), the Latin America gold mining company, announced today its unaudited third quarter results for the three months ended 30 September 2013 („Q3 2013“). The Company is also providing notice that it will host its quarterly conference call later today to discuss these results.
Q3 2013 Highlights (all amounts in US$, unless otherwise stated):
Financial
Operational Performance
Commenting on the quarterly results, Courtney Chamberlain, Minera IRL Limited-s Executive Chairman, said, „We are very pleased with the two major milestones achieved in the quarter, namely the financing of the Don Nicolas Project and obtaining approval of the ESIA for the Ollachea Project. Development of Don Nicolas is now commencing and financing negotiations are advancing on Ollachea. Whilst our Corihuarmi Gold Mine continues to provide good cash flow, profits have been effected by the lower gold price and declining gold production. Earnings in the quarter were also affected by a one-time expense associated with the revaluation of our interest in Minera Patagonia for accounting purposes following the transaction with CIMINAS.“
A summary of the key financial measures for the three- and nine-month periods ended 30 September 2013 and 2012 is provided in the table below.
Table 1: Summary of Key Financial Measures
The full , including the for the quarter ended 30 September 2013 are available from the Company-s website and from SEDAR ().
Notice of Conference Call
Minera IRL plans to host a conference call later today at 10:00 am Lima time (PET), 10:00 am Toronto time (EST) and 3:00 pm London time (GMT).
To participate in the call, please dial:
A live webcast may be accessed at .
The webcast will be archived on the Mineral IRL website () and a playback of the conference call may be accessed until November 28, 2013 by dialing:
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 .
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.
(1.) Cautionary Non-GAAP and Non-IFRS Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with Generally Accepted Accounting Policies („GAAP“) and International Financial Reporting Standards („IFRS“).
„Site cash operating 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 cash operating 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.
The term EBITDA (Earnings Before Interest, Income Taxes, Depreciation and Amortization) is used, which are financial measures used by many investors to compare companies on the basis of operating results, asset value and the ability to incur and service debt. EBITDA is used because Minera IRL-s net income alone does not give an accurate picture of its- cash-generating potential. Management believes that EBITDA is an important measure in evaluating performance and in determining whether to invest in Minera IRL. However, EBITDA is not a recognized earnings measure under IFRS and does not have a standardized meaning prescribed by IFRS. It is not intended to represent cash flow or results of operations in accordance with IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Minera IRL-s performance or to cash flows from operating, investing and financing activities of liquidity and cash flows.
Contacts: Minera IRL Trish Kent Vice President, Corporate Relations +511 418 1230
Canaccord Genuity Limited (Nominated Adviser & Broker, London) Neil Elliot / Emma Gabriel + 44 (0)20 7523 8000
finnCap (Co-broker, London) Geoff Nash (Corporate Finance) Matthew Robinson (Corporate Finance) Elizabeth Johnson (Corporate Broking) + 44 (0)20 7600 1658
RBC Europe Ltd (Co-broker, London) Stephen Foss / Martin Eales +44 (0)20 7653 4000
Buchanan (Financial PR, London) Bobby Morse / Gordon Poole / Louise Mason +44 (0)20 7466 5000
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