LONDON, UNITED KINGDOM and TORONTO, ONTARIO — (Marketwire) — 08/13/12 — Minera IRL Limited („Minera IRL“ or the „Company“), (TSX: IRL)(AIM: MIRL)(BVLAC: MIRL) the Latin America gold mining company, is pleased to announce its unaudited second quarter results for the 3 month period ended 30 June 2012 („Q2 2012“).
Q2 2012 Highlights (all $ denominates US dollars unless otherwise stated):
Financial
Operational
Commenting on the Q2 results, Courtney Chamberlain, Executive Chairman of Minera IRL:
„The Corihuarmi Gold Mine in Peru continues to perform above our expectations and underpins the financial strength of the Company for the short term as we continue to invest in the development of our substantial pipeline of projects.“
„As previously stated, the grade at Corihuarmi will continue to decline as the mine matures. Despite this, the mine continues to perform well and is generating strong cash flows due to a focus on controlling site operating costs and maximizing throughput. To date the Corihuarmi mine has produced approximately 164,000 ounces, which is 48% more gold than the 111,000 ounces estimated in the original feasibility study. Furthermore, the Company has already extended the anticipated mine life by more than three years to 2015 and we believe we have opportunities to extend the life of mine even further.“
„On the development front, good progress was made on the feasibility study, due for completion in the fourth quarter 2012, at the Company-s flagship project, Ollachea, in southern Peru. Also at Ollachea, progress on the exploration drive has reached more than 200 meters and drilling from underground to explore the eastern strike of the deposit is scheduled to commence later in the year. In Patagonia, Argentina, permitting on the Don Nicolas Project was commenced with the submission of the Environmental Impact Assessment.“
„I am pleased with the progress Minera IRL has made in its stated strategy of bringing the Ollachea and Don Nicolas gold projects into production over the next 2 to 3 years and becoming a mid tier gold producer.“
The full Report & Accounts, including the Management Discussion and Analysis for the quarter ended 30 June, 2012 are available from the Company-s website and from SEDAR.
Following the release, Minera IRL plans to host a conference call at 10:00 am Toronto (EDT), 3:00 pm UK (BST), 09:00 am Lima (PET)on August 13, 2012. To participate in the call please dial:
A live webcast and archive will be available at:
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 .
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.
Competent Persons Statement
The preparation of the technical information contained herein was supervised and reviewed by Courtney Chamberlain, Executive Chairman of the Company, BSc and MSc Metallurgical Engineering, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM) and Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM), who are recognized as Qualified Persons for the purposes of National Instrument 43-101, and who have reviewed and approved the technical information in this press release.
Quality Assurance and Quality Control Procedures Disclosure
The Company has implemented and maintains a Minera IRL quality assurance/quality control (QA/QC) protocol on its projects to ensure best industry practice in sampling and analysis of exploration and resource definition 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 Programs
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.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
Contacts: Minera IRL Trish Kent Vice President, Corporate Relations +511 418 1230
Canaccord Genuity Ltd (Nominated Adviser & Broker, London) John Prior or Adam Miller +44 (0)20 7523 8350
finnCap (Co-broker, London) Geoff Nash or Matthew Robinson (Corporate Finance) Joanna Weaving (Corporate Broking) +44 (0)20 7600 1658
RBC Capital Markets (Co-broker, London) Stephen Foss or Martin Eales +44 (0)20 7653 4000
Buchanan (Financial PR, London) Bobby Morse or James Strong +44 (0)20 7466 5000
Only registered users can comment.
