Minera IRL Limited
AIM : MIRL
BVLAC : MIRL

Minera IRL Limited

August 26, 2009 02:00 ET

Minera IRL Limited: New Acquisition, Bethania

LONDON, UNITED KINGDOM and LIMA, PERU--(Marketwire - Aug. 26, 2009) - Minera IRL (MIRL) (AIM:MIRL)(BVLAC:MIRL) is pleased to announce that an Option Agreement has been signed with Minera Monterrico Peru SAC to acquire the 942 ha Bethania property 'El Alcatraz 12' approximately 10 km from the Corihuarmi Gold Mine.

Under the terms of the Agreement, MIRL will have the right to commence immediate exploration. A US$100,000 payment will be payable if MIRL continues with the project beyond 12 months. Payment of US$10 per ounce in Proven and Probable Reserves upon presentation of a feasibility study within 4 years will secure 100% ownership in the property.

Executive Chairman Courtney Chamberlain stated "I am very pleased with this property acquisition so close to Corihuarmi. This consolidates our current Bethania leases which total 2,342 ha giving a total ground holding of 3,342 ha for this project. (MIRL has a total tenement holding of 9,342 ha in the Corihuarmi Gold Mine district). Known mineralization on this ground gives us immediate exploration targets with the potential to provide additional ore to further extend the life of Corihuarmi. We intend to commence drilling as soon as the required environmental permits are in place."

MIRL has posted the latest drilling results from the Ollachea Project on the Company website (www.minera-irl.com). The number of holes drilled now totals 55 and a third drill rig has recently commenced work on the project. A Scoping Study is in progress with results expected later in the year.

Minera IRL Limited ("MIRL") is the AIM and Lima, Peru listed holding company of precious metals mining and exploration companies focused in Latin America. MIRL is led by an experienced senior management team with extensive industry experience, particularly in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru.

Contact Information

  • Minera IRL
    Courtney Chamberlain
    Executive Chairman
    +511 4181230
    or
    Minera IRL
    Trish Kent
    Vice President, Corporate Relations
    +511 4181230
    or
    Arbuthnot Securities (Nominated Adviser & Broker, London)
    John Prior
    +44 (0)20 7012 2000
    or
    Arbuthnot Securities (Nominated Adviser & Broker, London)
    Edward Burbidge
    +44 (0)20 7012 2000
    or
    Fox-Davies Capital
    David Poraj-Wilczynski
    +44 (0)20 7936 5200
    or
    Fox-Davies Capital
    Jason Bahnsen
    +44 (0)20 7936 5200
    or
    Bankside Consultants (Financial PR, London)
    Simon Rothschild
    +44 (0)20 7367 8888
    or
    Bankside Consultants (Financial PR, London)
    Louise Mason
    +44 (0)20 7367 8888
    or
    Synergy Asociados (Public Relations, Lima)
    Magaly Villena
    +511 628 6300 or +511 99855 2232