Minera IRL Limited
AIM : MIRL
BVLAC : MIRL

Minera IRL Limited

June 24, 2009 02:00 ET

Minera IRL Limited: Preliminary Results for Year Ended 31st December 2008

LONDON, UNITED KINGDOM--(Marketwire - June 24, 2009) - Minera IRL Limited ("MIRL" or "the Company") (AIM:MIRL)(BVLAC:MIRL), the precious metal mining and exploration company with assets in South America, announces its audited results for the year ended 31 December 2008 and Company developments during the year.

Highlights:

- Corihuarmi gold mine commenced production on schedule with first gold pour on 15 March 2008;

- 51,691 ounces of gold produced in 2008 exceeding budget by over 40%; cash operating cost of US$161 per ounce, 43% below budget;

- Investment in the Corihuarmi mine recovered within first seven months of operation;

- New Life of Mine Plan extends life of Corihuarmi into 2013;

- Significant gold discovery at the Ollachea project;

- Cash balance at the year end increased to US$9 million.

Executive Chairman Courtney Chamberlain commented:

"The year 2008 was momentous with your Company joining the ranks of the gold producers and establishing growth opportunities for the future. Our Corihuarmi Gold Mine was successfully commissioned on time and performed strongly. Exploration drilling led to an exciting new gold discovery at our Ollachea Project. I would like to thank all shareholders for their support for our vision of building a diverse gold mining company through our own initiatives and potential new transactions."

The Report and Accounts for the year ended 31 December 2008 will be posted to shareholders on 29 June and are available from the Company's website www.minera-irl.com.

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 Limited
    Courtney Chamberlain
    Executive Chairman
    +511 4181230
    or
    Minera IRL Limited
    Trish Kent
    Vice President, Corporate Relations
    +511 4181230
    www.minera-irl.com
    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
    + 511 99855 2232