Minera IRL Limited
AIM : MIRL
BVLAC : MIRL

Minera IRL Limited

February 26, 2010 10:10 ET

Minera IRL Obtains Option to Purchase the Quilavira Exploration Project, Peru

LONDON, UNITED KINGDOM and LIMA, PERU--(Marketwire - Feb. 26, 2010) - Minera IRL Limited ("MIRL" or "the Company") (AIM:MIRL)(BVLAC:MIRL) is pleased to announce that it has signed an option to purchase the Quilavira Gold Exploration Project from Ingenieria y Tecnologia Minero Metalurgica SA ("ITMM").

The 5,100 hectare tenement package is located in the Tacna district of southern Peru. ITMM acquired the property from Newcrest in a competitive tendering process.

Minera IRL has entered into an option agreement to purchase 100% of the property from ITMM subject to payment of the sum of US$50,000 upon the grant of a supreme decree by the Peruvian government. The issue of a supreme decree is required where foreign registered companies seek to acquire exploration licenses within 50km of Peru's international border. Prior to commencing exploration on this property, a Surface Rights Agreement will need to be negotiated with the local community.

Minera IRL Limited Executive Chairman, Courtney Chamberlain, comments "Quilavira represents a strategic, longer term exploration opportunity in a highly prospective area. We are already well established in southern Peru, where our Ollachea Project is located, and Quilavira is consistent with building our business interests in selected districts. The main exploration target on Quilavira is an alteration area approximately 1,200m by 300m. Sampling by Newcrest has identified a zone (200 x 200m) of anomalous gold mineralization (+1g/t Au rock chip values) within the western part of the alteration zone."

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 as well as the Don Nicolas Project in Argentina.

Contact Information

  • Minera IRL
    Courtney Chamberlain
    Executive Chairman
    +511 4181230
    or
    Minera IRL
    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 (Co-broker, London)
    James Hehn
    + 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