MIRL Minera

 

TIDMMIRL 
 
RNS Number : 1646P 
Minera IRL Limited 
12 July 2010 
 

 
 
 
 
 
 
 
                Minera IRL Ollachea Pre-feasibility Study Update 
 
 
London,  12 July 2010: Minera IRL Limited ("Minera IRL" or the "Company"), 
(TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining, 
development and exploration company, is pleased to announce progress on its 
Ollachea Gold Project, Peru. 
Highlights: 
·    Excellent progress on the Pre-Feasibility Study which remains on track for 
completion during the first quarter of 2011 
·    Completion to date of 32 of 39 infill diamond drill holes with results 
consistent with the geological understanding of the mineralized lenses.  Recent 
intersections include 13m of 6.81g/t Au and 22m of 3.90g/t Au 
·    Metallurgical test work confirms application of conventional processing 
·    Progress on 1.3 kilometre exploration tunnel Study 
·    Major consultants AMEC (Perú) S.A., Coffey Mining Pty Ltd and Geoservice 
Ingenieria S.A.C have been retained 
Courtney Chamberlain, Executive Chairman of Minera IRL, stated "We are making 
excellent progress on the Pre-feasibility Study data gathering.  The detailed 
Study of the exploration tunnel, which we anticipate commencing early in 2011, 
is advancing rapidly.  To manage the Study and provide specialist input, we have 
engaged the assistance of several international consultancies with the objective 
of completion in early 2011." 
Infill drilling with two diamond rigs is focused on the Minapampa Zone, with a 
strike length of 680m (excluding the more recently recognized eastern extension 
which extends the zone to approximately 900m).Of the planned 39 drill holes 
required to infill a grid averaging 35m by 35m, comprising some 14,000 meters, 
32 holes have now been finished.  This brings the number of completed drill 
holes in the Minapampa Zone to 80 for a total drilled of 28,846 meters. 
Results of the infill drilling appear to be in line with expectations based upon 
the earlier Inferred Resource modelling.  Recent intersections include hole 
DDH10-100 which recorded four gold rich intervals including: 15m at 5.69g/t Au, 
13m at 6.81g/t Au, 4m at 3.02g/t Au and 7m at 2.16g/t; hole DDH10-101 which 
recorded three gold rich intervals including; 15m at 2.98g/t Au, 15m at 4.16g/t 
and 4m at 3.07g/t; and hole DDH10-106, with 22m grading 3.90g/t Au (including 6m 
at 6.27g/t Au). 
 Advanced metallurgical testing at the AMMTEC laboratories in Perth, Western 
Australia is confirming and refining the positive metallurgical projections, 
estimated at 91% recovery in the Scoping Study.  Oriented core logging continues 
to build the geotechnical data base.  Environmental baseline information 
gathering is well advanced. 
International engineering and construction firm AMEC (Perú) S.A. has been 
retained to manage the consolidation of the pre-feasibility study.  Coffey 
Mining continues to hold responsibility for the resource estimation.  Geoservice 
Ingenieria S.A.C is managing the study to install the 1.3 kilometre exploration 
tunnel into the mineralized zone.  This report is scheduled for submission to 
the regulatory authorities in September 2010 with the objective of obtaining all 
approvals and permits to be in a position to commence the tunnel in the first 
quarter of 2011. 
Depending on the variation of the angle of incidence between drill holes and the 
mineralized horizons, the effective true width of mineralized intersections as 
reported range between 60 to 94% of the width indicated. 
Drill intersections through DDH10-106 can be found on the Minera IRL website, 
www.minera-irl.com 
 
This press release was reviewed by Donald McIver, VP Exploration of the Company, 
MSc Exploration and Economic Geology, a Fellow of the Australian Institute of 
Mining and Metallurgy (AUSIMM), who is the designated Qualified Person for the 
purposes of National Instrument 43-101 and has approved the technical 
information in this press release. 
 
 
For more information please contact: 
 
+------------------------------------------------+----------+--------------------+ 
| Minera IRL                                                | +511 4181230       | 
| Trish Kent, Vice President, Corporate Relations           |                    | 
+-----------------------------------------------------------+--------------------+ 
|                                                |          | + 44 (0)20 7012    | 
| Arbuthnot Securities (Nominated Adviser &      |          | 2000               | 
| Broker, London)                                |          |                    | 
+------------------------------------------------+----------+--------------------+ 
| Hugh Field/Richard Johnson                                |                    | 
|                                                           |                    | 
| Bankside Consultants (Financial PR, London)               |                    | 
| Simon Rothschild                                          | + 44 (0)20 7367    | 
| Louise Mason                                              | 8888               | 
+-----------------------------------------------------------+--------------------+ 
|                                                           |                    | 
+-----------------------------------------------------------+--------------------+ 
| The Equicom Group Inc. (Investor Relations, Canada)       | + 1 416 815 0700   | 
| James Kitchen, Account Executive                          | (ext 267)          | 
|                                                           |                    | 
+-----------------------------------------------------------+--------------------+ 
|                                                           |                    | 
+-----------------------------------------------------------+--------------------+ 
|                                                |          |                    | 
+------------------------------------------------+----------+--------------------+ 
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 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. 
 
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, 
Minera IRL Limited does not intend to update any forward-looking statements to 
conform these statements to actual results. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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