Acquisition Option on the Killincho Gold Project
July 13 2010 - 2:00AM
UK Regulatory
TIDMMIRL
RNS Number : 2339P
Minera IRL Limited
13 July 2010
Minera IRL Announces Acquisition Option on the Killincho Gold Project in
Southern Peru
London, 13 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, announces it has entered into option
agreements (the "Agreements") to purchase the Killincho Gold Exploration Project
from Ingerieria y Tecnologia Minero-Metalurgica SA ("ITMM").
Highlights:
· The Agreements consolidates eight properties, totalling 3,317ha, into one
high quality gold exploration project in southern Peru
· Killincho is located within the same gold-bearing Sandia geological
formation which hosts Minera IRL's 1.3m oz Ollachea Project (inferred resource)
· Field reconnaissance and surface sampling commenced
· History of local artisanal gold production
"The addition of Killincho to Minera IRL's inventory of exploration projects is
a further step toward consolidation of a highly prospective land position
associated within the gold-bearing Sandia formation in southern Peru." said
Courtney Chamberlain, Executive Chairman of Minera IRL. "This is the same slate
belt formation which hosts our flagship one-million-plus ounce resource at
Ollachea 150 kilometres north west of Killincho. The Sandia Formation is
emerging as a major new district which hosts a number of impressive gold
deposits including Untuca, La Rinconada, Winchomayo and Santa Domingo."
Following field evaluations and negotiations spanning more than 12 months, on 12
July 2010 Minera IRL SA, a subsidiary of Minera IRL Limited, signed agreements
with Ingerieria y Tecnologia Minero-Metalurgica SA ("ITMM") to purchase 8
properties. The acquisition consolidates a strategic position, known as the
Killincho Gold Project in southern Peru.
The Agreements includes progressive staged payments to ITMM, who have underlying
agreements with two property owners, which will allow for progressive
exploration funded by Minera IRL. In the event that exploration is not
successful, the Company can terminate the Agreements without obligation at any
time in the future. In addition, ITMM has been granted an exploration license
in its own right, which constitutes the third property component of the
transaction, over an adjoining block with geologically prospective, and
apparently contiguous, exploration features.
Three principal gold mineralization styles have been recognized to date. These
include gold mineralization in breccia and/or shear zones, intrusive sedimentary
rock contacts and quartz veins that are being selectively mined by artisanal
miners on a modest, but high grade basis.
Exploration activities have commenced.
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.
The Company website is www.minera-irl.com
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, and 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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