Corihuarmi Production June Quarter, 2010
July 14 2010 - 2:00AM
UK Regulatory
TIDMMIRL
RNS Number : 2849P
Minera IRL Limited
14 July 2010
Minera IRL Limited - Corihuarmi Gold Mine Production June Quarter, 2010
London, 14 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 production results from its
Corihuarmi Gold Mine for the quarter ending June 2010.
Highlights:
· Gold production of 8,098 ounces, 10% above budget
· Quarterly cash operating costs of $365 per ounce
· Gold sales prices for the quarter averaged $1,201 per ounce
· Permitting to increase treatment rate by 35% in 2011
Corihuarmi production results are summarized in the table below:
+-----------------------------------+---------+---------+---------+
| | June | March | June |
| |Quarter |Quarter |Quarter |
| | 2010 | 2010 | 2009 |
+-----------------------------------+---------+---------+---------+
| Ore mined and stacked on heap - |351,952 |371,963 |389,162 |
| tonnes | | | |
+-----------------------------------+---------+---------+---------+
| Ore grade, mined and stacked - | 0.81 | 1.02 | 0.81 |
| g/t Au | | | |
+-----------------------------------+---------+---------+---------+
| Production - Gold, fine ounces | 8,098 | 7,071 | 7,753 |
+-----------------------------------+---------+---------+---------+
| Shipments - Gold, fine ounces | 8,253 | 7,541 | 7,117 |
+-----------------------------------+---------+---------+---------+
| Sale price received - Gold, | 1,201 | 1,110 | 941 |
| US$/ounce | | | |
+-----------------------------------+---------+---------+---------+
| Cash operating cost - US$/ounce | 365 | 432 | 393 |
+-----------------------------------+---------+---------+---------+
Minera IRL Limited Executive Chairman, Courtney Chamberlain, comments
"Corihuarmi has, once again, performed beyond our expectations. Gold production
was 10% above budget and spot gold sales achieved a price of over US$1,200 per
ounce. The net effect was that revenue from Corihuami for the quarter of US$9.9
million exceeded the previous quarter by US$1.5 million and the corresponding
quarter of 2009 by US$3.2 million, close to a 50% increase. The margin also
improved with costs decreasing to US$365/oz providing increased cash to apply to
our project development and exploration activities."
An amended Environmental Impact Assessment will be lodged in the next quarter
with the authorities to allow ore production to be increased by 35% to 2 million
tonnes per annum in 2011. This will allow economies of scale to be applied
toward profitably treating lower grade ore which will be particularly attractive
at high gold prices. The extra capacity will also allow large scale production
trials on broken scree material with an inferred resource of 3,765,000 tonnes
grading 0.45g/t containing 54,600 ounces of gold.
Production and cost statistics from Corihuarmi have been internally generated by
Minera IRL and are unaudited.
This press release was reviewed by Courtney Chamberlain, Executive Chairman of
the Company, BSc and MSc Metallurgical Engineering, 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 Limited | +511 4181230 |
| | |
| Trish Kent, Vice President, Corporate Relations | |
+-----------------------------------------------------------+--------------------+
| | | + 44 (0)20 7012 |
| Arbuthnot Securities (Nominated Adviser & | | 2000 |
| Broker, London) | | |
+------------------------------------------------+----------+--------------------+
| Hugh Field/Richard Johnson | |
+-----------------------------------------------------------+--------------------+
| | |
+-----------------------------------------------------------+--------------------+
| The Equicom Group Inc. (Investor Relations, Canada) | +1 416 815 0700 |
| James Kitchen, Account Executive | (ext 267) |
| | |
+-----------------------------------------------------------+--------------------+
| | + 44 (0)20 7367 |
| Bankside Consultants (Financial PR, London) | 8888 |
+-----------------------------------------------------------+--------------------+
| Simon Rothschild | |
+-----------------------------------------------------------+--------------------+
| Louise Mason | |
+-----------------------------------------------------------+--------------------+
| | |
| | |
+-----------------------------------------------------------+--------------------+
| | | |
+------------------------------------------------+----------+--------------------+
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 is developing the Ollachea Gold Project in
Peru and 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
MSCGGURAMUPUGWW
Minera (LSE:MIRL)
Historical Stock Chart
From May 2024 to Jun 2024
Minera (LSE:MIRL)
Historical Stock Chart
From Jun 2023 to Jun 2024
