LONDON, UNITED KINGDOM--(Marketwire - July 14, 2010) - Minera
IRL Limited ("Minera IRL" or the "Company"),
(TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) the Latin American focused gold
mining, development and exploration company, announces that,
pursuant to the Company's Ollachea option agreement (the
"Agreement") with Rio Tinto Mining & Exploration SAC. ("Rio
Tinto"), on 13 July 2010 its subsidiary, Minera Kuri Kullu SA
(MKK), completed a significant payment obligation to Rio Tinto
under the Agreement. This is an important step towards acquiring
100% of the Ollachea Gold Project, Peru.
"We have now complied with the contained gold payment obligation
to Rio Tinto as a significant component in perfecting our 100%
acquisition of Ollachea" said Courtney Chamberlain, Executive
Chairman of Minera IRL. "This cash payment underscores the
confidence we have in progressing the project toward an operating
mine."
The payment to Rio Tinto is based upon US$7 per ounce for 70% of
the ounces in excess 500,000 ounces based upon the 1.277 million
ounces of Inferred Resource estimated in the November 2009 Scoping
Study. This amounted to US$3,807,300. MIRL is required to make
total option and staged payments of US$6.25 million, of which there
are two staged payments remaining totalling US$3.5 million by the
end of 2011. A final NPV related payment is due six months after
completion of a Bankable Feasibility Study. Rio Tinto will retain a
1% net smelter royalty (NSR).
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.
www.minera-irl.com
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.
The Toronto Stock Exchange neither approves nor disapproves the
information contained in this News Release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Minera IRL
Trish Kent
Vice President, Corporate Relations
+511 4181230
or
Arbuthnot Securities (Nominated Adviser & Broker, London)
Hugh Field/Richard Johnson
+ 44 (0)20 7012 2000
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
The Equicom Group Inc. (Investor Relations, Canada)
James Kitchen
Account Executive
+ 1 416 815 0700 (ext 267)