MIRL Minera

 

TIDMMIRL 
 
RNS Number : 2384T 
Minera IRL Limited 
24 September 2010 
 

 
 
 
 
 
         Minera IRL Declines to Exercise La Falda and Killincho Options 
 
London, 24 September 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, advises that the pending options to acquire 
the La Falda Project in Chile and the Killincho Project in Peru will not be 
exercised. 
Evaluation of the gold and copper assay results of a 5,174 meter diamond 
drilling program into the La Falda porphyry chargeability anomaly has downgraded 
the potential for an economic, near surface discovery.  As a result, the Company 
has advised joint venture partner, Catalina Resources Ltd, that the option to 
perfect a 75% equity position will not be exercised when it expires on 30 
September 2010. 
Minera IRL has also advised Ingenieria y Tecnologia Minero-Metalurgica SA 
("ITMM") that it will not proceed with the option to acquire several properties 
that constitute the Killincho Project in southern Peru.  While an extensive 
exploration program in recent months has confirmed the presence of significant 
gold, the Company has elected not to proceed due largely to logistic and 
infrastructure challenges. 
Courtney Chamberlain, Minera IRL Limited Executive Chairman, stated "Our team 
did a fine job of exploring La Falda and Killincho but we take a pragmatic 
approach to this high risk end of the business.  The Company continues with a 
substantial exploration program on a number of high quality gold targets in two 
areas of Peru and the Deseado Massif in Argentina, where we recently announced a 
new discovery at Escondido". 
 
For more information please contact: 
 
+------------------------------------------------+-------------------+ 
| Minera IRL Limited                             | +511 4181230      | 
|                                                |                   | 
| Trish Kent, Vice President, Corporate          |                   | 
| Relations                                      |                   | 
+------------------------------------------------+-------------------+ 
|                                                | + 44 (0)20 7523   | 
| Collins Stewart (Nominated Adviser & Broker,   | 8350              | 
| London)                                        |                   | 
+------------------------------------------------+-------------------+ 
| John Prior                                     |                   | 
| Adam Miller                                    |                   | 
+------------------------------------------------+-------------------+ 
|                                                |                   | 
+------------------------------------------------+-------------------+ 
| The Equicom Group Inc. (Investor Relations,    | +1 403 831 7557   | 
| Canada)                                        | +1 416 815 0700   | 
| David Feick                                    | ext 290           | 
| Craig MacPhail                                 |                   | 
+------------------------------------------------+-------------------+ 
|                                                | + 44 (0)20 7367   | 
| Bankside Consultants (Financial PR, London)    | 8888              | 
+------------------------------------------------+-------------------+ 
| Simon Rothschild                               |                   | 
+------------------------------------------------+-------------------+ 
| Louise Mason                                   |                   | 
+------------------------------------------------+-------------------+ 
 
 
 
 
 
  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. 
 
www.minera-irl.com 
 
 
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 or 
regulation, 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 
 
 MSCZMGZLZFKGGZZ 
 

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