Ollachea Exploration Drive (2811N)
August 31 2011 - 2:01AM
UK Regulatory
TIDMMIRL
RNS Number : 2811N
Minera IRL Limited
31 August 2011
Minera IRL Board Approves Ollachea Exploration Drive
London and Toronto, 31 August 2011: Minera IRL Limited ("Minera
IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin
American gold mining company, announces the approval by the Board
of Directors for a 1.2 kilometer long exploration drive at its
flagship Ollachea Gold Project in Peru.
Highlights
-- The Board has approved a 1.2 kilometer exploration tunnel
which will access the ore body defined in the Ollachea
Pre-feasibility study announced in July 2011
-- The drive will allow exploration drilling from underground
along approximately one kilometer of eastern strike extension of
the known mineralization which cannot be drilled effectively from
surface
-- A contract has been signed with well known Peruvian
underground contractor JJC Contratistas Generales S.A. (JJC) to
implement the project
-- Permitting of the exploration drive is in place for an
immediate commencement of the project
"Completion of the extremely positive Pre-feasibility Study at
Ollachea provides the justification to commence the exploration
drive into the ore body." said Courtney Chamberlain, Executive
Chairman of Minera IRL. "This will allow drill testing from
underground drill cuddies as the drive advances parallel to
approximately one kilometer of eastward projected gold
mineralization which, due to very steep terrain, is impractical to
drill from surface. Detailed mining design information will also be
gained that will be used in the Bankable Feasibility Study which is
now commencing. This tunnel will also assist management's
production schedule objective of late 2014."
The slightly inclined exploration drive will be from a portal
site located in a deeper valley across the ridge from the
outcropping mineralization at the Minapampa Zone. The Minapampa
orebody will be accessed approximately 350 meters down-dip from the
surface outcrop.
Drill exploration targets from underground are compelling. The
gold bearing structures outcrop for approximately one kilometer to
the east of the Minapampa Zones where 1.4 million ounces of gold
(10.7 million tonnes at 4.0g/t Au) in the Indicated Resource
category has been drill defined from surface. The most easterly
drilling from surface recorded strong gold intersections and
supports geological continuity of the open-ended Minapampa
mineralization towards the east. Extremely steep terrain precludes
further drilling from surface towards the east. The tunnel track
has been designed parallel to this eastern strike extension to
provide suitable locations for underground diamond drilling from
cuddies, or chambers, at regular intervals as the drive
advances.
Following a comprehensive tendering process, a contract has been
signed with well known and experienced underground contractor, JJC,
to execute the underground project. Consultants TWP Sudamerica S.
A. have been engaged to assist Minera IRL to manage the
project.
A general assembly of the Ollachea community has also
overwhelmingly endorsed the project. The exploration drive has
already been permitted by the Peruvian authorities and site access
and portal establishment will be commenced shortly. The drive is
scheduled to be completed over a 15 month time frame with a budget
of US$14.9 million which includes a contingency of 10%.
Additional information regarding Ollachea can be found on the
Minera IRL website www.minera-irl.com
Competent Persons Statement
The preparation of the technical information contained herein
was supervised 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
recognized as a Qualified Person for the purposes of National
Instrument 43-101, and who has reviewed and approved the technical
information in this press release.
For more information please contact:
Minera IRL
Trish Kent, Vice President, Corporate Relations +511 4181230
Collins Stewart (Nominated Adviser & Broker,
London)
John Prior + 44 (0)20 7523
Adam Miller 8350
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance) + 44 (0)20 7600
Joanna Weaving (Corporate Broking) 1658
RBC Capital Markets (Co-broker, London)
Stephen Foss
Martin Eales +44 (0)20 7653 4000
Bankside Consultants (Financial PR, London) + 44 (0)20 7367
Simon Rothschild 8888
Minera IRL Limited is the TSX, AIM and BVL, Lima 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 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
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