Ollachea Pre-feasibility Study (5157N)
September 02 2011 - 4:21AM
UK Regulatory
TIDMMIRL
RNS Number : 5157N
Minera IRL Limited
02 September 2011
Minera IRL Files NI43-101 Technical Report on Ollachea
Pre-feasibility Study
London and Toronto, 2 September 2011: Minera IRL Limited
("Minera IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL)
the Latin American gold mining company, announces that it has filed
on SEDAR on the 1 September, 2011, National Instrument 43-101 of
the Canadian Securities Administrators compliant report ("the
Technical Report"). The Technical Report entitled "Ollachea Gold
Project, Puno Region, Peru, NI 43-101 Technical Report on a
Pre-feasibility Study" was compiled by AMEC (Peru) S.A. with the
participation and contribution of Coffey Mining Pty Ltd.
Highlights
-- The Canadian National Instrument 43-101 compliant Technical
Report for the Ollachea Pre-feasibility Study ("the Study") has
been filed on SEDAR on the 1 September, 2011
-- The Study, announced to the market on 18 July 2011, indicates
robust economics for a 9 year mine life which will produce over one
million ounces of gold at a cash operating cost of US$436 per
ounce
-- A full feasibility study and a 1.2km long exploration drive
have been initiated
"The filing of the Technical Report on the Ollachea
Pre-feasibility Study is in compliance with the Canadian regulatory
authorities." said Courtney Chamberlain, Executive Chairman of
Minera IRL. "Since receiving these extremely positive results, we
have commenced the Feasibility Study and signed a contract for a
1.2km exploration drive into the orebody. The deposit, with an
Indicated Resource of 1.4 million ounces of gold (10.7 million
tonnes at 4.0g/t Au), remains open-ended in all directions and the
exploration drive will facilitate diamond drilling of the eastern
extension of the deposit from underground."
International engineering firm AMEC (Peru) S.A. have managed the
Ollachea Prefeasibility Study in conjunction with Coffey Mining Pty
Ltd who has contributed the resource estimation and underground
mining aspects.
The project is based on a National Instrument 43-101 compliant
Indicated Resource of 10.7 million tonnes grading 4.0g/t gold
containing 1.4 million ounces. From this resource, mine design and
production scheduling has resulted in a Probable Mineral Reserve of
9.5 million tonnes grading 3.65g/t gold containing 1.1 million
ounces.
An underground mining and treatment rate of 1.1 million tonnes
per annum has been established giving a mine life of nine years.
Up-front capital cost is estimated at US$170 million with
production projected to commence in late 2014. Gold production is
expected to average 117,000 ounces per annum at a cash operating
cost of US$436 per ounce. Using a gold price assumption of US$1,100
per ounce, the financial model indicates a post tax Net Present
Value (real), using a 7% discount, of US$133 million and an
Internal Rate of Return of 20.5%.
The Technical Report can be found on SEDAR and is also available
on the Company's website, www.minera-irl.com
The Company's Joint Broker, which trades as RBC Capital Markets
has changed its registered name to RBC Europe Limited.
Competent Persons Statement
The preparation of the technical information contained herein
was supervised by Courtney Chamberlain, Executive Chairman, 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. Also 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 recognized as a
Qualified Person for the purposes of National Instrument 43-101,
and who has reviewed and approved the resource 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 Europe Limited (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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