Minera and Ollachea Community Sign Agreement (8379E)
June 07 2012 - 2:00AM
UK Regulatory
TIDMMIRL
RNS Number : 8379E
Minera IRL Limited
07 June 2012
Minera IRL Ltd and Ollachea Community Sign a Thirty Year Surface
Rights Agreement
London and Toronto, 7 June 2012: Minera IRL Limited (Minera IRL
or the "Company") ( TSX:IRL) (AIM:MIRL) (BVL:MIRL), the Latin
American gold mining company, is pleased to announce that the
Ollachea Community has extended the Surface Rights Agreement for
the Ollachea Gold Project, Peru, for a period of 30 years.
Highlights:
-- Overwhelming support by the Ollachea community in ratifying 30 year Surface Rights Agreement
-- Includes development and ensuing operating mine
-- Established community programs to continue
-- Agreement ratifies 5% equity participation by the Ollachea
community when production commences
-- Full feasibility in progress for a low operating cost, long life mine
"This Agreement represents the commitment between the Community
of Ollachea and Minera IRL to work as strategic partners in the
development of the Ollachea Gold Mine," said Courtney Chamberlain,
CEO of Minera IRL Ltd.
Minera IRL will continue with the community programs commenced
during the past five years. These include health, education and
sustainable development programs. Of particular importance, going
forward, will be the provision of educational personnel and
infrastructure to train local residents in specialized mining
related skills to support the future operation. The Company will
also assist in the development of community enterprises for the
provision of goods and services.
The new Agreement also ratifies the commitment in the original
2007 Surface Rights Agreement to grant the Community of Ollachea a
5% equity participation in the subsidiary company Minera Kuri Kullu
SA, which holds the Ollachea leases, upon the commencement of
commercial production.
"The success of this agreement represents an example of
transparent dialogue, commitment and a concerted effort between our
Company and the Community of Ollachea." said Dr Diego Benavides,
President of Minera IRL SA and Minera Kuri Kullu SA. "This is an
outstanding example of social inclusion in mining activities in
Peru."
A pre-feasibility study completed in 2011, based upon an
indicated resource of 1.4 million ounces of gold, pointed to a nine
year mine life at an average production rate of 117,000 ounces per
annum. A full feasibility study is due to be completed by Q4, 2012
and a 1.2km exploration drive into the ore body has commenced.
For more information please contact:
Minera IRL
Trish Kent, Vice President, Corporate Relations +511 418 1230
Canaccord Genuity Limited (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 Ltd (Co-broker, London)
Stephen Foss +44 (0)20 7653
Martin Eales 4000
Buchanan (Financial PR, London)
Bobby Morse +44 (0)20 7466
James Strong 5000
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
operating in South America. The Group operates the Corihuarmi Gold
Mine and the advanced gold projects Ollachea in Peru and Don
Nicolas in Argentina. For more information, please visit
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
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