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Minera IRL Limited, together with its subsidiaries (collectively, “Minera IRL” or the “Company”), is a publically traded Latin American precious metals mining, mine development and mineral exploration company, focused primarily on gold. The shares of the Company are listed on the London Stock Exchange’s AIM (AIM:MIRL), the Lima Stock Exchange in Peru, the Bolsa de Valores Lima (BVL:MIRL) and the Toronto Stock Exchange (TSX:IRL).

Website:
http://www.minera-irl.com/
Phone:
+511 418 1230
Address:
Ordnance House, 31 Pier Road, St.Helier, Jersey JE4 8PW.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
Gold Mining
EPIC / Symbols:
LON:MIRL, TSX:IRL
chart-size
*subject to change and depends on individual circumstances.

Minera IRL RNS Press Releases

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Minera IRL Articles, News, and Media Files

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Minera IRL Related Media

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Broker press

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  • 31/07/14

    31.07.14 :-0.75, (9.88) Numis reiterates its "buy" rating but cut its price target to 20p from 30p.

  • 31/07/14

    31.07.14 :-0.75, (9.88) Canaccord Genuity downgrades its rating to "speculative buy" from "buy". The broker has a 20p price target.

  • 17/03/14
    +0.26 +10.06

    Canaccord Genuity reiterates its "speculative buy" rating and raised its price target to 20p from 19p.

  • 20/12/13
    +0.50 +10.88

    Canaccord Genuity reiterates its "buy" rating but cut its price target to 22p from 40p.

  • 15/11/13

    15.11.13 :-0.38, (12.25) Numis reiterates its "buy" rating but cut its price target to 40p from 50p.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
03/04/14 D. Hodges BUY 120,500 ORD 8.08 9,736 215,000 0.09
02/04/14 D. Hodges BUY 79,500 ORD 7.82 6,217 94,500 0.04
28/11/13 C.C. Chamberlain BUY 200,000 ORD 9.00 18,000 3,692,692 2.02
01/02/13 N. Valdez TAKE 350,000 ORD 45.00 157,500 894,000 0.52
10/11/10 D.A. Jones TAKE 88,000 ORD 71.00 62,480 292,936 0.25

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/14 Interim 15.18 -1.52 -1.00 0.00 USD
31/12/12 Full year 45.99 8.49 2.30 0.00 USD
30/06/12 Interim 22.18 4.34 1.20 0.00 USD
31/12/11 Full year 53.00 16.06 8.20 0.00 USD
30/06/11 Interim 24.09 7.02 3.30 0.00 USD

Presentations & Company Media

Related Research & Media

Company Statement

We believe that in order to know where you are going, you need to set goals. Our goal is to build a diversified precious metals mining company in Latin America.

 

We also believe that a mission statement explains how you are going to achieve your goals. Our mission statement is to create value for our stakeholders by building a network of profitable precious metal mines in Latin America through acquisition, exploration and development. An important aspect of achieving our goals involves proactive social development initiatives, building meaningful community partnerships, while exceeding environmental standards. We want our shareholders, our neighbouring communities, and our employees to share in our continued success.

Current Operations

Corihuarmi Gold Mine, Peru

 

 

The origins of the Minera IRL story began within the high Andes mountain range of central Peru. Located within this scenic mountain range, at an altitude of nearly 5,000 metres, you will find our Corihuarmi Gold Mine.

 

We began producing gold at our Corihuarmi Gold Mine in first quarter of 2008 and since then the mine has produced more than 175,000 ounces of gold. The Corihuarmi Gold Mine was built for $20 million and we recovered this capital investment during its first year of production.

 

We are very proud of our Corihuarmi Gold Mine and it is one of the foundations for our future success: It demonstrates our ability to permit, build, and operate a mine, even in a challenging region, like the high Andes of Peru.

 

The mine is also a testament to our on going commitment to understanding the needs our neighbouring communities. We work closely with community leaders to develop programs that have made noticeable improvements in the quality of life. Our strong relationships with these communities helps to develop programs that provide specialized training for employment opportunities at our projects.

 

We have also helped local entrepreneurs create new businesses that now provide most of the goods and services that we use at our projects. These cooperative initiatives have also provided improved access to education and health care, often in areas where it did not previously exist.

 

We believe that our success at Corihuarmi speaks volumes on how we do business. It also tells stakeholders that we will do things the right way, every time.

 

In addition to our Corihuarmi Gold Mine, we have two other very robust gold development projects that we have recently completed Feasibility Studies for that we are advancing towards production: Ollachea and Don Nicolás.

 

Ollachea 

 

 

Ollachea is our flagship project and the next mine that we plan to build in Peru.

 

In late 2012, we completed a Definitive Feasibility Study (“DFS”) for Ollachea that demonstrated the presence of a low-cost underground mining operation containing gold reserves of approximately 1 million ounces within the Minapampa Zone.It is worth noting that the DFS excludes 1.3-million ounces of inferred resources that the Company has defined at Ollachea, representing significant potential upside for the project. There is also significant exploration upside at Ollachea, as the zone of mineralization remains open-ended along strike and to depth, suggesting that there is signification potential to discover new mineral resources.

 

Following the completion of the DFS, we submitted our Environmental and Social Impact Assessment (“ESIA”) for the project to the Community of Ollachea and the Government of Peru for approval. In May 2013, the Community of Ollachea overwhelming endorsed the ESIA. In September 2013, the Government of Peru also approved the ESIA. The endorsement of the ESIA is the key approval required from the Government of Peru to advance a mining project towards the construction phase.

 

With the ESIA approved, we are completing the work necessary to obtain the Construction Permit required to build a mine at Ollachea. We expect to receive the Construction Permit in the second quarter of 2014.

 

We believe that with the strong community support, an approved ESIA, a robust DFS, and construction permits, we will be well positioned to arrange traditional mine construction financing for Ollachea. Subject to the timely receipt of these permits and mine financing, we expect to start mine construction in 2014 and to commence gold production in late 2015.

 

Don Nicolas

 

Don Nicolas is a gold and silver development project on the Deseado Massif in the Province of Santa Cruz, one of the most mining friendly jurisdictions in Argentina.

 

In August 2013, Minera IRL entered into a definitive agreement with Compañía Inversora en Minas (“CIMINAS”) for 100% of the financing required to build the Don Nicolas Mine. CIMINAS has agreed to invest $45 million in common and preferred equity into the project and to provide $35 million in debt facilities to the Minera IRL Pantagonia SA, the holding company for the Don Nicolas project. As a result of these arrangements, Minera IRL retains a 51% interest in Minera IRL Pantagonia SA

 

In addition to the financing for Don Nicolas having been secured, construction of the mine commenced in the first quarter of 2014. Gold production, estimated to be in excess of 50,000 ounces of gold per year (25,000 net to Minera IRL) is expected to commence in the first quarter of 2015.

 

In addition to the existing mineral reserves and resources base contained in the Don Nicolas Project, there is also excellent exploration potential at the project and elsewhere with Minera IRL Pantagonia SA’s extensive land package on the Deseado Massif.

Management

Courtney Charles Chamberlain, Executive Chairman

Mr. Chamberlain is a metallurgist by profession with over 40 years of global corporate and consulting experience in mine operations, mine development, and mineral exploration. Mr. Chamberlain spent 29 years of his career with Newmont Mining Corporation and Newcrest Mining Limited, including 13 years as the Director for Newmont Australia and Newcrest that was responsible for mine operations and development. His career has included key management roles in the development of the Telfer and New Celebration Gold Mines in Western Australia and the Cadia Mine in a New South Wales. Prior to creating Minera IRL, Mr. Chamberlain was a founding partner of Investor Resources Limited, a technical and financial consultancy to the international mining industry. Mr. Chamberlain is also a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM).

Dr. Douglas A Jones, Non-executive Director

Dr. Jones is the Chair of the Company’s Compensation Committee and a geologist with more than 35 years' experience in international mineral exploration, having worked extensively in Australia, Africa, the Americas and Europe. Between 2003 and 2007, he was the Vice-President, Exploration for Golden Star Resources, and was responsible for managing their worldwide exploration programs. Previously, he was the Chief Geologist, New Business South America at Delta Gold Limited. Dr. Jones is also a director of several TSX and AIM listed resource companies.

 

Mr. Daryl Hodges, Non-Executive Director

Mr. Daryl John Hodges more than 25 years experience in the mining sector, having worked on exploration and development projects in Canada, Russia, Scandinavia, and southeast Asia covering precious and base metal deposits. Prior to joining Minera IRL, Mr Hodges was a founding partner of Jennings Capital Inc., co-founder of the capital markets operations of Jennings Capital Inc. Daryl was responsible for growing the successful mining franchise of the firm, originally as an Analyst and subsequently as Executive Director of Investment Banking. Most recently, Mr Hodges served as Chief Executive Officer and President of Jennings Capital Inc., until September 2013. Mr Hodges worked as both a Mining Corporate Finance executive, and Mining Research Analyst at HSBC Securities prior to joining Jennings Capital in 1999. Prior roles also included positions of increased responsibility at Falconbridge Limited, which Mr Hodges left in 1996 after almost 10 years


Napoleon Valdez, Non-executive Director

Napoleon has extensive business management experience and is the President of the Board and major shareholder of Heinz Ferrand Glass and Cristalerias Ferrand, privately owned glass companies.  He is also owner and Director of Inversiones El Carmen, Agricola Topara and Gruval, all Peru incorporated companies.  Napoleon is a Peruvian resident, a well connected and experienced South American businessman and well informed on the Peruvian mining industry in which he has been a long standing investor.

Major Shareholders

Major shareholders include the following:

 

 

Updated from company website 29.05.2014

  • Additional Information
    Market
    AIM, TSX
    EPIC
    MIRL
    Share Price
    9.88p
    Change
    0
    Volume
    10,865
    Dividend
    0
    EPS
    2.30
    Shares
    228.87 m
    Offer
    10
    Bid
    9.75
    Avg. Vol
    64,409
    Yield
    0.00
    P/E
    4.30
    Mkt Cap
    £22.61 m
  • Contact Information

    Corporate Contact

    Minera IRL Limited

    Av. Santa Cruz 830, Of. 401

    Miraflores, Lima 18

    Peru

     

    Telephone: +511 418 1230

    Fax: + 511 4181270

    Email: minera@irl.com.pe

     

     

    For Investor Queries Please Contact:

    Vice President Corporate

    Trish Kent

    Tel: +511 418 1230

    Email: trish.kent@irl.com.pe

    Corporate Information

    Investor Relations:

    Minera IRL Limited

    Contact: Jeremy Link or Brad Boland

    info@irl.com.pe

    Tel: (416) 907-7363

    Toronto, Ontario CANADA


    Broker/NOMAD:

    Canaccord Genuity Limited

    Contact: Andrew Chubb/Sebastian Jones

    AChubb@canaccordgenuity.com

    smjones@canaccordgenuity.com

    Tel: 44 (0) 20 75238300

    88 Wood Street

    London EC2V 7QR

    United Kingdom


    Co-Broker:

    finnCap

    Contact: Geoff Nash/ Matthew Robinson/

    Joanna Weaving

    GNash@finncap.com

    mrobinson@finncap.com

    Jweaving@finncap.com

    www.finnncap.com

    Tel: 44 (0) 2076001658

    Fax: 44 (0) 2076001659

    60 New Broad St

    London, EC2M1JJ


    Lawyer:

    Fasken Martineau LLP

    www.fasken.com

    17 Hanover Square

    London W1S 1HU

    United Kingdom


    Auditor:

    BDO (UK) LLP

    www.bdo.co.uk

    Tel: 44 (0) 20 70650000

    Fax: 44 (0) 20 70650527


    UK Public Relations:

    Buchanan

    Contact: Bobby Morse

    bobbym@buchanan.uk.com

    www.buchanan.uk.com

    Tel: 44 (0) 20 7466 5000

    107 Cheapside

    London

    EC2V 6DN

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