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25/07/2011

Minera IRL CEO says the economics at $1600 gold price are ‘fantastic’ for the company

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: MIRL
Latest Price: 50.00p  (8.11% Ascending)
52-week High: 84.50p
52-week Low: 42.00p
Market Cap: 75.95M
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Minera IRL
www.minera-irl.com

Minera IRL Limited together with its subsidiaries (the "Group") is a Latin American precious metals mining, development and exploration company.  Managed by a team of experienced mining executives, the Group's business was privately funded from inception in 2000 until listing on the London AIM Market in April 2007.  Minera IRL Limited is currently quoted on the Toronto Stock Exchange (TSX:IRL), AIM London (AIM:MIRL) and the BVL, Lima, Peru (BVL:MIRL) stock exchanges.

The Group operates the Corihuarmi Gold Mine, is exploring the Ollachea Project, both of which are in Peru, and is also undertaking a feasibility study at the Don Nicolas gold project in Patagonia, Argentina.

Full Minera IRL profile here
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Minera IRL reports strong Q3, driven by above-target gold production at Corihuarmi, Peru

14th Nov 2011, 9:25 am by Andre Lamberti Minera IRL expects the feasibility study for the Don Nicolas gold project in Argentina to be completed by late 2011

Minera IRL (LON:MIRL, CVE:IRL) reported a strong third quarter, with the better-than-expected performance again driven by above-budget gold production at its Corihuarmi gold mine in Peru and the increasing gold price.

Gold production in the three months to September 30 2011 rose to 9,718 ounces and was up 11 percent from the 8,748 ounces produced in the same period in 2010.

Gold sales rose 7.6 percent year-on-year to 9,740 ounces, and the realised price was 36.1 percent higher than in the previous third quarter, at US$1,683 per ounce.

Sales revenue rose 47 percent to US$16.4 million.

The reported period saw a cash operating cost reduction at the Corihuarmi site of 5.8 percent to US$356 per ounce, Minera said.

Minera started gold production at Corihuarmi in 2008, and it is running at an annualised 30,000 ounces a year.

Analysts expect this to rise to 150,000 ounces with the commissioning of two further mines in 2013 and 2014.

Meanwhile the group is working on the feasibility study on the Don Nicolas project in Patagonia and it is continuing exploration at the Ollachea project in Peru.

In September the company announced a significant resource upgrade at its Don Nicolas project in the Santa Cruz region of Argentina.

The measured and indicated resource in the combined ‘high and low grade’ category is now 381,000 ounces of gold, which represents an 89 percent increase in these categories compared to a previous resource estimate made by Hidefield Gold in 2009.

The group expects the feasibility study for Don Nicolas to be completed by late 2011.

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