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.
Minera IRL makes final staged payment for Ollachea project; BFS targeted by Q3 next year
Latin America-based miner Minera IRL (LON:MIRL, CVE:IRL) has made the final staged $2 million payment for the Ollachea gold project - having paid $6.25 mln over four years.
The payment to Rio Tinto marks an important milestone, said the firm, as it released an update for the Peruvian project.
Minera also said contracts had been signed to complete a bankable feasibility study for Ollachea by Q3 next year.
It also told investors that the project had been recognised as one of the top international gold discoveries over the last two years.
"All aspects of the project are progressing well including the feasibility study, preparing to drive the exploration tunnel and final in-fill drilling," said Courtney Chamberlain, executive chairman of Minera.
"It is also very pleasing that Ollachea is now recognised by the international exploration community as a major gold discovery."
Following this final payment, the only other remaining commitment to Rio is a NPV (net present value) related payment due 6 months following the public release of the BFS.
As reported during Q3, Ollachea's indicated resource now stands at 10.7 million tonnes at 4 grammes per tonne (g/t) gold with 1.4 mln ounces. The inferred resource is 13.7 mln tonnes grading 2.8g/t containing 1.2 mln ounces.
The deposit remains open along strike in both directions and down dip.
Recent infill drilling as part of the feasibility study have continued to confirm excellent gold intersections at the Minapampa East zone including 11 meters grading 9.50g/t gold, the firm said today.
Progress is also being made on accessing the orebody via a 1.2km long exploration drive and the actual driving of the tunnel is scheduled to begin early in 2012.
Ollachea was selected by NewGenGold as one of the top 16 gold discoveries to emerge globally during the past 2 years.
It meant that Minera was able to publish a technical paper and present at the bi-annual NewGenGold conference in Australia on November 22 and 23.
As well as the Ollachea project, Minera IRL operates the Corihuarmi gold mine in Peru and also has the Don Nicolas project in Argentina.
