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Agents in Minera IRL offering exercise full over-allotment options

Last updated: 14:00 09 Nov 2010 GMT, First published: 15:00 09 Nov 2010 GMT

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Minera IRL (LON:MIRL, TSX:IRL, BVL:MIRL) said that agents who participated in an equity offering announced in October are exercising the full over-allotment option.

The option was exercised pursuant to the agency agreement by Jennings Capital and National Bank Financial, which will now purchase 4.25 million additional offered shares at a price of C$1.15 per share.

In October, Minera announced that it was raising C$32.65 million, or £20.15 million, after pricing up its initial equity offering to raise C$30 million.

The offering is expected to close on 10 November.

The funds will help Minera advance the Ollachea and Don Nicholas gold projects, in Peru and Argentina respectively.

Before announcing the equity offering, Minera reported that the feasibility study and key activities at Don Nicholas were on track for completion in the middle of next year.

Infill and step out drilling has been completed on the principal deposits, Martinetas and Sulfuro Vein, where notable intersections into the Sulfuro Vein include 5.9 meters grading 18.17 grams per tonne (g/t) gold, 12.85 meters grading 9.98 g/t gold and 6.8 meters grading 15.7 g/t gold.

In a recent interview with Proactive Investors, the company’s chairman Courtney Chamberlain spoke of his excitement and confidence about Ollachea.

“And the Minapampa zone which has got the 1.3 million ounces is only 680 metres in strike length,” he said.

“Since that resource was published we’ve added another 200 metres of strike length in Minapampa East which will come into a resource category.

“We’ve also discovered a zone called Concurayoc out to the west, which is about a 500 metres strike length, the deposit is open in both directions along strike and it’s open down dip.

“I think there’s going to be exploration going on there for many years to come and I am very confident that that resource space will grow substantially.”

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