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Minera IRL appoints new director after chairman Hodges is voted off

Published: 17:18 27 Aug 2015 BST

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It has been a tumultuous week for the Peru-focused miner

Minera IRL (LON:MIRL, CVE:IRL) has strengthened its depleted board with the appointment of a new director, Jaime Pinto.

At the company's annual general meeting, the proposal to re-elect chairman Daryl Hodges as a director was not approved, leaving the company with just two directors, in contravention of its articles of association and the listing rules of the Toronto Stock Exchange.

The two remaining directors - Robin Fryer and Doug Jones - acted swiftly and appointed experienced Peruvian lawyer Pinto as a director.

He has been on the boards of mining and energy-related companies in the past, and is currently on the board of Refineria la Pampilla SAA, Peru's largest oil refinery, where he heads the Audit Committee, and is a director of Lupaka Gold Corp, a TSXV listed company.

The board paid tribute to Hodges, whose proposed re-election was decisively voted down, for his contribution to the company as a director since February 2014 and executive chairman since March 2015.

Hodges took executive duties in difficult circumstances, replacing the charismatic and popular Courtney Chamberlain, who stepped down as chief executive officer (CEO) for health reasons. Chamberlain died shortly afterwards.

Earlier this week, the company dismissed interim chief executive Diego Benavides, amid allegations of impropriety.

The board said today it will immediately begin the process of identifying candidates to fill the role of CEO. Until such time, the board is confident that the company has sufficient management resources in place required to continue to carry on the day-to-day business.

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