| From: TheSlowLane | 5/10/2011 7:57:48 AM | | | | | | Minera IRL hire RBC Capital Markets as its new broker
Lima, May 05 (ANDINA). Minera IRL credentials got a boost this morning as it hired Royal Bank of Canada as its new broker.
The junior gold company, which operates the Corihuami gold mine in Peru and is currently working on new mine development projects in Latin America, has appointed RBC Capital Markets as joint and global broker with immediate effect.
"We are very pleased to be able to appoint an investment bank of RBC's calibre as our joint and global broker as we believe it highlights the quality and potential of the Company's projects," chairman Courtney Chamberlain.
"RBC's significant presence in North America and also globally will enable the Company to present its investment case to a wide investor audience, which in the medium to long term will benefit the Company and its shareholders."
Indeed the company has been growing in stature as it attracts more attention from investors.
Last month Minera said it was well positioned to advance its two mine development projects – Don Nicholas and Ollachea - as well as unlocking more value from focused exploration.
The group’s gold production comes, un-hedged, from the Corihuarmi Mine in Peru which recently extended its mine life to run until 2015, proactiveinvestors.co.uk reported.
While it could be considered to be comparatively modest in size Corihuami is important as the cash-flow it produces is used to fund Minera’s growth ambitions.
At Ollachea, a 1.7 million ounce project in Peru, Minera is working to complete a pre-feasibility study by mid-2011. The company has also been drilling a new discovery, Concurayoc, where a maiden resource estimate is also expected in mid-2011.
In Patagonia, Argentina, Minera IRL has focused on the Don Nicholas gold project where a feasibility study is expected to be completed by late 2011, which could trigger permitting and construction in 2012 to allow mining to start in 2013.
andina.com.pe |
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| From: TheSlowLane | 5/13/2011 8:42:16 AM | | | | | | Minera IRL Announces First Quarter 2011 Financial Results
Press Release Source: Minera IRL Limited On Friday May 13, 2011, 2:00 am EDT
LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - May 13, 2011) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL - News; AIM:MIRL)(BVLAC:MIRL) the Latin America focused gold mining, development and exploration company, is pleased to announce its unaudited interim results for the 3 month period ended 31 March 2011. All amounts are reported in US dollars.
Highlights for the quarter ended 31 March 2011 included:
Financial
-- First quarter gold sales of 7,883 ounces, up 4.5% from 7,541 ounces in the same period in 2010, and realised gold price of $1,389 per ounce, up 25.2% from $1,110 per ounce in the same period in 2010
-- Sales revenue of $10.9 million, up 30.8% from $8.4 million in the same period in 2010
-- Gross profit of $4.5 million in 2010, up 71.9% from $2.6 million in the same period in 2010
-- EBITDA of $4.7 million in 2010, up 106% from $2.3 million in the same period in 2010
-- Profit before tax of $2.5 million, up 340% from $0.6 million in the same period in 2010
-- Profit after tax $1.3 million, up 418% from $0.2 million in the same period in 2010
-- Cash held of $30.7 million as at 31 March 2011
Operational
-- Corihuarmi first quarter gold production of 7,952 ounces, up 12.5% from 7,071 ounces in the same period in 2010
-- Corihuarmi site cash operating cost of $401 per ounce, down 7.2% from $432 per ounce in the same period in 2010
-- The Pre-feasibility Study at Ollachea continues to progress toward a mid-2011 completion, with the Feasibility Study on the Don Nicolas Project in Patagonia also on track for completion in late 2011
Also in Patagonia, further encouraging drill assay results were announced at the Escondido bulk tonnage project Summary table:
"Minera IRL has made a good start to the 2011 year, with financial performance for the three months to 31 March 2011 above expectations, driven by above budget gold production at our Corihuarmi Gold Mine and a continuing strong gold price." said Courtney Chamberlain, Minera IRL Limited Executive Chairman. "The Pre-Feasibility Study at Ollachea Project in Peru and Feasibility Study on the Don Nicolas Project in Argentina progressed well during the quarter with targeted completion by mid-2011 and late 2011 respectively."
The full Report & Accounts, including the Management Discussion and Analysis for the quarter ended 31 March, 2011 are available from the Company's website www.minera-irl.com and from SEDAR.
Minera IRL Limited is the AIM traded and TSX and BVL listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru as well as the advanced Don Nicolas Project in Argentina. For more information, please visit www.minera-irl.com.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law or regulation, Minera IRL Limited does not intend to update any forward-looking statements to conform these statements to actual results. |
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| From: TheSlowLane | 5/17/2011 7:19:48 AM | | | | | | Extorre Receives Approval for Cerro Moro Mine Development
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) -Extorre Gold Mines Limited (TSX:XG)(NYSE Amex:XG)(FRANKFURT:E1R) ("Extorre" or the "Company") is pleased to announce the formal approval of the Cerro Moro Environmental Impact Assessment ("EIA") by the Santa Cruz provincial government. The EIA was submitted to authorities in September 2010. This approval together with the receipt of the Project Pre-Feasibility Study expected in June 2011 will enable Extorre to proceed with advanced engineering and mine development.
Eric Roth, Extorre's President and CEO stated: "The successful permitting of the Cerro Moro gold-silver mine represents an important milestone for Extorre, and is the first step in what we expect will be a straight-forward mine development. Cerro Moro's ideal geographic location and very high grade gold-silver veins should allow Extorre to obtain near term, low cash cost gold-silver production from a relatively modest capital investment.
"We would like to acknowledge the support we have received from the Santa Cruz government and local communities for the development of Cerro Moro.
"With our ongoing exploration success, including the recently announced high grade gold-silver discovery at Zoe, the Company will now have an opportunity to evaluate the potential for expanding the scope and the life of the proposed mine."
Separately, Extorre is pleased to announce completion of the purchase of the 14,000 hectare Estancia (ranch) that covers the principal vein zones at the Cerro Moro Project. The purchase of the property provides Extorre with full ownership of the surface rights that cover the Escondida, Zoe, Loma Escondida, Esperanza, and Gabriela vein zones. It also covers those areas selected for the construction of the mineral processing facilities and general mine infrastructure.
marketwire.com |
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| From: TheSlowLane | 8/31/2011 6:05:34 AM | | | | | | Minera IRL Board Approves Ollachea Exploration Drive
LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - Aug. 31, 2011) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) the Latin American gold mining company, announces the approval by the Board of Directors for a 1.2 kilometer long exploration drive at its flagship Ollachea Gold Project in Peru.
Highlights
The Board has approved a 1.2 kilometer exploration tunnel which will access the ore body defined in the Ollachea Pre-feasibility study announced in July 2011The drive will allow exploration drilling from underground along approximately one kilometer of eastern strike extension of the known mineralization which cannot be drilled effectively from surfaceA contract has been signed with well known Peruvian underground contractor JJC Contratistas Generales S.A. (JJC) to implement the projectPermitting of the exploration drive is in place for an immediate commencement of the project"Completion of the extremely positive Pre-feasibility Study at Ollachea provides the justification to commence the exploration drive into the ore body." said Courtney Chamberlain, Executive Chairman of Minera IRL. "This will allow drill testing from underground drill cuddies as the drive advances parallel to approximately one kilometer of eastward projected gold mineralization which, due to very steep terrain, is impractical to drill from surface. Detailed mining design information will also be gained that will be used in the Bankable Feasibility Study which is now commencing. This tunnel will also assist management's production schedule objective of late 2014."
The slightly inclined exploration drive will be from a portal site located in a deeper valley across the ridge from the outcropping mineralization at the Minapampa Zone. The Minapampa orebody will be accessed approximately 350 meters down-dip from the surface outcrop.
Drill exploration targets from underground are compelling. The gold bearing structures outcrop for approximately one kilometer to the east of the Minapampa Zones where 1.4 million ounces of gold (10.7 million tonnes at 4.0g/t Au) in the Indicated Resource category has been drill defined from surface. The most easterly drilling from surface recorded strong gold intersections and supports geological continuity of the open-ended Minapampa mineralization towards the east. Extremely steep terrain precludes further drilling from surface towards the east. The tunnel track has been designed parallel to this eastern strike extension to provide suitable locations for underground diamond drilling from cuddies, or chambers, at regular intervals as the drive advances.
Following a comprehensive tendering process, a contract has been signed with well known and experienced underground contractor, JJC, to execute the underground project. Consultants TWP Sudamerica S. A. have been engaged to assist Minera IRL to manage the project.
A general assembly of the Ollachea community has also overwhelmingly endorsed the project. The exploration drive has already been permitted by the Peruvian authorities and site access and portal establishment will be commenced shortly. The drive is scheduled to be completed over a 15 month time frame with a budget of US$14.9 million which includes a contingency of 10%.
Additional information regarding Ollachea can be found on the Minera IRL website www.minera-irl.com.
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