| From: TheSlowLane | 4/1/2011 8:24:16 AM | | | | | | Minera IRL Announces 2010 Year-End Results
LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - March 31, 2011) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) Latin America focused gold mining, development and exploration company, today announced its audited results for the year ended 31 December, 2010 and outlined Company developments during the same year.
2010 Highlights: (all $ denominates US$ unless otherwise stated)
Financial
Gold sales of 33,240 ounces with a realised gold price of $1,232 per ounce, up 24.7% from $988 per ounce in 2009
Sales revenue of $41.1 million in 2010, up 29.0% from $31.9 million in 2009
EBITDA of $13.8 million in 2010, which included the write-off of the exploration expenditure for the La Falda and Killincho exploration projects of approximately $2.7 million, up 22.0% from $11.3 million in 2009
Profit before tax of $6.5 million, up 20.4% from $5.4 million in 2009
Total income after tax of $2.8 million in 2010, in line with 2009
Cash held of $34.6 million as at 31 December 2010
Operations and Development
Corihuarmi 2010 gold production of 32,533 ounces, 15.2% above budget and in line with 2009 production
Corihuarmi site cash operating cost of $383 per ounce
The Company's NI43-101 compliant gold resource increased to 1.5 million ounces in the Indicated category plus an additional 0.7 million ounces in the Inferred category
The Pre-feasibility Study at Ollachea progressed toward a mid-2011 completion including a new resource estimate containing 1.2 million ounces in the Indicated category and 0.5 million ounces in the Inferred category
In May 2010, a new discovery was announced at Concurayoc, located west of the Ollachea Minapampa Zone, where ongoing drilling has the immediate objective of defining an Inferred Resource
The Feasibility Study on the Don Nicolas Project in Patagonia progressed with in-fill drilling being substantially completed during the 2010 year
Also in Patagonia, scout drilling at Escondido has identified a new discovery with gold mineralization immediately adjacent to the Las Calandrias discovery announced by Mariana Resources Ltd
Other
In April 2010, the Company enhanced its shareholder liquidity and global market exposure by obtaining a listing on the TSX Exchange in Toronto under the trading symbol "IRL"
In July 2010, the Company completed a new $20 million finance facility with Macquarie Bank Limited, of which $10 million was drawn as at 31 December 2010
In November 2010, the Company completed a successful equity raising for gross proceeds of approximately C$37.5 million, or net proceeds of approximately C$35 million, by issuing 32,641,600 ordinary shares at C$1.15 per share
"Minera IRL made good progress on all fronts during 2010 which is reflected in improvements in the annual financial results," said Courtney Chamberlain, Executive Chairman of Minera IRL. "We are now well positioned going into 2011 with a strong cash balance managed by an excellent team to advance the Ollachea pre-feasibility study and Don Nicolas feasibility study and unlock further value through focused gold exploration"
Financial Results
Production from the Corihuarmi Gold Mine remained steady compared to 2009 and yielded sales revenue of $41.1 million (2009: $31.9 million). The increase in revenue compared to 2009 was due the gold price from spot sales increasing from $988 per ounce to $1,232 per ounce. Mining and treatment of 20% more ore in 2010 contributed to an increase in the cost of sale to $23.3 million (2009: $18.8 million). The combined effect was an increased gross profit of $17.8 million (2009: $13.1 million). Administration expenses of $7.8 million were higher than the prior year (2009: $6.6 million), with the inclusion of the administration costs relating to the Hidefield Gold Plc acquisition. Exploration expense increased to $3.3 million (2009: $1.7 million), largely arising from the write–offs of the La Falda Project in Chile and the Killincho Project in Peru totalling $2.7 million. The overall result was an increased operating profit of $7.2 million (2009: $5.8 million). The income tax expense, which arises solely in Peru, increased to $4.3 million (2009: $2.5 million) with the increase in profit before tax in Peru. The Company's total income after tax decreased to $2.8 million (2009: $3.0 million).
The group spent a total of $22.9 million on exploration and development during the year (2009: $16.4 million) of which $22.3 million of the exploration and development expenditure was capitalised to the intangible assets of the group ($14.5 million for the Ollachea project) and $0.6 million was recognised as a cost in the income statement.
At the end of 2010 the group had a cash balance of $34.6 million, leaving the company in a strong position to continue with the program to develop the company.
Projects
Corihuarmi Gold Mine
The Corihuarmi Gold Mine continued to perform well throughout the year generating strong cash flow for the Group. A total of 32,533 ounces was produced, which was above expectations and in line with 2009 production, at a cash cost of $383 per ounce. Gold sales, in line with Company policy of not hedging, averaged $1,232 per ounce for 2010, which was $244 per ounce higher than the previous year. At the end of 2010 the three year open pit mining contract expired. The Company then took over mining operations which will optimize operating cost going forward. Mine life expectations now extend to 2015.
Ollachea
Following completion of a positive Scoping Study predicated upon an Inferred Resource containing 1.3 million ounces in late 2009, a Pre-feasibility Study was commenced and continued throughout the year. A major component of this was an in-fill diamond drilling program on the central Minapampa Zone bringing the total number of holes to 88 giving a drill spacing grid of approximately 30 meters in the mineralized zone. Drilling was also extended another 200 meters to the east (Minapampa East) at which point further drilling advance from surface was precluded by the very steep mountain slope. This information allowed our consultants to upgrade the resource to 9.3 million tonnes grading 3.9g/t containing 1.2 million ounces in the Indicated category plus an additional 4.8 million tonnes grading 3.2g/t containing 0.5 million ounces in the Inferred category.
International engineering company AMEC was appointed to carry out the Pre-feasibility Study. The detailed design of the underground mine was commenced by Coffey Mining Pty Ltd and underpinned by a comprehensive geotechnical program. The proposal for a 1.3 kilometre production size exploration tunnel to access the mineralized zone was submitted to the authorities for permitting. Metallurgical testing was transferred to AMMTEC in Perth, Western Australia, where further detailed work continues to demonstrate that over 90% gold extraction can be expected using conventional processing methods. Data gathering for the environmental baseline study continued throughout the year. The Pre-feasibility Study is expected to be completed mid-2011.
A new discovery was announced at Concurayoc where a new mineralized zone to the west of Minapampa has identified mineralization over a 600 meter strike length. Drilling at Concurayoc continues with the objective of estimating a maiden Inferred resource during mid-2011. Mineralization at Ollachea remains open ended and untested along strike both to the east and west as well as down dip.
Community relations at Ollachea remained excellent throughout the year with extensive programs in health and welfare, nutrition, education and sustainable development. The Company is also providing considerable employment to members of the community which, in turn, is making a significant contribution to the local economy.
Patagonia
Minera IRL Patagonia SA has put a great deal of effort into the new business unit in the mining friendly province of Santa Cruz, Argentina following the take-over of Hidefield Gold Plc at the end of 2009. This acquisition included the Don Nicolas Project with a resource base of 201,000 ounces in the Indicated category plus 158,400 ounces in the Inferred category. A very large exploration concession totalling some 2,700 square kilometers was also acquired. Early in the year the management team was bolstered and reorganized into two groups, one dedicated to the advancement of a Feasibility Study at Don Nicolas and the other focused on regional exploration.
The Don Nicolas Feasibility Study comprises two principal epithermal vein deposits, Sulphuro and Martinetas. During the year some 17,000 meters of in-fill drilling was carried out to improve the confidence level of the resource base. A final round of infill drilling at Martinetas was about to commence at the time of writing which is expected to provide all the information required to complete a resource re-estimation in mid-2011. Ingenieria PENTA Sur SA, an Argentina based engineering company, was appointed to produce the feasibility report. Work included additional metallurgical testing and environmental studies. The Feasibility Study is expected to be completed in late 2011. Assuming a successful outcome, permitting will be completed and construction started in 2012 with the objective of bringing a new mine on line by early 2013.
The Deseado Massif, the 77,000 square kilometre volcanic complex in which our leases are located, is proving an outstanding, yet under explored, precious metals district. In addition to some very good mines, a number of important discoveries have recently been made. Minera IRL Patagonia's lease holding is amongst the largest in the Deseado Massif and hosts many high quality exploration prospects. During the early part of the year, the extensive database was reviewed and this was supplemented with highly sophisticated modern geophysical technology including a 4,400 line kilometre, high intensity, heliborne magnetic and radiometric survey. The result was an outstanding image of the underlying rock characteristics which provide indications of many additional targets.
Exploration drilling commenced in August with an immediate discovery at Escondido immediately south of Mariana Resources Ltd's Las Calandrias discovery. Follow-up exploration on this bulk tonnage deposit is continuing. In addition, the first round of drilling at Pan de Azucar within the Chispas vein field proved encouraging but some 8 kilometres of known outcropping veins containing elevated gold values remain to be drill tested. Other high grade epithermal vein prospects to be explored in 2011 include Microndas, Paula Andrea and Michelle, along strike from Anglo American's Cerro Vanguardia Mine, the largest gold mine in southern Argentina.
Other Projects
First round of drilling at the Bethania gold-copper porphyry, located only 10 kilometers from the Corihuarmi Gold Mine, was encouraging with long intersections of low grade gold-copper-molybdenum mineralization. Bethania is a very large system with the alteration zone extending some 3.5 kilometres by 1.5 kilometres underlain by encouraging magnetic and chargeability geophysical anomalies. The second round of drilling is scheduled to commence during the second quarter of 2011.
The Quilavira gold prospect in Southern Peru was purchased from Newcrest and surface rights agreements are being negotiated with the local communities. The Huaquirca Joint Venture was successfully renegotiated on favourable terms with JV partner Minera Alturas Corporation. The Frontera Project in Chile continues to be managed by Teck Cominco.
Drilling at the La Falda gold porphyry system in Chile failed to meet expectations and was written off. Likewise, the Company terminated the Killincho exploration project in southern Peru.
The full Report & Accounts, including the notes, and Management Discussion and Analysis for the year ended December 31, 2010 will be posted to shareholders no later than the week commencing 4 April 2011 and 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.
Competent Persons Statement
The preparation of the technical information contained herein was supervised and reviewed by Courtney Chamberlain, Executive Chairman of the Company, BSc and MSc Metallurgical Engineering, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM) and Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM), who are recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed and approved the technical information in this press release.
Quality Assurance and Quality Control Procedures Disclosure
The Company has implemented and maintains a Minera IRL quality assurance/quality control (QA/QC) protocol on its projects to ensure best industry practice in sampling and analysis of exploration and resource definition samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of the MIRL procedure (these act as an independent check on contamination, precision and accuracy in the analytical laboratory).
Assay results are reported once rigorous QAQC procedures have been approved.
Independent Audit Programs
Towards maintaining compliancy with international standards as they pertain to the minerals industry resource evaluation and estimation procedure, MIRL regularly contracts the services of industry experts to conduct detailed audits of established QAQC procedures.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. |
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| From: TheSlowLane | 4/11/2011 6:12:42 AM | | | | | | Minera IRL Announces Positive Drilling Update Minapampa East, Ollachea Project, Peru
LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - April 11, 2011) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) the Latin America focused gold mining, development and exploration company, today announced an update on the in-fill drilling program, Minapampa East Zone, Ollachea Project, Peru.
Highlights:
Consistently good grade gold results are being received from the in-fill drilling program at the Minapampa East zone at Ollachea.
Drill hole DDH11-142 intersected 15 meters grading 4.02g/t gold, DDH11-146 intersected 15 meters grading 4.04g/t and 11 meters at 10.45g/t gold, and DDH11-148 intersected 7 meters grading 20.7g/t gold.
Good grade intersections have been obtained to the easternmost extent of the drilling as illustrated by DDH11-148. Beyond this the steep terrain precludes further drilling from surface and the open-ended eastern strike extension of the mineralization will be drilled from underground at a later date from the proposed exploration drive.
In-fill drilling and an updated resource estimate is scheduled for completion by the end of May.
"We are very pleased with the results of the in-fill drilling at Minapampa East, with a number of the new intersections easily the best thus far obtained from this zone." said Courtney Chamberlain, Executive Chairman of Minera IRL. "Our objective is to convert a significant amount of the 200,000 plus ounces of Inferred Resource reported in late 2010 from Minapampa East into the Indicated category. This better defined resource can then be included into the Pre-feasibility Study scheduled for completion by mid-year."
The NI43-101 compliant resource announced in late 2010 for Minapampa and Minapampa East, using a 2g/t bottom cut, totalled 9.2 million tonnes grading 3.9g/t gold containing 1.2 million ounces in the Indicated category plus 4.9 million tonnes grading 3.1g/t gold containing 0.5 million ounces in the Inferred category. Of the latter, more than 0.2 million ounces is at Minapampa East. The current drilling program is designed to in-fill the spacing between intersections to approximately 30 meters which is expected to be adequate to re-estimate the resource to the Indicated category.
The intersections at Minapampa East from all holes drilled since those used for the resource update in November 2010 are as follows:
Drill hole From To meters Assay Au g/t
DDH10-133* 461 462 1 2.59
DDH10-136 278 296 18 2.79
including 282 288 6 4.60
DDH10-138 150 156 6 2.70
and 382 388 6 2.33
DDH11-140 444 452 8 3.88
and 458 463 5 3.91
DDH11-142 372 387 15 4.02
DDH11-143 217 226 9 5.28
and 234 239 5 6.04
and 273 277 4 3.12
and 314 322 8 2.67
DDH11-144 210 213.6 3.6 8.62
DDH11-146 268 283 15 4.04
and 297 308 11 10.5
DDH11-148 379 386 7 20.7
*Hole terminated in mineralization and will require deepening
Minapampa East continues east along strike from the Minapampa zone and has a drill defined strike of approximately 200 meters. Further east the mountain becomes too steep to position a drill rig. Strong gold mineralization extends to this eastern limit as illustrated in DDH11-148 which intersected 7 meters grading 20.7g/t. The Company believes that this is a very positive indication for further exploration potential to the east which will be drilled at a later date from an underground exploration drive currently being permitted.
An interesting feature of the main gold bearing lens at Minapampa East is a persistent high grade hanging wall contact (ie, the interface between the mineralized lens and the barren rock above it). One meter interval gold assays on this contact have been recorded to as high as 121g/t.
It should be noted that the effective true width of mineralized intersections are expected to range between 71% to 97% of the width reported, with the majority of the drill holes reporting around 90% true width. The true width is dependent upon the variation of the angle of incidence between the trace of the Minapampa East in-fill drill-hole(s) and the dip of the drilled mineralized horizons.
An Inferred Resource estimate is scheduled in the third quarter for Concurayoc, the new gold mineralized zone discovered in 2010 to the west of Minapampa in 2010 (which will not be included in the Pre-feasibility Study but represents further upside) where exploration drilling has been continuing.
Ollachea drill intersections from DDH08-01 through to DDH10-148, as well as a summary of the relevant Quality Assurance and Quality Control Procedures Disclosure can be found on the Minera IRL website at www.minera-irl.com.
Minera IRL discovered the Ollachea deposit in late 2008 and has completed almost 60,000 meters of diamond drilling with 2 rigs over the past 2 ½ years. Ollachea is an orogenic gold deposit within a slate belt host. Whereas the known prospective slate host extends for some 5 kilometres, drilling has only been conducted over two kilometres. Within this, Minapampa and Minapampa East are the subject of the Pre-feasibility Study in progress and the Concurayoc zone discovered in 2010, some 500 meters west of Minapampa, is still being explored. Gold mineralization remains open ended along strike in both directions as well as down dip.
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 | 4/13/2011 7:16:21 AM | | | | | | Argentex drills 12.0 meters grading 512.5 g/t Ag and 1.12 g/t Au at Pinguino project and expands high-grade silver footprint to new zones
Vancouver, B.C., April 12, 2011 - Argentex Mining Corporation (TSXV: ATX, OTCBB: AGXM) is pleased to release additional drill results from its 2011 exploration program at its 100%-owned Pinguino project located in Santa Cruz, Argentina. To date, the Company has completed 11,195 meters of RC drilling in 162 holes and 3,611 meters of diamond drilling in 19 holes. The following table includes results from the most recent 18 holes from the Marta Este and Marta Sur veins.
[see release for table: argentexmining.com ]
*True widths are estimated to be 85-90% of the stated core length
"We continue to define significant near surface silver mineralization at Pinguino. With more than 51 veins mapped to date and many targets remaining to be tested, our 2011 exploration program is focused on expanding our silver resource," commented Ken Hicks, President of Argentex. "We are encouraged by the large intervals of silver mineralization and the higher than expected gold values from this recent drilling. We continue to plan additional drilling in our efforts to further expand these zones along strike and at depth."
Results
The table above displays selected analytical results from a total of 18 reverse circulation holes; 10 of these holes are from Marta Este and eight are from Marta Sur. All of the holes in the table intersected oxidized gold and silver mineralization at shallow levels below surface. A map of drill hole collars is available on our web site at www.argentexmining.com.
The program was designed to expand silver targets from our 2010 reconnaissance program as well as test new targets. Two drills are currently operating on the project. Results will be published based upon the highest number of completed holes per zone within approximately a two-week period.
Prior to 2010, primary mineralization at Marta Este was drill tested at depth and high concentrations of silver were discovered, meriting further investigation. The new shallow drilling intersected wide intervals of silver and gold mineralization with higher-grade values in the centers. Hole PR62-11 returned an interval of 24 meters grading 277.4 g/t Ag and 0.68 g/t Au, and contained a higher-grade core of 12 meters grading 512.5 g/t Ag and 1.12 g/t Au.
The Marta Sur zone has had minimal drill testing, but contains large exposures of banded and colloform epithermal quartz, which is typically found in areas of prospective epithermal mineralization. Previous reconnaissance drilling in this zone returned 33.7 g/t Ag and 7.82 g/t Au over 3.26 meters in hole P44-05. The recent eight shallow drill holes, as shown above, intersected anomalous silver and gold mineralization. To date, drilling at Marta Sur has been tested along strike length for 1,000 meters and to a depth of 90 meters.
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Argentex believes that recent high-grade silver discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver resource. The Deseado Massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced and early stage exploration projects.
Quality Assurance
Samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there, sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart all maintain comprehensive and independent Quality Control/Quality Assurance programs. Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.
About Argentex:
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced late-stage exploration projects in the Patagonia region of southern Argentina.
In 2011, through an extensive targeted exploration program, Argentex is focusing primarily on advancing its 100%-controlled Pinguino project, located in Santa Cruz province. An early 2011 drill program of approximately 17,000 meters is underway at Pinguino, where Argentex plans to drill test the extents of high-grade silver targets discovered in 2010. More than 15,000 meters of the proposed 17,000-meter program have been completed to date.
The new discoveries being drill tested include the Tranquilo and Luna veins at Pinguino, which returned high-grade results in previous drill programs, including 6.0 meters of over 2,428 g/t silver and 0.22 g/t gold and 6.4 meters of 486.6 g/t silver and 1.91 g/t gold. More than 51 individual veins have so far been discovered at Pinguino, with a combined strike length in excess of 75 line-kilometers.
Argentex's 10,000-hectare Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Pinguino is easily accessible, situated approximately 400 meters above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
In total, Argentex owns 100% of the mineral rights to more than 35 projects located within approximately 307,981 acres (124,636 hectares) of highly prospective land located in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and on the OTCBB under the symbol AGXM.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On behalf of Argentex Mining Corporation:
"Ken E. Hicks"
President |
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| To: TheSlowLane who wrote (24) | 4/19/2011 12:08:18 PM | | From: Malyshek | | | | Slow Lane (or anyone), What do you think of Mirasol's results today? kitco.com
I'm no geologist, but they look pretty good to me, and on top of their previous results, I would have thought the stock would be up more than one half of one percent (about 2.5 hours into Tuesday's trading day). Comments? |
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| To: Malyshek who wrote (25) | 4/19/2011 7:55:45 PM | | From: TheSlowLane | | | | | The results look good to me. Some nice widths and grades there in oxidized mineralization. The stock is still consolidating near the 100 day ema. It is acting like the sector, i.e. not following the PMs. The Argentina area play company that is on fire now is Extorre but unfortunately I am watching from the sidelines. |
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| From: TheSlowLane | 4/23/2011 7:13:05 AM | | | | | | Sheep growers benefit from low supply, high demand -
Higher US demand, fewer sheep worldwide fueling good times for lamb, wool producers
finance.yahoo.com
That increased demand has come amid a drop in supply, in part due to decreased production in Australia and New Zealand, two of the world leaders in production and large exporters to the U.S., Orwick said.
Australia has about 70 million sheep, down from 170 million 20 years ago. The drop has been blamed on the ending of a government support program and extended drought followed by recent flooding, Orwick said.
In New Zealand, sheep numbers have dropped from about 70 million to 40 million, and many producers have switched to dairies and beef production. |
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| 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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