Minera IRL Announcements

Corihuarmi Gold Mine - Capital Cost Return

20 October 2008 07:00:08



RNS Number : 1727G Minera IRL Limited 20 October 2008  
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Minera IRL Limited 

Corihuarmi Gold Mine - Capital Cost Return

Minera IRL announces that all capital and predevelopment costs for the Corihuarmi Gold Mine have now been recovered from operating surplus less than 7 months after start-up. 

London, 20 October 2008:  Minera IRL Limited ("MIRL" or "the Company") is pleased to announce that the operating surplus from the Corihuarmi Gold Mine in Peru has recovered the capital cost for construction, plus all prior sunk costs.
Sales through the end of September 2008 from 37,864 fine ounces of gold plus 5,899 fine ounces of by-product silver totaled US$33,646,000.  
Capital cost to put the mine into production was US$20.0 million. From the point that the leases were acquired in late 2002, a total of US$7.1 million was expended on vendor and community payments, exploration, feasibility, environmental studies and permitting.  
Definition drilling continues at Corihuarmi with the objective of adding to reserves and extending the mine life. In addition, 2 rigs have recently commenced drilling at the major Ollachea Project in southern Peru.    
Production and cost statistics from Corihuarmi have been internally generated by Minera IRL and are unaudited.
For more information contact: 
Minera IRL                 
Courtney Chamberlain, Executive Chairman
Trish Kent, Manager, Corporate Relations 
+511 4181230 

Arbuthnot Securities (Nomad & Broker, London)

+ 44 (0)20 7012 2000  
Paul Vanstone 

Fox-Davies Capital
+ 44 (0)20 7936 5200
Richard Hail

Bankside Consultants (Financial PR, London) 
+ 44 (0)20 7367 8888 
Simon Rothschild 

Louise Mason  

Credibolsa (Broker, Lima) 
+ 551 3132900 
Jose Godoy 

Synergy Asociados (Public Relations, Lima) 
+ 511 446 2055/446 1832 
Magaly Villena 
+ 511 9400 8101 
Jorge León Benavides
+ 551 9837 5186 
Minera IRL Limited ("MIRL") is the holding company of precious metals mining and exploration companies focused on the Andean Cordillera of South America. MIRL 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 in Peru and has a portfolio of projects in various stages of advancement.  

This information is provided by RNSThe company news service from the London Stock Exchange  END  MSCMLBPTMMMBBBP

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