20th Oct 2008 07:00
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.
Related Shares:
MIRL.L