Business
Minera IRL Provides Ollachea Update and Reports Year-End 2020 Financial Results
LIMA, Peru, March 30, 2021 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera” or the “Company”) (BVL:MIRL) (CSE:MIRL) is pleased to provide an update on the steps
About this update from Minera Irl Limited
[{"type":"text","content":" LIMA, Peru, March 30, 2021 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera” or the “Company”) (BVL:MIRL) (CSE:MIRL) is pleased to provide an update on the steps taken to develop its flagship Ollachea gold project (“Ollachea”), and to announce highlights from its annual consolidated audited financial statements for the year ended December 31, 2020, which have been filed on its SEDAR profile and in the Lima Stock Exchange. Corporate Update After settling with Corporación Financiera de Desarrollo (“COFIDE”) in November 2020, the Company's efforts have focused largely on three critical activities: (1) completing a National Instrument 43-101 (“NI 43-101”) compliant Preliminary Economic Analysis (“PEA”), for Ollachea; (2) developing the project execution plan for the construction of Ollachea; and (3) securing the funds needed for project execution. (1) NI 43-101 Compliant PEA Report On December 19, 2012, we filed a National Instrument 43-101 (“NI 43-101”) compliant feasibility study titled Ollachea Gold Project, Ollachea, Peru prepared by AMEC Australia Pty Ltd (“AMEC”) and Coffey Mining Pty Ltd. with an effective date of November 29, 2012 (the “Feasibility Study”). Since the 2012 Feasibility Study was published, there have been significant advances in orebody knowledge and the technologies available for mining and processing, as well as changes to the price of gold. These changes have allowed us to identify opportunities to streamline and simplify the project and to consider building it in stages. Although it may seem counter intuitive to complete a PEA at this point, the ultimate goal by formalising the PEA is to get the project into production as soon as possible with a simplified staged approach, rather than using the design contemplated in 2012 and presented in the Feasibility Study. We believe that the design presented in the Feasibility Study no longer offers an optimal outcome for our corporate community, and we have decided to proceed with an effort to formalise an alternate scenario, and build the right project for the deposit, simply and quickly. We have retained Mining Plus, an Australia-based mining consulting firm that provides geology, geotechnical and mining services, to prepare a new NI 43-101 compliant PEA considering a low capex start-up for the Ollachea project. Minin...