Business
Minera IRL Update of Arbitration and Corihuarmi Mine
LIMA, Peru, April 20, 2018 (GLOBE NEWSWIRE) -- Minera IRL Limited ("Minera IRL" or the "Company"), (BVL:MIRL) (CSE:MIRL), the Latin America gold mining company,
About this update from Minera Irl Limited
[{"type":"text","content":" LIMA, Peru, April 20, 2018 (GLOBE NEWSWIRE) -- Minera IRL Limited (\"Minera IRL\" or the \"Company\"), (BVL:MIRL) (CSE:MIRL), the Latin America gold mining company, is pleased to provide an update on the COFIDE arbitration pending before the Chamber of Commerce of Lima, a program at its Corihuarmi mine initiated in an effort to minimize production costs, and the status of the new technical report being prepared by Mining Plus. In the arbitration, the Company has filed its statement of claim on February 28 and the Arbitral Tribunal is currently waiting on Corporación Financiera de Desarrollo S.A. (“COFIDE”) to present its response. In the interim, the Arbitral Tribunal has ordered that the protective order obtained from the Superior Court of Justice of Lima preventing COFIDE from collecting the US$ 70 million Bridge Loan debt or executing on its payment guarantees, will be extended until the arbitration is concluded. At Corihuarmi, the Company has initiated a review of its metallurgy, hauling and blasting processes in an effort to improve recovery levels and reduce production costs. The Company has also begun to explore areas near Corihuarmi in an effort to identify new mineralization. Meanwhile, Mining Plus continues to work towards completing its new National Instrument 43-101 compliant technical report to replace the report prepared by Andean Consulting Group SAC filed on the Company's SEDAR profile on October 2, 2017. Mining Plus has advised that the underlying geological model and the modifying factors have not changed from the previous model and that it expects to complete the report before the end of April, 2018, on schedule. Mining Plus estimates that the mine will continue producing until 2020, which is in-line with previous estimates. FOR FURTHER INFORMATION, PLEASE CONTACT: Minera IRL Limited Gerardo Pérez +51 1 418 - 1230 Chairman Diego Benavides +51 1 418 - 1230 Director and CEO Carlos Ruiz de Castilla +1 778 387 5434 Chief Financial Officer No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. Cautionary Statement on Forward-Looking Information No stock exchange, securities commission or other regulatory authority has approved or disapproved the i...