Minera IRL (MIRL)

Minera IRL (MIRL)

Minera IRL (MIRL) - Gold Production Exceeds Forecasts

Minera IRL said second-quarter gold production at its Corihuarmi mine in Peru exceeded forecast by 34% at 16,290 ounces.

Chairman Courtney Chamberlain commented:
"This coupled with the excellent metallurgical response has resulted in very encouraging gold production, placing us in a strong position to exceed our 35,000 ounce target for 2008,"

Cash reserves have increased to £6.2m and cash costs were 56% below budget at 132 per ounce, the company said. The company said it expects exploration drilling at Corihuarmi to begin shortly, as soon as the environmental permit has been approved. Minera said previous exploration and recent trenching results have been encouraging and it expects to extend the resource base and enhance the mine life of Corihuarmi.

For more information please go to: www.minera-irl.com

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