Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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MINERA IRL ANNOUNCE RESUMPTION OF DRILLING AT THE OLLACHEA FLAGSHIP GOLD PROJECT LIMA, PERU--(Marketwired - August 8th, 2016) - Minera IRL Limited ("Minera IRL" or the "Company") (BVL: MIRL) is pleased to announce the resumption of drilling at the Ollachea flagship gold project in Puno, Southern Peru The program contemplates 5,230 mts of diamond drilling consisting of 23 holes drilled from 6 platforms from within the Ollachea tunnel. The target is the down-dip plunge of the mineralization to the east of the Minapampa ore body. In 2013, three holes drilled off the tunnel intercepted mineralization at grades generally superior to those encountered in main ore body. DDH13-T01 DDH13-T03 DDH13-T04 20 mts grading 4.48 g/t Au 11 mts grading 5.47 g/t Au 9 mts grading 5.45 g/t Au The drilling program is a condition precedent to access the second tranche of the US $240 million debt facility provided by Corporación Financiera de Desarrollo S.A. (“Cofide”) for the design, construction and commissioning of the mine. Other key milestones are completion of the optimization studies for the mine extraction rate and metallurgical process and flow-sheet. Both studies are focused on reducing the capital without prejudicing the targeted annual production of 100,000 oz. Au. Mr. Francis O’Kelly, Chairman of Minera IRL commented, “I am pleased to report recommencement of field activity at the mine site after a hiatus of almost one year due to circumstances that caused the temporary withdrawal of Community support for the project. I am particularly gratified that the concerns of the Ollachea community have been successfully addressed and that the Company can now look forward to advancing the project in a cooperative spirit” The drilling program has duration of 90 days. Assay results will be released periodically during the course of the project http://www.smv.gob.pe/ConsultasP8/temp/160808%20-%20MIRL%20-%20Resuption%20Ollachea%20drilling.pdf FOR FURTHER INFORMATION, PLEASE CONTACT: Minera IRL Limited Carlos Ruiz de Castilla Interim Chief Financial Officer Minera IRL S.A Diego Benavides Norlander President & CEO
Thanks for the update Ssifuentes. It looks like it is all beginning to come together at last. I had to laugh at the comment at the end of the update. "FOR FURTHER INFORMATION, PLEASE CONTACT: Minera IRL Limited" As usual there is nothing about this on Minera IRL's website.