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I would think the situation would be worse if COFIDE did not already revoke the deal for financing, prior to this deadline being missed as it puts the conditions in dispute (strange timing actually). It was a broader strategy decision by COFIDE to do that, not due to the performance of MIRL. Also this court order was a move initiated by MIRL which is a positive in my opinion, instead of allowing the issue to simmer. With the project setup being favoured by the local community, i would suggest it wouldnt be politically sound to start pulling all of that apart and delaying job opportunities, stop providing better facilities etc... surely the best resolution for all is some form of deferred payment plan, through new financing (mentioned in the news release) and profits from the mine once started. If MIRL can demonstrate that they are capable of achieving that in a realistic timescale, i don't see why an agreement couldn't be reached as it would be a solution that wouldn't require a lot of extra resource and time on the part of COFIDE.
LIMA, PERU - (Marketwired – June 06, 2017) - Minera IRL Limited (“Minera IRL” or the “Company”) wishes to advise that it has obtained an order from the Superior Court of Justice of Lima as a precautionary measure to preserve the value of the Company’s assets and investment in favour of its shareholders, communities and employees. The order temporarily suspends any enforcement proceedings against the Company due to the expiry of the repayment period for the US$70 million Bridge Loan granted by the Corporación Financiera de Desarrollo (“COFIDE”). In order to keep the court order in place, the Company must request arbitration with COFIDE within 10 days. The Company has requested a meeting with the members of COFIDE Board, to reach an agreement regarding the extension of the Bridge Loan payment term, within which the Company expects to finalize a new financial structuring plan with banks and/or investment funds. The Bridge Loan was part of the Exclusive Structuring Mandate of a senior debt facility for up to US$240 million maximum, which was unilaterally revoked by COFIDE with an announcement made in early March 2017 that became effective on April 01, 2017. “Within 60 days after COFIDE’s announcement of its decision not to continue with the loan structuring, the company has identified new financing options and is in active dialogue with a number of parties interested in considering an investment. We also maintain the local community’s support for construction of a mine. We are confident we will resolve this matter and unlock the value of our flagship Ollachea Gold Project.” stated Gerardo Perez, Chairman of Minera IRL. The Ollachea Project, located in Puno Region, Peru is a robust, shovel ready development project that hosts probable reserves of 9.3 million tonnes grading 3.3 g/t for 1.0 million ounces of gold based on the 2014 post-feasibility optimization study. In Q1, 2017 the Company engaged Mining Plus from Australia to review the life of mine plan and further optimize the project. Final results of the project optimization and profitability studies will be soon announced.
There was a good first part (of a 2 part) analysis on MIRL by Otto in his weekly this past Sunday, for those that dont get his weekly. The first half focused on Ollachea and this coming Sunday focuses on MIRL as a company. The estimated gross margin year by year from the Ollachea resource looked very promising, well worth a read.
contribute greatly to the execution of Minera IRL's flagship gold project at Ollachea. Also, on behalf of the Board we are delighted to welcome Michael Iannacone to Minera IRL and look forward to working with him. Michael will contribute important financial and capital market skills to Minera IRL which will be positive for the development of the Company. "I wish to extend my sincere thanks to Frank O'Kelly for his outstanding support in the management of our Company. It has been a pleasure to have worked closely with Frank. "Mr Carlos Ruiz de Castilla was appointed interim Chief Financial Officer for the Company in May of the current year. Previous to this appointment he held the position of Company Controller since July 2013. Carlos Ruiz has contributed outstanding work and we are pleased to appoint him as Company CFO." The current Board will continue the process of identifying candidates to fulfil remaining Director positions as required. Until such time, the Board is confident that the Company has sufficient management resources in place in order to continue with the day-to-day business of the Company, including best efforts to achieve immediate trading in Peru and to obtain the lifting of trading restrictions in Canada.
Minera IRL Announces Board Appointments and Management Changes LIMA, PERU--(Marketwired - Dec. 5, 2016) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), the Latin American gold mining Company, is pleased to announce the appointment of Mr Diego Benavides as Director and Chief Executive Officer, Mr Michael Iannacone as Independent Director, Mr Gerardo Perez as Independent Chairman and Mr Carlos Ruiz de Castilla as Chief Financial Officer, effective December 5th, 2016. Mr Diego Benavides is a founding executive of Minera IRL and has been working full-time with the Company since its incorporation 15 years ago. He is a lawyer by training with a Masters degree in corporate leadership and business administration and with extensive experience in the Latin American mining industry and community relations. Prior to this appointment Mr Benavides held positions of Director and General Manager while incorporating several mining subsidiaries into Peru during the 1990's. Amongst these companies were Minera Newcrest Peru SA, Minera Mount Isa Peru SA and RGC Mining Exploration. Diego Benavides is one of the pioneers in Peruvian social conflict management, having applied innovative measures including share participation partnerships and other formulas to ensure that local communities benefit from mining activities in their areas. As a result Mr Benavides was appointed an Honorary Member of the Community of Ollachea in 2007, a unique privilege. Mr Michael Iannacone has been the Chief Financial Officer of Adventus Realty Services Inc, a significant and well capitalized Canadian Real Estate Investment Trust, since March 2013. Prior to that he was CFO of various companies listed on the Toronto Stock Exchange, TSX Ventures Exchange and the AIM London Stock Exchange. Mr Iannacone has extensive experience advising companies in the industrial and resource sectors. Michael Iannacone is a former Director of the largest marine bunkering company in the Vancouver Harbour and is also currently a Director of a TSX Venture Exchange listed company. He qualified as a Chartered Accountant in 1980 while working with Coopers & Lybrand (a predecessor firm to PwC) for more than six years. Mr Gerardo Perez, Independent Chairman, was appointed Director earlier this year, and has subsequently been elected by shareholders in the recent Annual General Meeting of the Company. Mr. Perez is a lawyer and a partner in the firm of Barrios Fuentes in Lima, Peru, his areas of expertise include Administrative Law, Regulation, Infrastructure and Concessions and a wealth of management experience. Mr Perez states, "I am delighted that Diego Benavides has agreed to join Minera IRL's Board of Directors and to assume the role of CEO. Diego brings with him a wealth of executive experience in Latin America supplemented by community relations and corporate skills which will contribute greatly to the execu
Agreed, provides a good summary. The potential upside is certainly there, its just a matter of the strategy now being aligned with increasing shareholder value. I would personally like to see more board members being local to Peru and engaged in the social importance of the project, rather than just asset stripping on the cheap.
LIMA, PERU, Nov 28, 2016 (Marketwired via COMTEX) -- LIMA, PERU--(Marketwired - Nov 28, 2016) - Minera IRL Ltd ("Minera" or "Company") (bvlac:MIRL) wishes to refute certain unsubstantiated statements made publicly by IKN Blog and others. The statement, "Peruvian shareholders believe that the newly constituted board is still trying to usurp the company and pave the way for a below market value sale or to enable themselves to take a significant position in the company," has no basis whatsoever. The Board's sole interest is in getting the Company relisted and shareholder value restored, and has acted diligently to restore trading on the Canadian and Peruvian exchanges and is awaiting final regulatory approval to rescind the "cease trade order." The Board is also arranging a procedure for UK shareholders to trade their shares on the CSE, such that no shareholder in the Company will be prejudiced by the interim arrangements. The Company maintains that the blog statement that the one-time owners of the Ollachea licences - RT - are "attempting to steal the Ollachea project" is a fantasy designed to destabilize the social licences with the Ollachea Community and mislead shareholders. Management is entirely convinced that RT has no interest in the Ollachea mine, since it contains resources well below that company's threshold for investment, and RT is known to want to divest their Minera shares once the Company is approved for trading. Furthermore, RT has not communicated with the Company regarding internal matters, and has not influenced the Board's decisions in any way. –– ADVERTISEMENT –– Finally, the Company vigorously denies that there is any discord between the Board and local management, who are doing an exemplary job in difficult circumstances, both with the Corihuarmi mine and realization of the Ollachea project. The Board and Management are united in their dedication to advance the interests of the Company for the benefit of all stakeholders. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. Minera IRL Limited Francis O'Kelly President & CEO + 56 9441122648 Minera IRL S.A Diego Benavides Norlander President & CEO + 51 418 1230
Echo that. Its easy to become disheartened during such a lengthy time of being delisted. Any information at all is valuable and Otto has supplied plenty. Kudos to him.
A literal copy & paste from NR: "Additionally, 50% is simply an arbitrary number that was selected for purposes of drafting the request of shareholders." Are we just making up numbers now for sh*ts and giggles? This is supposed to be a professional company. You're having a laugh Francy boy. You lot should start getting paid in "arbitrary numbers". There's more spin creeping into these statements than a classic kylie minogue music video.
This is a situation where prior controversy has depressed the share price to levels of an order of magnitude of what other less advanced gold project are commanding. There is a capacity for a very substantial increase in the share price. When trading opens, MIRL shares will be able to be traded on the Lima Stock Exchange and as a temporary measure on the Canadian CSE Exchange, whilst the company’s application for reinstatement on the TSX is being processed. O’Kelly himself comments that he is anticipating the lifting of the OSC “cease trade order” any day now and that some shareholders may see this as an opportunity to dump the stock whilst others may recognize this as a unique opportunity to make a killing. His personal view, and he is not one prone to hyperbole, is that the stock is chronically undervalued. The writer has known O’Kelly off and on for over 50 years so writes with personal experience of his character. O’Kelly goes on to note that companies like Dalradian command a market cap ten times that of MIRL, whilst possessing comparable resources but still have permitting and financing challenges ahead. Meanwhile MIRL has a producing gold mine, a fully funded project with all the permits in place, a 1.2 km access tunnel, an EPC fixed price contract with Peru’s largest mine construction company and a 30 year social license for the local community. One can count on one hand, he says, the number of gold projects as advanced as Ollachea. His short term target is to get the stock price over CAD $0.30.
https://lawrieongold.com/2016/10/21/minera-irl-close-to-re-start-of-canadian-trading/ An email from Frank O’Kelly, Chairman and Interim CEO of Latin American junior gold miner/developer, Minera IRL suggests that he, and his colleagues, now anticipate that the Ontario Securities Commission will shortly allow trading to resume in MIRL stock. Trading was suspended when the company failed to file its 2015 financials, a situation precipitated by the untimely death of the then Chairman and CEO, Courtney Chamberlain, and a subsequent internal struggle for control of the company. Since that time much has changed with regard to the executive management of the company: The former directors have been replaced and legal disputes resolved pursuant to an extraordinary meeting of the shareholders and the appointment of long term consultant to the company, O’Kelly, as Chairman and interim CEO. Mr. O’Kelly is a seasoned professional with many years of experience of mining in South America. The company is now completely up to date with its filings and the Board has been reconstituted with high profile individuals including most recent addition, Robert Schafer, President of Canada’s Prospectors and Developers Association. The company has an operating gold mine in Peru in Corihuarmi, which is close to the end of its operating life. But its flagship project is a major advanced new gold mine development, Ollachea, located in Puno in the South of Peru. This project is fully funded by a Peruvian State Development Bank ($240 million facility of which $70 million has been advanced). The mine is fully permitted and has subscribed a 30 year social license with the local community. The mineral resource exceeds 2.40 million ounces Au and M+I reserves of 1 million ounces, which will sustain a production of 100,000 ounces of gold per annum for a decade. The company is presently drilling off an already constructed 1.2 km access tunnel with a target of adding an additional 600,000 ounces to the resource. The down dip extension which is currently being drilled reports intersections up to 20 m with grades from the only 3 holes for which so far have assays reporting 5 g/t Au, some 40% better grade than the main ore body which was delineated with 82,000 m of drilling. AMEC has filed a NI 43-101 compliant feasibility study. In anticipation of production by the end of 2018 the company has negotiated a fixed price turnkey EPC contract with Peru’s largest mine construction company, Graña y Montero, and is currently assembling what it describes as a first class owner’s management team. MIRL is in the process of commencing detailed design and placing orders for long lead capital items of equipment. The company reckons that there are only a handful of advanced gold projects in the condition of Ollachea and there should be enthusiastic acceptance from investors.
For anyone not keeping up with Otto's (ikn) weekly report, having met with Diego recently its his opinion that things appear smooth and positive so far, on all fronts (despite lack of formal news).
hXXp://www.city-investors-circle.com/companies-news/minera-irl-to-present-at-the-forthcoming-ama-presentation-in-london/ Minera IRL to present at the forthcoming AMA presentation in London Posted on September 25, 2016 Minera IRL {BVP: MIRL} have confirmed their participation at the forthcoming Association of Mining Analysts South American Mining presentation, on Tuesday 27th September at the Royal School of Mines, London. UK. Minera IRL and Harvest Minerals to present in London Minera IRL {BVP: MIRL} have confirmed their participation at the forthcoming Association of Mining Analysts South American Mining presentation, on Tuesday 27th September at the Royal School of Mines, London. UK. They will be accompanies by AIM success story Harvest Minerals, focused on Potash in Brazil. A synopsis of both presentations will be available on this website. Read more: http://www.city-investors-circle.com/companies-news/minera-irl-to-present-at-the-forthcoming-ama-presentation-in-london/#ixzz4LU0cCPZL
http://www.minerandina.com/minerandina-en-pdac-2016-noticias-y-datos/ (Vice Mining Minister expects mid-year commencement)
MinerAndina ‏@MinerAndina Mar 9 MineraIRL habría resuelto problemas internos y espera mediados año iniciar construcción d proyecto Au Ollachea, en Puno,afirmó VMM GShinno
Interesting that the final bits of the article didn't make it into andrew's post.... From the same, Dec 17th: IRL will enter FUND LIMITED An investment fund specializing in mining soon enter the shareholders of Minera IRL Limited, as indicated sources close to the deal. The income fund will inject fresh money to the company that has been going through critical times due to corporate crisis that has gone through. ...... - Meanwhile COFIDE guy leaves director role... - Rio Tinto express their intent to stay in Peru for another 8 years... - Julian Bavin (27 years at Rio Tinto) has yet to leave MIRL board... - Political candidates use "Ollachea Model" as a basis for potential community involvement in mining across the country going forward Plenty of news still to come.
hXXp://www.4-traders.com/MINERA-IRL-LIMITED-4006942/news/Minera-IRL--Reports-EGM-Results-21568190/ LIMA, PERU--(Marketwired - Dec 16, 2015) - Minera IRL Limited ("Minera IRL", or the "Company") (AIM:MIRL)(BVLAC:MIRL) announces the voting results from its adjourned Extraordinary General Meeting (the "EGM" or the "Meeting"), held on December 16, 2015. The Requisitioning shareholders put forward ten (10) resolutions to be voted on by shareholders at the Meeting. The resolutions were detailed in the Notice of Meeting dated 23 October 2015 (the "Notice of Meeting") included in the Management information Circular of the same date that was posted to shareholders and is available on SEDAR and the Company's website at www.minera-irl.com. The Meeting was originally scheduled for November 26, 2015, but adjourned by the chairman of the board of directors in order to validate certain votes. The votes in question were rescinded and all of the votes can now be validated. Five (5) of the resolutions proposed by the Requisitioning Shareholders and specified in the Notice of Meeting did not receive shareholder approval. The resolutions not receiving shareholder approval were: A. THAT Robin Fryer be removed as a director of the Company. (Resolution #2) B. THAT Douglas Jones be removed as a director (Resolution #3) C. THAT Leonard Harris be appointed as a director of the Company. (Resolution #5) D. THAT Frank O'Kelly be appointed as a director of the Company (Resolution #9) E. THAT Armando Lema be appointed as a director of the Company. (Resolution #10) Four (4) of the resolutions put forward by the Requisitioning Shareholders and specified in the Notice of Meeting did receive shareholder approval. The resolutions receiving shareholder approval were: A. THAT Jaime Pinto be removed as a director of the Company. (Resolution #1) B. THAT any director of the Company who is appointed between the date of the notice and the date of the EGM be removed as a director. (Resolution #4) C. THAT Julian Bavin be appointed as a director of the Company. (Resolution #6) D. THAT Jorge Ramos be appointed as a director of the Company. (Resolution #8) Resolution 7 in the Notice of Meeting concerned the proposed appointment of Diego Benavides as a director of the Company. Mr. Benavides was present at the meeting throughout. Prior to resolution 7 being proposed, Mr. Benavides notified the meeting that he had, for the time being, and having regard to the best interests of the Company withdrawn his consent to act as a director of the Company. In consequence, resolution 7 was not proposed at the meeting, as it would have had no effect even if passed. Following conclusion of the Meeting the members of the board are accordingly Messrs. Bavin, Fryer, Jones and Ramos. The continuing appointment of Mr Ramos remains subject to regulatory approvals.
Link: hXXp://gestion.pe/empresas/jaime-pinto-deja-directorio-minera-irl-2151140
The shareholders of Minera IRL decided today to appoint a new board of the mining company, which no longer be part Jaime Pinto, he announced the executive itself in a statement. "It has been a privilege to work in the directory IRL Ltd. for some months, and I hope that some of the work that we could not complete, can be performed by the new board, "said Jaime Pinto, who took over as non-executive chairman four months ago. "So far I have worked tirelessly to achieve the objectives set our directory. However, adverse circumstances have determined that he should leave the directory and leave the post of non-executive chairman, "he added. Every single action taken by the board during the past four months has been analyzed and implemented in order to restore shareholder value in the company and ensure that liquidity is maintained, said Pinto. About Ollachea gold project in Puno, the executive said his main objective was to ensure close communication with the community of Ollachea. "Several of them, many attempts unsuccessfully to hear from the community and their concerns on the best approach to develop the project It did," he said.