Member Info for smrrty

Do we know our fate? I wouldn't put it past them to try and rig the vote but how would they ever hope to get away with it after all their other lies have been exposed? Not to mention that they aren't just dealing with us little investors but the big boys with big legal outfits.

He has his little mitts on a copy of the supposed community declaration that pinto and crew are waving about on in the newspaper ad taken out at our expense in the Peruvian press. They claim that the majority of the community are on their side. The signatories number a whole 147 people. It's a shame that the number of signatories doesn't add up to the 760 eligible to vote, but I guess he and his team were just so impressed that they could 'persuade' anyone to vote for them that for them 147 is as good as a "majority"!

I agree. There's some more tasty morsels of scandal to come out yet I think Maxo. You really couldn't make this sh*t up! Surely if any of this bunch of crooks were to ever set foot in Peru for the second EGM they'd be immediately arrested? Am I right in thinking that the second EGM is in Peru?

Or is there more entertainment to come. Bish, bash, bosh. Down goes Pinto. Can he get back up off the canvas? We're counting. One... Two...

I think there is some kind of counterpunch coming tomorrow. Keep checking otto ikn. From what I could gather from the news article most of it seemed to be favourable to Diego. Pinto just gets a little box down the bottom for his weasel words. I agree that it has gone a bit quiet from the other posters though. Maybe because otto has it covered? Maybe the others involved in stuff behind the scenes? Who knows but I wouldn't loose heart just yet!

An article in the Peruvian press about this whole sorry saga. http://www.caretas.com.pe/Main.asp?T=3082&S=&id=12&idE=1234&idSTo=0&idA=73689#.VlIun3rfWrV

Here's a link to another minera share chat site in case you hadn't found it. Reassuring that they see through all the bull manure as well. http://www.siliconinvestor.com/subject.aspx?subjectid=58319

So is this the bit of paper they were hawking round the local market trying to get signatures for recently?

Otto ikn has now uploaded the full text of the charges being bought against Jaime Pinto. Oh dear me, this is getting nasty!

More updates. More dirty tricks by the sounds of it. This really should be made into a movie.

On good form and gets some interesting points across regarding this latest development.

Interesting. I can't speak the language so I wasn't sure how representative of the speakers the captions were. They were certainly doing a lot more talking than the captions relayed. If the captions did relate truthfully to the speakers comments then the question still remains how representative of the community as a whole the two speakers shown were. Nonetheless it would demonstrate that there are divisions in the community regarding Diego. Obviously the video was uploaded by someone opposed to Diego and his bid to change the existing board.

I don't think Diego is out of ammo just yet for some reason. Since he saw this coming when he phoned Otto and spoke of the allegations he wouldn't have taken the course of action he has since without having something up his sleeve. There was stuff that he couldn't divulge according to otto. The nature of the allegations was one thing. It seems that otto has sources in both camps from what I can make out and if he does then I would guess that Diego might as well. Something tells me that Diego is prepared for this. Just my gut feeling here.

it's a pretty shocking state of affairs!

the translation is by the blogger who's site I gave the link to.

0.5% of the gross proceeds of any financing, via the emission of shares or financing convertible into shares. 0.25% of the gross proceeds of any debt financing unrelated to the COFIDE financing for Ollachea, or a refinancing of all or part of the COFIDE structured financing. The share consolidation was not approved by shareholders at the Annual General Meeting in August, but the director Robin Fryer, in recent declarations to the Global Mining Observer in the UK, said that the current board of directors planned to get financing via share placement. This warns of the intention to ignore the current mandate with COFIDE and run a share placement that, considering the current market conditions and current share price, would conclude in the dilution of share price value. All the information contained in this news release has all necessary legal support and corresponding proofs. We recommend that you VOTE FOR all the options in the proxy. In the event that you have already cast your vote, you have the option to change your vote and VOTE FOR until the closing of vote in Peru, November 20th, and in the rest of the world, November 24th. Results will be announced on November 26th For more information, please contact: minera@irl.com.pe

On January 19, 2015, Minera IRL S.A. signed an agreement with Scotiabank Peru, whereby it granted letters of guarantee in order to guarantee the closure of Corihuarmi mines and Ollachea Project, for a total of US$ 3,908,275.67. Minera IRL S.A., the subsidiary, has the obligation to submit, within 12 working days each year, an Environmental Guarantee to cover the estimated cost of closure of the Corihuarmi mine. If this is not done the MEM will sanction the company with a mine paralyzation of two years. On January 19 2015 Scotiabank Peru granted Minera IRL SA letters of guarantee totalling US$ 3,908,275.67 as guarantee for the closure of Corihuarmi mines and the Ollachea gold project. To comply with this guarantee, Minera IRL SA committed to deposit 100% of its revenues from gold sales form the Corihuarmi mine in its account in Scotiabank Peru after July 30 2015, so that the credit be debited by U$325,689.63 per month until the total of U$3.9m of the guarantee had been reached. The refineries Metalor and Auramet deposited in the name of Minera IRL SA in the Royal Bank of Scotland (RBS) in London, the corresponding payments gold purchases from Corihuarmi. Minera IRL SA asked them to change the destination of their deposits to the account in Scotiabank Lima, who repied that they would now continue the commercial relationship. Minera IRL Ltd refused to comply with the commitments to Scotiabank and pressured the refinery companies not to change the destination ot the deposits. ​ Minera IRL SA sought new buyers, a process that was blocked by the Board. Finally the Company signed a sales contract with Kaloti Metals & Logistics LLC, though which the company managed to fulfill its commitments to Scotiabank, as well as paying the workers' salaries, suppliers and asignments to the company headquarters. Financing alternatives and risk of shares dilution Among the grounds for convening the EGM, shareholders believe that the current Board does not have the capacity to properly manage the development of the Ollachea project and that there is a risk of loss of value of their shares. Mr. Hodges, who inexplicably continues to be paid diverse benefits as well as a salary of U$15,000 per month from the company until 2017, proposed in August 2015 to implement a 10-1 share consolidation which would leave open the possibility of a large share dilution via a financing through the sale of new shares. Mr. Hodges’ consulting company Ladykirk Capital would be in charge of this process, for which it has been granted the following commissions: 0.25% of the new value of the pro-forma value of the “newco” after a successful fusion or acquisition which raises the share price of the company. The acumulative value is defined as the value of the newco company minus the value of Minera IRL Ltd at market close before the closure of the transaction. 0.5% of the gross proceeds of any financing, via the emission of share

On August 24, 2015, the Board removed Mr. Benavides from the position of Interim CEO on the ground of inaccuracies received through the Ethics Line. E&Y managed to "review and validate" the "anonymous" complaints in a record time: only 2 working days after the distribution of the draft of the Code of Ethics (Wednesday, August 19). Likewise, the Board had "enough time" to assess, investigate and decide on the dismissal of the Interim CEO. It is worth noticing that Mr. Benavides' dismissal was announced 14 days after Mr. Hodges introduced himself as Company CEO. On August 27, 2015, during the Shareholders Annual General Meeting, 92% of the votes were in favour of removing Mr. Daryl Hodges from the position of Director. A few hours later, Mr. Jaime Pinto was appointed as his replacement, and was ratified on September 3rd. As informed above, Mr. Pinto approached COFIDE with his appointment as Director signed by Mr. Hodges on August 19. What was the purpose of Mr. Hodges and the Board of hiding the truth and the actions of Mr. Pinto before his official appointment? Among other facts that the Board intentionally hid is the intended early closure of Corihuarmi gold mine for November 1, 2015. On September 21, 2015, the de-listing of the shares was announced, as well as the process to remove Mr. Benavides from the position of President of the Peruvian subsidiaries. Information regarding said matters will be released later on. On September 29, 2015, the Company informed about the delay in publishing the Half Year Financial Statements due to the compromise of control of the company’s subsidiaries. As stated above, this information is FALSE. On October 9 2015, the group of concerned shareholders requested an EGM. Process of removal of president in the subsidiaries and sale of Corihuarmi gold Mr. Benavides has been the President and General Manager of Minera IRL S.A. since August 19, 2002, and holds similar positions in the subsidiary Compañia Minera Kuri Kullu S.A. since August 15, 2006, according to the corporate books from both subsidiaries and Peruvian Public Registries. There has not been any takeover of the Peruvian subsidiaries as wrongly stated by the Board. The statement that Mr. Benavides has manipulated Peruvian laws to his advantage, an accusation made by Jaime Pinto, Robin Fryer and Douglas Jones, is also false and without any basis. Regarding the gold sale, Minera IRL SA has protected the company from insolvency and from sanctions that would have been incurred by the current board of Minera IRL Ltd, who refused to comply with the commitments of the Peruvian subsidiary with Scotiabank Lima and Peru’s Ministry of Energy and Mines (MEM), related to the closure guarantees of the Corihuarmi mine. On January 19, 2015, Minera IRL S.A. signed an agreement with Scotiabank Peru, whereby it granted letters of guarantee in order to guarantee the closure of Corihuarmi mines and

After his nomination as executive president of the company, Mr. Hodges signed an indefinite-term contract with his own company Ladykirk Capital Advisors Inc., which set an annual salary of US$ 180,000, fees of up to US$ 250,000 regarding the bridge loan and mandate with COFIDE, and a bonus of US$ 680,000 in the event of any change in the structure and functions of the Company. A summary of the contract, plus other percentage benefits detailed below, were included in the Shareholders General Meeting Circular dated August 27, 2015. On June 8, 2015, Minera IRL Ltd. announced, by means of a press release, that it had secured a bridge loan from COFIDE of up to US$ 70 million and the commitment to include COFIDE in Minera IRL Board, subject to regulatory approvals. All the documents approving the management and transparency of the Company, which allowed securing COFIDE loan, were signed by Mr. Hodges, as well as the specified commitments. On July 8, 2015, Mr. Hodges and the Board approved a change in the structure and functions of the Company. Mr. Hodges proposed himself as CEO and to move Mr. Benavides to the position of Vice-President of Communities, Press and Legal Affairs. On July 14 Eric Olson was appointed as COO, and the position of Vice-President of Management and Finances of Minera IRL S.A. was created and Mr. Carlos Yrigoyen was appointed for this position, and Mr. Hodges granted him the functions and responsibilities that belonged to Mr. Benavides as President and Manager of the Peruvian subsidiaries. On July 15, 2015, a letter from Mr. Hodges to COFIDE stated that the Company's responsibility is to the shareholders and not to the lenders. This was a response to COFIDE’s request to discuss with the Board of Minera IRL Limited the planned changes and the inexplicable statements of disapproval of Mr. Hodges regarding the management of the Company's founders during a meeting held with COFIDE's CEO, Jorge Ramos. Mr. Hodges never agreed to the communication request between COFIDE and the Board. On August 10, 2015, Mr. Hodges introduced himself as Executive President and CEO of the Company during the presentation made with Ernest & Young (EY) to announce the implementation of the Ethics Hotline. According to the manual of this anonymous system, EY receives and assesses the veracity of the message, then it is sent for investigation to the Board, and if the Board confirms the information, the necessary corrective measures are implemented. The manual also states that it is necessary the Company's personnel are aware of the Code of Ethics. A draft of this document was distributed by Mr. Hodges on August 19, 2015. On August 24, 2015, the Board removed Mr. Benavides from the position of Interim CEO on the ground of inaccuracies received through the Ethics Line. E&Y managed to "review and validate" the "anonymous" complaints in a record time: only 2 working days after the distribution of the draft of the C

Ollachea Community Board of Directors informed the subsidiary, Compañia Minera Kuri Kullu S.A., that they consider the manipulation allusions, made by the Board in the EGM Circular, to be offensive and also that the statements made by the Non-Executive President, Jaime Pinto, regarding Community support for his position inappropriate. The Community has requested a meeting with COFIDE to learn about the status of the credit granted to the Company. After said meeting they will issue a statement regarding their position in relation with the project development and the Company. Chronology of events from March to October 2015 Regarding the events that took place in the Company from March to October 2015, they include the plans of Mr. Hodges to take over the position of CEO, and obtain extraordinary benefits through a contract with his consulting firm, which includes becoming a second structurer of the financing agreement that fails to acknowledge the express exclusivity of the Mandate signed with COFIDE as sole structurer until May 2016. It is necessary to specify that the management of Mr. Chamberlain and Mr. Benavides, Company founders, was thoroughly assessed by more than 20 companies from around the world, that between 2012 and 2014 visited the projects in Peru and had full access to the accounting information as part of their interest to be part of the financing or development of Ollachea project. Also, from February 2014 to June 2015, COFIDE and Goldman Sachs performed a Due Diligence in the Company. Mr. Hodges, after COFIDE bridge loan was secured, failed to acknowledge all these processes of corporate legal review and started a re-organization that included the Ethics Hotline that served the Board to justify the dismiss of Mr. Benavides as CEO due to alleged inaccuracies that are still unknown up to this date, three months after Mr. Benavides' removal, on August 24, 2015. These and other facts described below led Mr. Benavides to file a criminal complaint due to acts of Management Fraud, Defamation and Misrepresentation against Daryl Hodges, Douglas Jones, Robin Fryer, Jaime Alberto Pinto Tabini and Carlos César Yrigoyen Elejalde. They will be summoned by the Peruvian justice system through mechanisms of international criminal cooperation and Interpol, in order to clarify the criminal offenses attributed to them. Chronology of events: On March 4, 2015, the Company's CEO, Courtney Chamberlain, before his medical leave, refused to accept the proposal of Mr. Daryl Hodges to be appointed CEO, and held to his original decision to assign the co-founder, Diego Benavides, for this position. On March 5, 2015, the Board appointed Mr. Hodges as Executive President and Mr. Benavides as Interim CEO. The due diligence on Mr. Benavides performed by the Company's nominated advisor, Canaccord Genuity, was satisfactory, and his appointment as Interim CEO was announced on May 5, 2015. After his nomination as executive presiden