MIRL.L Regulatory News (MIRL)

26 Nov 2007 10:00

Minera IRL Limited26 November 2007 Minera IRL Limited Ollachea Surface Rights Agreement Signed London: Minera IRL Limited ('MIRL' or 'the Company') is pleased to announce thata five year, renewable surface rights agreement has been signed with the localcommunity in respect to its Ollachea Project in Peru which was acquired from RioTinto in 2006. The agreement will allow the Company to commence its explorationprogram at the beginning of 2008. The initial exploration will build upon highlyencouraging earlier work by Rio Tinto and, prior to that, Peruvian Gold Limited. Ollachea is an advanced stage exploration project in an emerging slate beltdistrict. An earlier limited drill programme intersected significantmineralization of potentially ore grade over a strike length of 400m and thisremains open in both directions. There is current artisanal gold production onthe property. Courtney Chamberlain, Executive Chairman, commented "The signing of the surfacerights agreement is a major development for the Company. It is the result of thesuccessful building of relationships with the local community. I wouldparticularly like to thank Diego Benavides, our Vice President, Corporate, andhis dedicated community relations team for their determination and hard work inreaching a successful agreement. Ollachea is an extremely exciting project in ahighly prospective province. We look forward to commencing the explorationprogramme on a walk up drill target. I am also pleased to report that theCorihuarmi site construction is progressing well and we are on course forunhedged gold production in Q1 2008." For more information contact: Minera IRL +61 (0)408 888 803Courtney Chamberlain, Executive ChairmanTrish Kent, Manager, Corporate Relations +51 1 446 5384 Arbuthnot Securities + 44 (0)20 7012 2000Paul VanstoneInna Vassina Bankside Consultants + 44 (0)20 7367 8888Simon RothschildLouise Mason END This information is provided by RNS The company news service from the London Stock Exchange