MIRL.L Regulatory News (MIRL)

30 Apr 2007 07:04

Minera IRL Limited30 April 2007 Minera IRL Limited Press Release Minera IRL Limited reports positive drilling results from the Jaguelito Silver-Gold Project, Argentina LONDON: 30 April 2007 - Minera IRL Limited (MIRL or The Company), the emergingprecious metals mining company, with assets in Peru, Argentina and Chile, ispleased to announce the results of a recently completed diamond drilling programat its high sulphidation epithermal silver gold Jaguelito Project in Argentina.The project is located in the mining friendly province of San Juan which is alsohome to Barrick's Veladero Mine and Pascua Lama Project. The diamond drilling program comprised 52 drill holes for a total of 5,762 mtargeting two principle mineralized zones, Capote (42 holes) and Alcatraz (10holes). In addition some 493m of surface trench sampling was completed. Thisprogram supplements 23,000m of drilling by the previous explorer, IndustriasPenoles. The objectives of the MIRL program were to provide verificationinformation on the Penoles database, to conduct in-fill drilling to lift thecategorization of the existing Inferred resource to Measured and Indicated, andto better define the limits of the deposit. The results will be incorporatedinto a pre-feasibility study which is currently underway and scheduled forcompletion in the third quarter of 2007. Highlights of the drilling and trenching program include: • At Capote, Hole DDH07 Jag 104A intersected 70m grading 0.77g/t Au and 309.9 g/t Ag. • Also at Capote, Hole DDH07 Jag 111 intersected 64 m graded 0.96 g/t Au and 125.9 g/t Ag; • At Alcatraz, Hole DDH07 Jag 137 intersected 116 m grading 4.07 g/t Au and 52.0 g/t Ag; and • Trench 8 over an interval of 60 m grading 2.09 g/t Au and 19.1 g/t Ag Minera IRL Limited Vice President, Exploration, Donald McIver commented "Thesepositive results, obtained from within oxidized material which extendsvertically to more than 150 metres below surface, serve to confirm the potentialfor an open pittable mining operation. The new geological understanding whichMIRL has developed will serve to optimize this mineralized zone and assist inour exploration of this highly prospective 11,700 hectare concession." Infill drill holes are as follows: Capote Zone Hole Intersection Grade depth gm/t Section Hole Number From To Inter m M M m Au AgS-550 DDHO7-JAG-101 64.6 34.0 64.0 30.0 0.01 293.5S-550/-600 DDHO7-JAG-101A 111.6 8.0 94.0 86.0 0.06 124.1 including: 54.0 94.0 40.0 0.03 181.0S-600/-550 DDHO7-JAG-105 71.4 36.0 69.7 33.7 0.19 85.2S-600/-550 DDHO7-JAG-105A 74.5 2.0 74.5 72.5 0.41 57.1S-600/-550 DDHO7-JAG-104A 104.1 30.0 100.0 70.0 0.77 309.9 including: 32.0 78.0 46.0 1.07 409.5S-600 DDHO7-JAG-BDJ52T 120.0 0 72.8 72.8 0.07 49.3S-600 DDHO7-JAG-106 59.6 6.0 45.1 39.1 0.15 44.7S-600 DDHO7-JAG-BDJ37T 145.8 12.0 126.0 114.0 0.46 96.7 including: 54.0 82.0 28.0 1.15 143.3S-650/-600 DDHO7-JAG-110 93.1 30.0 83.3 53.3 0.92 111.0 including: 34.0 60.0 26.0 1.50 169.0S-650/-600 DDHO7-JAG-111 160.0 82.0 146.0 64.0 0.96 125.9 including: 84.0 106.0 22.0 2.35 101.2S-650/-600 DDHO7-JAG-112 152.0 100.0 148.0 48.8 1.18 54.5S-650 DDH07-JAG-107A 80.3 20.0 40.0 20.0 0.33 46.6S-650 DDHO7-JAG-109 88.4 7.2 70.0 62.8 0.55 45.9S-700/-650 DDHO7-JAG-116 104.0 26.0 104.8 78.8 0.59 31.7S-700/-650 DDHO7-JAG-116T 125.3 24.0 114.0 90.0 0.50 24.0S-700 DDHO7-JAG-113 48.2 0 36.0 36.0 0.90 39.9S-700 DDHO7-JAG-BDJ34T 79.7 4.0 56.0 52.0 0.67 41.6 including: 12.0 42.0 30.0 1.01 39.6S-700 DDHO7-JAG-114 73.6 14.0 46.0 32.0 0.76 44.1S-700 DDHO7-JAG-120A 100.1 12.0 52.0 40.0 1.15 62.8S-700 DDHO7-JAG-115 76.7 12.0 40.0 28.0 0.52 31.6S-750 DDHO7-JAG-119 62.3 0 48.0 48.0 0.48 98.7S-750 DDHO7-JAG-120 71.4 0 20.0 20.0 1.60 20.6S-750 DDHO7-JAG-121 72.2 10.0 32.0 22.0 0.83 39.9S-750 DDHO7-JAG-CIJ5T 61.7 6.8 48.0 41.2 0.78 24.4 including: 8.0 24.0 16.0 1.70 30.3S-750 DDHO7-JAG-122 83.3 10.0 74.0 64.0 0.27 30.7 Alcatraz Zone Hole Interval Grade depth gm/t Section Hole Number From To Inter M M m m Au AgS-700 DDHO7-JAG-118 177.0 114.0 152.0 38.0 1.62 5.8S-750 DDHO7-JAG-BDJ18T 210.2 76.0 160.0 84.0 1.40 14.2 including: 138.0 156.0 18.0 2.31 43.6S-750 DDHO7-JAG-137 220.2 100.0 216.0 116.0 4.07 52.0 including: 116.0 188.0 72.0 5.79 76.8S-800 DDH07-JAG-138 181.0 91.0 110.0 19.0 0.77 1.35 and: 150.0 174.0 24.0 1.29 79.5 Notable results of trenching over the Capote deposit are as follows: Interval Number Trench Number Of Samples Length Grade - gm/t M Au Ag Capote 4 27 54 0.80 42.4Capote 5 14 28 0.80 62.0Capote 6 29 58 0.73 27.9Capote 8 30 60 2.09 19.1 More detailed drill intersection and hole location information, as well asstatements of quality control procedures, can be found at the Minera IRL website www.minera-irl.com. This information will form an important component ofdetailed JORC compliant resource estimates by RSG Global to be compiled shortlyand reported at a later date. The Competent Person that has signed off on the contents of this release is MrDonald McIver, Vice President, Exploration, Minera IRL Limited, who is a memberof the AustIMM. For more information contact: Minera IRL +61 408 888 803Courtney Chamberlain, Executive Chairman Arbuthnot Securities + 44 (0)20 7012 2000Graham SwindellsPaul Vanstone Bankside Consultants + 44 (0)20 7367 8888Simon RothschildLouise Mason This information is provided by RNS The company news service from the London Stock Exchange