MIRL.L Regulatory News (MIRL)

3 Mar 2008 07:01

Minera IRL Limited03 March 2008 Minera IRL Limited Signing of Letter of Intent with Alturas Minerals on the Huaquirca Joint Venture, Peru London: 3 March 2008 - Minera IRL Limited ("MIRL") is pleased to announce thesigning of a Letter of Intent ("LOI") for entering into a Joint Venture (JV)with Minera Alturas Corp. ("MALT"), thereby forming the "Huaquirca Joint VentureProject" located in southern Peru. The Joint Venture will see the combination of the contiguous MIRL Chapi-Chapi(formerly Chama) and the MALT Utupara projects. MALT will have the opportunityto earn an 80% equity interest by drilling 20,000 m and completing a scopingstudy. Both companies have already encountered significant explorationencouragement in the search for copper-gold deposits in this porphyry-skarnmineralized belt, which is known to host several large copper-gold deposits(Tintaya, Las Bambas, Los Chancas, etc). MIRL Chairman, Courtney Chamberlain, commented "We are delighted to haveconsolidated this very attractive area with Alturas Minerals. We view this as anexcellent opportunity to participate in what is essentially a copper-goldporphyry-style project. Alturas Minerals has the capacity to conduct aneffective exploration program on behalf of the Joint Venture which has nowdoubled in size and overall potential." The Huaquirca Joint Venture is situated approximately 125 km south west of theAndean city of Cuzco at an average elevation of approximately 4,000 m. The JVproject totals some 9934 ha. The principal target of advancing exploration activities on the JV property isthe discovery of a giant "Las Bambas" style copper-gold porphyry deposit.Mineralised copper-gold porphyry-skarn, breccia and vein occurrences areidentified on surface, some of which have been exploited in the past over asignificant area by small-scale mining methods. Gold in vein-structures hasreportedly been exploited in the past on the MALT Utupara property. Based on theresults of earlier geological mapping, geochemistry and geophysical studies,MALT is currently conducting a 5,000 m Phase 1 exploration drilling study onthat property. Previous exploration activities on the MIRL Chapi-Chapi property have includeddetailed geological mapping, 357 line-kilometres of ground-magnetic geophysicalsurvey, shallow geochemical studies and drilling. Three important mineralisedgold and/or copper-gold exploration targets resulted from this exploration. Goldand copper skarn mineralization has been encountered both on and near tosurface. This has been interpreted to represent the upper extension of apossible "Las Bambas" style copper-gold porphyry stock within the host magmaticintrusive body (the monzonitic Chicorone stock). The terms of the Huaquirca Joint Venture are defined in a legally binding LOI.MALT will earn 80% of the combined property, while MIRL will retain theremaining 20%. MALT, in order to retain its interest, must finance and complete20,000 m of drilling on the JV property and conduct a scoping study at its ownexpense. Thereafter both parties will contribute in accordance with theirrespective percentage interests, subject to the usual dilution clausesapplicable in agreements of this nature within the mining and explorationindustry. In the event that MIRL dilutes to 5% or less, a 2% NSR clause may beapplied. For more information contact: Minera IRL Courtney Chamberlain, Executive Chairman or +61 (0)408 888 803 Trish Kent, Manager, Corporate Relations +51 1 4181230 Arbuthnot Securities (Nomad & Broker, London) + 44 (0)20 7012 2000Paul VanstoneInna Vassina Bankside Consultants (Financial PR, London) + 44 (0)20 7367 8888Simon RothschildLouise Mason Credibolsa (Broker, Lima) + 55 13132900Christian Chocano Synergy Asociados (Public Relations, Lima) + 511 446 2055/446 1832Magaly Villena + 511 9400 8101Jorge Leon + 551 9837 5186 Minera IRL Limited ("MIRL") is the holding company of an emerging preciousmetals mining company focused on the Andean Cordillera of South America. MIRL isled by an experienced senior management team with extensive industry experience,particularly in operating in South America. The Group has acquired and advanceda portfolio of projects. The Company expects to commence gold production in Q12008 at its Corihuarmi mine located in Central Peru. Alturas is a Canadian corporation, and is the parent of Alturas Minerals S.A.("Alturas Peru"). Alturas Peru has been actively exploring various mineralprojects in Peru since January 2004. The principal assets of Alturas are fourmineral exploration projects located in southern Peru, being the Huilacollo GoldProject, the Banos del Indio Gold Project, the Utupara Copper-Gold Project andthe Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests infourteen other exploration projects in Peru. Alturas' exploration strategy isfocused on the discovery of large epithermal gold mineralized deposits andcopper-gold porphyry/skarn deposits. This information is provided by RNS The company news service from the London Stock Exchange