Project Update

26 Oct 2007 07:01

Minera IRL Limited26 October 2007 Minera IRL Limited Relinquishment of Jaguelito Project, Argentina London: 26 October 2007. Minera IRL Limited ("MIRL" or "the Company") hasformally advised Instituto Provincial de Exploraciones y Explotaciones Mineras("IPEEM") in San Juan, Argentina that it will not proceed to the next stage offeasibility on the Jaguelito Project and thereby withdraws from the project. The decision to withdraw from Jaguelito is consistent with the announcement madeto the market on 19 September that the pre-feasibility study carried out overthe past year has shown that the project's currently defined resource is noteconomically viable at prevailing metal prices. The Company will maintain a regional office in San Juan, Argentina to seek newprecious metal opportunities throughout the country. For more information contact: Minera IRL +61 (0)408 888 803Courtney Chamberlain, Executive Chairman orTrish 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 This information is provided by RNS The company news service from the London Stock Exchange