Minera IRL Announces Resource Upgrade, Ollachea Project, Southern Peru

Minera IRL Limited (LON:MIRL) announces a resource upgrade at the contiguous Minapampa and Minapampa East Zones, Ollachea Project, Southern Peru.

The press release is quoted as saying:

The upgrade represents approximately 80% conversion into Indicated of the Inferred Resource announced in November 2009. Infill drilling has defined 1.1 million ounces (9.3 million tonnes at 3.8g/t gold) in the Indicated mineral resource category and an additional 0.5 million ounces (4.8 million tonnes at 3.2g/t) of Inferred mineral resources at a 2g/t cut-off grade. Within the resource envelope the company has identified robust continuous zones of higher grade material containing 0.7 million ounces (4.0 million tonnes at 5.3g/t) of Indicated mineral resource and 0.2 million ounces (0.9 million tonnes at 5.5g/t) of inferred resource using a 3.5g/t cut-off grade. The Company has increased its resource objective at Ollachea to plus 2 million ounces.

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