| | Published : May 16th, 2011 | Announces First Quarter 2011 Financial Results |
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Minera IRL Announces First Quarter 2011 Financial
Results
Minera IRL Limited ("Minera
IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL)
the Latin America focused gold mining, development and exploration
company, is pleased to announce its unaudited interim results for the 3
month period ended 31 March 2011. All amounts are reported in US
dollars.
Highlights for the quarter ended 31 March 2011 included:
Financial
�
First quarter gold sales of 7,883 ounces, up 4.5% from 7,541 ounces in
the same period in 2010, and realised gold
price of $1,389 per ounce, up 25.2% from $1,110 per ounce in the same
period in 2010
�
Sales revenue of $10.9 million, up 30.8% from $8.4 million in the same
period in 2010
�
Gross profit of $4.5 million in 2010, up 71.9% from $2.6 million in the
same period in 2010
�
EBITDA of $4.7 million in 2010, up 106% from $2.3 million in the same
period in 2010
�
Profit before tax of $2.5 million, up 340% from $0.6 million in the same
period in 2010
�
Profit after tax $1.3 million, up 418% from $0.2 million in the same
period in 2010
�
Cash held of $30.7 million as at 31 March 2011
Operational
�
Corihuarmi first quarter gold production of
7,952 ounces, up 12.5% from 7,071 ounces in the same period in 2010
�
Corihuarmi site cash operating cost of $401 per
ounce, down 7.2% from $432 per ounce in the same period in 2010
�
The Pre-feasibility Study at Ollachea continues
to progress toward a mid-2011 completion, with the Feasibility Study on
the Don Nicolas Project in Patagonia also on track for completion in late
2011
Also in Patagonia, further
encouraging drill assay results were announced at the Escondido bulk
tonnage project
Summary
table:
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Quarter to 31 March 2011
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Quarter to 31 March 2010
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Gold production
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7,952 ounces
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7,071 ounces
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Gold sold
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7,883 ounces
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7,541 ounces
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Sales revenue
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US$10.9 million
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US$ 8.4 million
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Average sales price
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US$ 1,389 per ounce
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US$1,110 per ounce
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Corihuami site cash
operating cost
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US$401 per ounce
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US$ 432 per ounce
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EBITDA
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US$ 4.7 million
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US$ 2.3 million
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Profit before tax
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US$ 2.5 million
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US$ 0.6 million
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Profit after tax
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US$ 1.3 million
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US$ 0.24 million
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Total Income/(Loss)
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US$ 1.1 million
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US$ 0.24 million
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"Minera IRL has made a good start
to the 2011 year, with financial performance for the three months to 31
March 2011 above expectations, driven by above budget gold
production at our Corihuarmi Gold Mine and a
continuing strong gold price." said Courtney Chamberlain, Minera
IRL Limited Executive Chairman. "The Pre-Feasibility Study
at Ollachea Project in Peru and Feasibility
Study on the Don Nicolas Project in Argentina progressed well during the
quarter with targeted completion by mid-2011 and late 2011
respectively."
The full Report
& Accounts, including the Management
Discussion and Analysis for the quarter ended 31 March,
2011 are available from the Company's website www.minera-irl.com and from SEDAR.
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For more information please contact:
Minera IRL
Trish Kent, Vice President,
Corporate Relations
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+511 4181230
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Collins Stewart (Nominated Adviser &
Broker, London)
Adam Miller
John Prior
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+ 44 (0)20 7523 8350
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finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate
Finance)
Joanna Weaving (Corporate Broking)
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+ 44 (0)20 7600 1658
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RBC Capital
Markets (Co-broker, London)
Stephen Foss
Martin Eales
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+44 (0)20 7653 4000
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Bankside
Consultants (Financial PR, London)
Simon Rothschild
Louise Mason
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+ 44 (0)20 7367 8888
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Minera IRL Limited is the AIM traded and
TSX and BVL listed holding company of precious metals mining and
exploration companies focused in Latin America. Minera
IRL is led by an experienced senior management team with extensive
industry experience, particularly in operating in South America.
The Group operates the Corihuarmi Gold Mine and
the emerging Ollachea Gold Project in Peru as
well as the advanced Don Nicolas Project in Argentina. For more
information, please visit www.minera-irl.com.
The Toronto Stock Exchange neither
approves nor disapproves the information contained in this News Release.
Some of the statements contained in
this release are forward-looking statements, such as estimates and
statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management expects a
stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature,
they involve inherent risks and uncertainties.
While these forward-looking
statements, and any assumptions upon which they are based, are made in
good faith and reflect our current judgment regarding the direction of
our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or
other future performance suggestions herein. Except as required by
applicable law or regulation, Minera IRL
Limited does not intend to update any forward-looking statements to
conform these statements to actual results.
Competent Persons Statement
The preparation of the technical
information contained herein was supervised and reviewed by Courtney
Chamberlain, Executive Chairman of the Company, BSc
and MSc Metallurgical Engineering, a Fellow of
the Australian Institute of Mining and Metallurgy (AUSIMM) and Donald
McIver, VP Exploration of the Company, MSc
Exploration and Economic Geology, a Fellow of the Australian Institute of
Mining and Metallurgy (AUSIMM), who are recognized as a Qualified Person
for the purposes of National Instrument 43-101, and who has reviewed and
approved the technical information in this press release.
Quality Assurance and Quality
Control Procedures Disclosure
The Company has implemented and
maintains a Minera IRL quality
assurance/quality control (QA/QC) protocol on its projects to ensure best
industry practice in sampling and analysis of exploration and resource
definition samples. The insertion of field duplicates, certified
standards and blank samples into the sample stream form part of the MIRL
procedure (these act as an independent check on contamination, precision
and accuracy in the analytical laboratory).
Assay results are reported once
rigorous QAQC procedures have been approved.
Independent Audit Programs
Towards maintaining compliancy with international
standards as they pertain to the minerals industry resource evaluation
and estimation procedure, MIRL regularly contracts the services of
industry experts to conduct detailed audits of established QAQC
procedures..
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Minera IRL
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PRODUCER |
CODE : MIRL.L |
ISIN : JE00B1HNYF12 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Minera IRL is a gold producing company based in Peru. Minera IRL develops gold and silver in Argentina and in Peru, and holds various exploration projects in Peru. Its main asset in production is CORIHUARMI in Peru, its main assets in development are GOLDEN ZONE PROPERTY in Peru and DON NICOLAS in Argentina and its main exploration properties are PAN DE AZUCAR, DUTCH FLAT, WINNEMUCCA MOUNTAIN, AWAKENING, CHERT CLIFF, SUMMIT PROJECT, ESCONDIDO and EAST SANTA CRUZ in Argentina, CATA PRETA, OVERLAND PASS, SCRAPER, WHITE CANYON MINE, SOUTH ESTELLE, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO and FOUR METALS PROPERTY in Brazil, HUAQUIRCA, VECA PROJECT, BETHANIA, OLLACHA and QUILAVIRA in Peru, FRONTERA in Chile and OXFORD LAKE, COTE ARCHIE LAKE, BOLO and DEL ORO in Canada. Minera IRL is listed in Canada and in United Kingdom. Its market capitalisation is GBX 809.0 millions as of today (US$ 1.2 billions, € 1.1 billions). Its stock quote reached its highest recent level on January 07, 2011 at GBX 96.00, and its lowest recent point on August 28, 2015 at GBX 0.25. Minera IRL has 231 130 000 shares outstanding. |
Annual reports of Minera IRL |
Project news of Minera IRL |
9/8/2015 | IRL resumes Peru gold mine operations after deal with locals |
9/7/2015 | Local activists occupy Minera IRL's gold mine in Peru, share... |
9/7/2015 | Local activists occupy Minera IRL's gold mine in Peru, share... |
12/24/2013 | descubre Trincheras de 3 g/t de Oro en 200 metros de Don Nic... |
5/22/2013 | Announces Final Community Endorsement of Environmental and S... |
4/2/2013 | Announces Underground Exploration Drill Results, Ollachea Pr... |
2/13/2013 | Announces Successful Completion of Exploration Drive at Olla... |
10/17/2012 | (Don Nicolas)Announces Approval of EIA and Granting of Development Permit... |
9/6/2012 | Discovers New Mineralized System at Don Nicolas Project, Arg... |
7/18/2012 | Confirms Ollachea Resource Estimate |
7/10/2012 | (Don Nicolas)and Communities Sign Social License Agreement for Don Nicola... |
5/16/2012 | (Don Nicolas)Commences Permitting on Don Nicolas Project |
2/14/2012 | Announces Successful Feasibility Study for Don Nicolas Proje... |
4/1/2011 | (Corihuarmi)Minera IRL Announces 2010 Year-End Results |
3/30/2011 | (Escondido)Minera IRL Announces Exploration Update, Escondido Project, ... |
3/3/2011 | (Escondido)Announces Exploration Update, Escondido Project, Argentina |
2/22/2011 | (Pan De Azucar)Announces Scout Drilling Results, Pan de Azucar Prospect, Ar... |
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Corporate news of Minera IRL |
12/23/2015 | December 23, 2015 Minera IRL Limited Reports Resignation of ... |
12/16/2015 | December 16, 2015 Minera IRL Limited Reports EGM Results |
12/16/2015 | December 16, 2015 Minera IRL Limited Reports EGM Results |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
11/27/2015 | November 27, 2015 Minera IRL Limited Reports on Extraordinar... |
11/27/2015 | November 27, 2015 Minera IRL Limited Reports on Extraordinar... |
11/22/2015 | November 21, 2015 Minera IRL Limited Reports on Ollachea Com... |
11/22/2015 | November 21, 2015 Minera IRL Limited Reports on Ollachea Com... |
11/22/2015 | Minera IRL Limited Reports on Ollachea Community Announcemen... |
11/20/2015 | November 20, 2015 Minera IRL Limited: Update on Developments... |
11/20/2015 | November 20, 2015 Minera IRL Limited: Update on Developments... |
11/20/2015 | Minera IRL Limited: Update on Developments With Ollachea Com... |
10/30/2015 | October 30, 2015 Minera IRL Limited Announces Cease Trade Or... |
10/30/2015 | October 30, 2015 Minera IRL Limited Announces Cease Trade Or... |
10/28/2015 | October 28, 2015 Minera IRL Limited Announces Delisting of O... |
10/28/2015 | Minera IRL Limited Announces Delisting of Ordinary Shares Fr... |
10/23/2015 | October 23, 2015 Minera IRL Limited: Notice of EGM and Posti... |
10/23/2015 | October 23, 2015 Minera IRL Limited: Notice of EGM and Posti... |
10/23/2015 | Minera IRL Limited: Notice of EGM and Posting of Circular |
10/22/2015 | October 22, 2015 Minera IRL Limited Responds to Unauthorized... |
10/22/2015 | October 22, 2015 Minera IRL Limited Responds to Unauthorized... |
10/22/2015 | Minera IRL Limited Responds to Unauthorized Press Release |
10/21/2015 | October 21, 2015 Minera IRL Limited Provides Corporate and O... |
10/21/2015 | October 21, 2015 Minera IRL Limited Provides Corporate and O... |
10/21/2015 | Minera IRL Limited Provides Corporate and Operational Update |
10/9/2015 | October 09, 2015 Minera IRL Limited Announces That a Group o... |
10/9/2015 | October 09, 2015 Minera IRL Limited Announces That a Group o... |
10/1/2015 | October 01, 2015 Minera IRL Limited Announces Resignation of... |
9/29/2015 | September 29, 2015 Minera IRL Limited Announces Delay to Pub... |
9/29/2015 | September 29, 2015 Minera IRL Limited Announces Delay to Pub... |
9/25/2015 | CORRECTION: Trading Suspended - Minera IRL Limited (Symbol: ... |
9/25/2015 | September 25, 2015 Minera IRL Limited Responds to Reports of... |
9/25/2015 | September 25, 2015 Minera IRL Limited Responds to Reports of... |
9/25/2015 | Minera IRL Limited Responds to Reports of Unauthorized Press... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Process of R... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Process of R... |
9/21/2015 | Minera IRL Limited Announces Process of Removing Former Comp... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Suspension o... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Suspension o... |
9/21/2015 | Minera IRL Limited Announces Suspension of Trading on AIM |
9/21/2015 | IIROC Trading Halt - IRL |
9/9/2015 | September 09, 2015 Minera IRL Limited Announces Lifting of B... |
9/7/2015 | September 07, 2015 Minera IRL Limited Announces Temporary Su... |
9/7/2015 | September 07, 2015 Minera IRL Limited Announces Temporary Su... |
9/7/2015 | Minera IRL Limited Announces Temporary Suspension of Operati... |
9/3/2015 | September 03, 2015 Minera IRL Limited: Appointment of Non-Ex... |
9/3/2015 | September 03, 2015 Minera IRL Limited: Appointment of Non-Ex... |
9/3/2015 | Minera IRL Limited: Appointment of Non-Executive Chairman to... |
8/27/2015 | August 27, 2015 Minera IRL Limited Reports AGM Voting Result... |
8/27/2015 | August 27, 2015 Minera IRL Limited Reports AGM Voting Result... |
8/24/2015 | August 24, 2015 Minera IRL Limited Announces Management Chan... |
8/24/2015 | August 24, 2015 Minera IRL Limited Announces Management Chan... |
8/24/2015 | Minera IRL Limited Announces Management Change |
8/17/2015 | August 17, 2015 Minera IRL Limited: Community Suspension of ... |
8/17/2015 | Minera IRL Limited: Community Suspension of Development Acti... |
7/22/2015 | July 22, 2015 Posting of Circular, Notice of AGM and Propose... |
7/22/2015 | July 22, 2015 Posting of Circular, Notice of AGM and Propose... |
7/22/2015 | Posting of Circular, Notice of AGM and Proposed Consolidatio... |
7/14/2015 | July 14, 2015 Minera IRL Announces Appointment of Eric Olson... |
7/14/2015 | July 14, 2015 Minera IRL Announces Appointment of Eric Olson... |
7/14/2015 | Minera IRL Announces Appointment of Eric Olson as Chief Oper... |
4/21/2015 | April 21, 2015 Minera IRL Announces Passing of Founding Dire... |
4/21/2015 | April 21, 2015 Minera IRL Announces Passing of Founding Dire... |
4/21/2015 | Minera IRL Announces Passing of Founding Director Courtney C... |
4/1/2015 | April 01, 2015 Minera IRL Provides Corporate Update |
4/1/2015 | April 01, 2015 Minera IRL Provides Corporate Update |
4/1/2015 | Minera IRL Provides Corporate Update |
3/6/2015 | March 06, 2015 Minera IRL CEO Taking Leave of Absence, Execu... |
3/6/2015 | March 06, 2015 Minera IRL CEO Taking Leave of Absence, Execu... |
3/6/2015 | Minera IRL CEO Taking Leave of Absence, Executive Chairman A... |
1/21/2015 | January 21, 2015 Minera IRL Announces Director Resignation |
1/21/2015 | January 21, 2015 Minera IRL Announces Director Resignation |
1/21/2015 | Minera IRL Announces Director Resignation |
1/21/2015 | Minera IRL Announces Director Resignation |
12/23/2014 | December 23, 2014 Minera IRL Provides Update on Ollachea Fin... |
12/23/2014 | December 23, 2014 Minera IRL Provides Update on Ollachea Fin... |
12/23/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
12/23/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
11/13/2014 | November 12, 2014 Minera IRL Reports Third Quarter 2014 Resu... |
11/13/2014 | November 12, 2014 Minera IRL Reports Third Quarter 2014 Resu... |
11/13/2014 | Minera IRL Reports Third Quarter 2014 Results |
11/13/2014 | Minera IRL Reports Third Quarter 2014 Results |
9/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
9/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
8/13/2014 | Minera IRL Reports Second Quarter 2014 Results |
8/13/2014 | Minera IRL Reports Second Quarter 2014 Results |
7/30/2014 | Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS |
7/30/2014 | Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS |
7/21/2014 | Minera IRL Identifies New Zones of Gold Mineralization at th... |
7/21/2014 | Minera IRL Identifies New Zones of Gold Mineralization at th... |
6/30/2014 | Provides Update on Ollachea Financing Negotiations and Exist... |
6/30/2014 | Minera IRL Receives Construction Permit to Build the Ollache... |
6/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
6/30/2014 | Minera IRL Receives Construction Permit to Build the Ollache... |
6/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
6/4/2014 | Minera IRL Reports Positive Ollachea Project Optimization Re... |
6/4/2014 | Minera IRL Reports Positive Ollachea Project Optimization Re... |
5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
5/9/2014 | Minera IRL Provides Notice of First Quarter 2014 Results and... |
5/9/2014 | Minera IRL Provides Notice of First Quarter 2014 Results and... |
4/3/2014 | Minera IRL Announces Notice of Annual General Meeting, Direc... |
4/3/2014 | Minera IRL Announces Notice of Annual General Meeting, Direc... |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | Minera IRL Provides Notice of Fourth Quarter and Year-End 20... |
2/17/2014 | Provides Company UpdateCc: |
2/17/2014 | Informaci=F3n Actualizada de Minera IRLCc: |
2/10/2014 | anuncia cambios en el Directorio y Gerencia de la Compa=F1=E... |
11/29/2013 | participa del Mines and Money y es nominada a dos premios in... |
11/29/2013 | will be attending Mines and Money |
11/14/2013 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
9/30/2013 | Application of the Takeover Code |
9/26/2013 | Recibe la Aprobaci=F3n para el Desarrollo del Proyecto de Or... |
9/26/2013 | Receives Approval to Develop the Ollachea Gold Project |
8/19/2013 | Announces $80 million Financing for the Don Nicolas Gold Pro... |
8/19/2013 | Anuncia Financiamiento de $80 millones par |
5/14/2013 | Anuncia los Resultados Financieros Para el Primer Trimestre ... |
5/9/2013 | Anuncia Tres Nuevos Sistemas de Vetas de Oro en Patagonia |
4/2/2013 | Anuncia los Resultados de la Perforaci=F3n |
3/28/2013 | Anuncia sus Resultados Financieros del ejercicio del a=F1o ... |
3/28/2013 | Announces 2012 Year-End Results |
2/13/2013 | Anuncia la Exitosa Finalizaci=F3n de |
11/5/2012 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
10/17/2012 | Anuncia la Aprobaci=F3n del EIA y el Otorgamiento del Permis |
9/6/2012 | Descubre Nuevo Sistema Minera |
8/24/2012 | Notice of Annual General Meeting |
8/24/2012 | Notificaci=F3n de Asamblea General Anual de Minera IRL Limit... |
8/13/2012 | Anuncia los Resultados Financieros para el Segundo Trimestre... |
7/18/2012 | Confirma el Estimado de Recursos de Ollachea |
7/10/2012 | y Comunidades Firman un Acuerdo de Lic |
6/22/2012 | Sr. Diego Benavides de Minera IRL COMUNIDAD DE OLLACHEA |
6/7/2012 | and Ollachea Community Sign a Thirty Year Surface Rights Agr... |
6/7/2012 | y la Comunidad de Ollachea Firman un |
5/16/2012 | Inicia Proceso de Permisos en el Proyecto Don Nicol=E1s |
5/10/2012 | Anuncia sus Resultados Financieros al Primer Trimestre del 2... |
3/30/2012 | Announces 2011 Year-End Results |
3/30/2012 | Anuncia sus Resultados Financieros del Ejercicio del a=F1o 2... |
3/5/2012 | anuncia Cierre de Oferta de Acciones Comunes por aproximadam... |
3/5/2012 | Announces Closing of Approximately C$33.1 Million Offering |
2/17/2012 | Announces Commencement of Ollachea Exploration Tunnel |
2/17/2012 | Anuncia el Inicio de la Constru |
2/14/2012 | Anuncia el Resultado Exitoso del Estudio d |
11/29/2011 | Realiza el pago de la =FAltima cuota del Contrato de Op |
8/31/2011 | El Directorio de Minera IRL Aprueba la Cons |
6/14/2011 | Announces Significant Resource Upgrade, Ollachea Project, Pe... |
6/14/2011 | Anuncia Significativo Aumento =?ISO-8859-1?Q?de_Recursos_en_... |
5/13/2011 | Anuncia los Resultados Financieros para el Primer Trimestre ... |
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