GOLD: Minera IRL faces delay at Ollachea

PERU – The local Ollachea community has withdrawn it support for the Ollachea gold project owned by Minera IRL of Lima. The community president said it a letter to the company that there are concerns about IRL's plans to reorganized its management structure and the role of certain individuals within the company.

Minera IRL has responded to the community, reiterating its solid commitment to the community and promising again to honour all previous commitments. The company awaits the outcome of the community's internal discussions.

Unfortunately, without the support of the local community, the company has had to postpone a 5,000-metre drilling program scheduled to begin this month. The final negotiation of the engineering-procurement-construction-management contract is on hold, and the company says there is a risk that financing for the Ollachea project in the southern part of the country will be withdrawn.

More information about Ollachea is available at Minera-IRL.com/en.