Minera IRL's Corihuarmi records 10,259oz gold output in Q4

Thursday, January 21, 2010

Lima-based Minera IRL (AIM, Lima: MIRL) reported its Corihuarmi mine in Peru turned out 10,259oz of gold in the fourth quarter of 2009, 18% above expectations, and 33,012oz of gold in the full year.

The company previously reported 2008 output of 51,691oz, some 40% more than budgeted. Corihuarmi is designed to produce at a rate of some 30,000oz/y until mid-2013.

Cash costs in 2009 were US$341/oz, up from the previously reported US$161/oz in 2008, IRL said in a statement.

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Fourth quarter cash costs came in 23% below budget at US$248/oz, as mining focused on the Susan pit which provided no waste material and higher gold production, the statement said without providing comparative figures.

Cash flow from Corihuarmi is helping to fund ongoing drilling at IRL's Ollachea gold project, also in Peru, where a prefeasibility study is targeted for completion this year.

Work is also underway at the recently acquired Don Nicolás gold project in Argentina, where exploration spending is slated at US$5mn for this year.