Minera IRL extends Corihuarmi mine life

Tuesday, May 26, 2009

Lima-based gold producer Minera IRL (AIM, Lima: MIRL) has extended the life of its Corihuarmi mine in Peru with the increase of its reserves and now anticipates that the mine will continue producing until mid-2013, roughly three years more than the original mine life.

Corihuarmi poured its first gold in March 2008 and aims to churn out 31,000oz this year at a cash cost of some US$370/oz.

The mine's measured and indicated resources now total 6.68Mt grading 0.72g/t gold. Proven and probable reserves amount to 6.28Mt grading 0.74g/t gold, the company reported in a release.

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The Corihuarmi mine in Q1 churned out 7,150oz at a cash operating cost of US$364/oz and exceeded its goal of producing 35,000oz last year.

The company is also developing the Ollachea gold project in Peru.