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10/19/15

A letter from the Concened Shareholders of Minera IRL (MIRL.L) (IRL.to)

Word on the streets of Peru is that the usurpers being marionetted by Daryl Hodges want to delay the EGM until December 4th, practically the last possible date. With that in mind, the concerned shareholders who have called the EGM sent this to the necessary authorities yesterday:

Lima,  October 18  2015

Sirs:
Superintendencia del Mercado de Valores - Perú
Board of Minera IRL Limited
Cannacord-Genuity Limited

Point of Business: Convocation of Extraordinary General Meeting

Dear Sirs,

In accordance with the official announcement by Minera IRL Limited in the press release dated 9 October 2015, a group of over 10% of company shareholders have solicited from Minera IRL Limited (“the Company”), the convocation of an Extraordinary General Meeting (“EGM”), with the aim of presenting special resolutions for the consideration and if agreed upon by shareholders, the approval and application of said special resolutions.  This solicited EGM requires up front that the Company and its subsidiaries not enter into any agreements or arrangements to directly or indirectly dispose of or affect any of its businesses, assets or operations until the realization of said EGM.  The proposed resolutions are to vote in the EGM for the removal of the current Board of Minera IRL Limited and to replace it with a Board comprising six new directors. 

To conform with Article 89 of the Law of Companies, Jersey, 1991, and with the statutes of the Company, we hope that the EGM will be called and held within the briefest time frame, and previous to the maximum of two months stipulated by law, as we shareholders hold grave concerns regarding the conduct of the Company.

We consider that a prompt holding of the requested EGM will resolve the current restrictions that face shareholders, unable to buy or sell shares of the Company due to the trading suspension since 21 September 2015.  As it stands, the value of our shares is zero.

It is also necessary to consider that delays to the execution of the EGM will increase the impact on fundamental aspects of the Company, such as the relationship with the Community of Ollachea, where the flagship gold project is located, and with COFIDE, the Peruvian state organization with which Minera IRL SA entered into an agreement in June 2015 for bridging finance for US$70 million and which maintains a mandate to allow financing for US$240 million.

We trust that all associated market institutions will comply with their responsibilities in terms of the law and transparency in order to protect the rights of the shareholders, the Community of Ollachea and finally the Company and its subsidiaries.

Awaiting your kind response,