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10/1/15

(UPDATED) A short post designed to explain to the readers of IKN the moral bankruptcy of the current Minera IRL (MIRL.L) (IRL.to) board of directors

This week, the board of directors of Minera IRL (MIRL.L) (IRL.to) decided to refuse to pay the company employees. Not for the lack of cash in treasury or for any other reason than pure schoolboy-level spite.

Due to this decision, a whole group of people who have been working diligently have not received the salary they are due. Many (and I'd dare say most) of these people are not well-off, certainly not at an executive pay level and depend on their monthly to pay their bills, buy normal human essentials, etc. 

The board made the express decision to withhold payment but they are now internally trying to blame their nemesis Diego Benavides for their own call, a person who is not a member of the board of directors and had no part in the decision at all. Utter madness.

The company CFO Brad Boland (also not part of the board) resigned earlier this week due to this board decision. However, the company still hasn't bothered to reveal this major material event to the market even though two days have passed since Boland threw in the towel.

However, Daryl Hodges still managed to draw his $15,000 "consultancy fee" last month. The person who tells all and sundry he wanted to bring transparency and equity to the company continues to suck it dry, while the rank and file go without pay.

And as I told Jaime Pinto in a mail on hearing of the above, not paying your employees is the lowest of the low.

UPDATE: IRL has finally got round to telling the world that which IKN readers knew two days ago. This out half an hour ago:

LIMA, PERU--(Marketwired - Oct 1, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (IRL.TO)(MIRL.L)(MIRL.L) announces that Brad Boland, CFO and Corporate Secretary of Minera IRL, has resigned from his position, effective immediately. The Company has commenced the search for a replacement.
The Board would like to thank Brad for his service to Minera.

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