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Minera IRL SA: This is an official English language news release from Team Benavides

As well as the translation below, there is an alternative English language NR now doing the rounds. This was sent to me by reader DL (ty sir) from his Bloomie terminal.

Please note that the content in this NR and the translation of the Spanish language circular is different (there are some more details pertinent to the Peru end of IRL in my translation), so it's worth reading both these articles carefully.

Here's the link to my Spanish language translation of the Peru news release, with the extra information.


  Minera IRL SA - Minera IRL shareholders should back EGM proposals

RNS Number : 2724F
Minera IRL SA
11 November 2015

Shareholders recommend to VOTE FOR ALL  the resolutions to be proposed at  the
Requisitioned Extraordinary General Meeting on November 26, 2015.

                  Support a new Board proposed by shareholders

                 to help the recovery of Minera IRL Limited.


The new Board proposed by shareholders will resume the financing process with
       COFIDE to develop Ollachea, helping unlock value in the Company

London, November  11:  A  group  of  concerned  shareholders  in  Minera  IRL,
representing 10.9% are have convened  an Extraordinary General Meeting  (EGM),
to be held on November 26.

These shareholders, have chosen to intervene in Minera IRL Ltd to help address
serious concerns  about the  governance  of the  Company,  which are  seen  as
affecting financial and key stakeholder relationships.

  They recommend their fellow  shareholders to VOTE FOR  change by appointing  6
new Directors and removing  the 3 current incumbent  Directors. This vote  for
positive  change  by  ensuring  an  independent  and  experienced   governance
structure is put in place is for the following key reasons:

ü We need a winning business plan to repair the Company's value

ü A fresh independent Board is needed to implement this change

ü To resume the good relationship with stakeholders

ü There is a need to improve Corporate Governance Standards

  We need a winning business plan to repair the Company's value for shareholders

·      Corihuarmi Gold  Mine has  a life of  mine (LOM)  until mid-2017,  with
strong potential to increase the LOM to 2019, through a minor investment in  a
drilling programme, which the new Board will promote; and

·      The development of the flagship Ollachea project was jeopardized by the
actions of the former Executive Chairman  Daryl Hodges and by recent  comments
made by current Non Executive Chairman  Jaime Pinto.  A new Board is  required
to repair  links  with  the  Ollachea community  and  provide  continuity  and
effective management going forward.

The Way Forward -  The Requisitionist shareholders' business  case is seen  as
providing better value for shareholders; key elements are:

·      Under a stable and effective new Board, the Company will be much better
placed to  secure necessary  funding. COFIDE,  Peru's state-owned  development
bank, will structure a debt  facility of up to  $240m under which Jorge  Ramos
will sit on the otherwise predominantly independent Minera Board;

·      The  resuming of  this  financing will  help  build the  Ollachea  gold
Project in the South  of Peru, and  to extend the  lifespan of the  Corihuarmi
mine; and

·      Bringing a  halt to  costly remuneration  practices that  has seen  the
former Executive Chairman potentially receiving US$1,035,000 for a seven month
period from  March  to  December  2015.  This  include  a  'Golden  parachute'
termination clause  of  USD500,000 being  provided  for the  former  Executive
Chairman in the advent of a change-in-control, and a payment to him each month
of USD15,000 since his removal from the Board.

A fresh independent Board is needed to implement this change

A new Board will:  be more independent; help  improve corporate governance  at
the Company; and  mean a  reduction in the  reputational risk  profile of  the

The Board proposed  by the  shareholders includes:  Jorge Luis  Ramos, CEO  of
COFIDE; Julian Bavin, former CEO of the Americas of Rio Tinto; Leonard Harris,
former CEO of Minera Yanacocha (Newmont);  Frank O'Kelly, former member of  JP
Morgan; Armando Lema, Partner in Estudio  Thorne, Echeandia & Lema; and  Diego
Benavides, Company co-founder and  President of Minera  IRL S.A. and  Compañia
Minera Kuri Kullu S.A.

The present Board is  too small and lacks  the sufficient direction to  tackle
the Company's problems which include: a) recent mismanagement of the  Company;
b)  the  lack  of  confidence  from  shareholders  and  stakeholders  and   c)
potentially jeopardising  the  flagship  Ollachea  project.  When  the  former
Executive Chairman was voted off the Board the Company was left with only  two

The New Board                             Incumbent Board
ü   More   independence   -   Independent ×    There are  too few  independent
directors form  the majority  of  nominee directors to  consider  the  various
slate                                     committees function independently
ü  Improved  board  functioning  with   a ×    With only three directors,  the
doubling of the board size                Board  is  seen   to  be  short   on
ü Increased  experience  -  the  six  new ×    The two most recently appointed
directors have over  120 years of  mining directors, based in Canada and Peru,
experience                                have not visited  the key assets  or
                                          the Community. 
ü The key  mine asset will  be kept  open ×    Potential closure of Corihuarmi
and developed                             mine
ü Continued support from the main  funder ×    Risk of loss  of US$ 240m  loan
(COFIDE) through  the existing  structure facility from COFIDE and  triggering
mandate which needs to be revived         of demand for US$70m repayment
ü  Ollachea  Community  support  will  be ×     Risk  for  the  community   to
restored at what was  considered to be  a continue  the  shut   down  of   the
best  practice  case   study  under   the Ollachea project
guidance of  Mr  Benavides,  one  of  the

·      The Board turnover has been high over the last two years with at  least
four directors leaving the Board for a variety of reason from 2014-15;

·      One of the incumbent  directors, Mr Pinto, has  not been voted upon  by
shareholders as he  was appointed within  hours of  the AGM, as  a stopgap  in
order to ensure that there were at least three directors on the Board, as  per
the Company's Articles of Association;

·       The  expertise  and   experience  of  the   current  Board  of   three
non-executive directors is  lacking compared  to the  Proposed Directors,  who
have direct and recognized experience  of developing mining projects in  Peru,
and collectively have over 120 years' experience in mining; and

·      The current  Board is seen  as being  conflicted and too  close to  the
deposed former Executive Chairman, Daryl Hodges, who was voted out  decisively
by shareholders (with 91.72% voting against  his re-election) at the 2015  AGM
following actions which damaged the  relationship with the Peruvian  community
and jeopardized development of operations.

The consequences of Mismanagement of the Company by former Executive  Chairman
Daryl Hodges has to  be addressed, and  the present Board  is not suitable  to
achieve this. The new Board's qualities include:

·      Their  expertise  amounts to  120  years  in mining  and  also  covers,
corporate affairs, finance and community relations;

·      Of the six Proposed Directors, four are independent under the  Canadian
National Instrument 58-101  Disclosure of Corporate  Governance Practices  (NI
58-101) and  the UK  Corporate Governance  Code. Mr.Jorge  Ramos may  also  be
considered to be independent  as there are no  conflict of interests being  an
employee of COFIDE, which, as a development bank has no direct connection with
the economic sector (mining) in which Minera IRL operates; and

·      The Head of the Key subsidiary has been selected to join an independent
Board of specialists that  will help improve the  fortunes of the Company  and
bring extensive mining related experience to resolve the issues that have been
building at the Company.

To resume the good relationship with stakeholders

Improved relationships with funders - Under a stable and effective new  Board,
the Company will be  much better placed to  secure necessary funding.  COFIDE,
Peru's state-owned development bank, will structure  a debt facility of up  to
$240m under  which  Jorge  Ramos  will  sit  on  the  otherwise  predominantly
independent Minera IRL Board.

Improved relationships with  the local community  and employees -  Maintaining
good relationships with  the Ollachea  community is essential  to develop  the
Company's flagship project.

·      The Ollachea Community Board of Directors have informed the subsidiary,
Compañia  Minera  Kuri  Kullu  S.A.,  that  they  consider  the  allusions  to
manipulation, made by the current Board  in the EGM Circular, to be  offensive
and also that the statements made by the Non-Executive President, Jaime Pinto,
regarding Community support, are not appropriate; and

·      The election of the Proposed  Directors will serve to repair  relations
with the Ollachea community,  and one Board nominee,  Mr Diego Benavides,  has
been uniquely appointed to be an  Honourable Community Member by the  Ollachea
community, and is well placed to repair the relations with the community.

There is a need to improve Corporate Governance Standards

Little mention is made of this key area of interest for shareholders and  this
may have led to the:

·      Proxy advisers  having made negative  vote recommendations against  the
Company in the recent  past, with ISS  recommending against three  resolutions
(including one of the current directors, Mr Jones); and that

·      Four of the ten resolutions proposed at the 2015 AGM failed to pass (to
re-elect Executive Chairman Daryl Hodges,  to continue stock option plans,  to
issue shares without pre-emption rights at up to 50% / ISC and to  consolidate
the Company's shares). The  vote was only  8.3% FOR on  the election of  Daryl

The Way forward

We recommend to VOTE IN FAVOUR in all the Proxy's choices.

Key facts to note:

·       Mr.  Benavides  was  appointed  to  this  position  by  the  Company's
co-founder Courtney  Chamberlain, before  he announced  his medical  leave  in
March 2015.

·      Mr. Benavides has been President and General Manager of Minera IRL S.A.
for 13  years, with  total transparency  and a  successful management  of  the
Board, and has  held similar  positions for 9  years in  Compañia Minera  Kuri
Kullu S.A. He did not take de-facto control of the Peruvian subsidiaries,  but
continued in his duties.

·      There  is enough  evidence that  the Company's  personnel affected  the
relationship with the Community  and misused the  Company's assets to  warrant
shareholder intervention. The evidence and legal procedures are in course  and
are being duly submitted in compliance with the Peruvian laws.

·      The Financial Statements could have  been submitted as Minera IRL  S.A.
sent its completed documents on August 06,  2015 to the CFO, Brad Boland,  who
resigned his post on September 28, 2015, irrevocably and immediately,  leaving
the Company without the signature required by the TSX for its publication;

·      Mr. Jorge Ramos is qualified to  be an independent member of the  Board
as there are no conflict  of interests, as COFIDE  is a development bank;  and
therefore it has  no direct connection  with the economic  sector (mining)  in
which Minera IRL operates.  Moreover, Mr. Ramos  will participate as  Director
based on his professional experience, not as COFIDE's representative.

Voting Procedures:

How to vote at the EGM

If you require assistance with voting your shares please call: 020 7183 9765,
or email:

Cast your Proxy online…It's fast, easy and secure! At

If you are a registered shareholder:

You should return their form of proxy completed and signed in accordance  with
the instructions provided. The form of  proxy should be sent to the  Company's
registrars,   Computershare   Investor   Services   (Jersey)   Limited,    c/o
Computershare Investor Services PLC,  The Pavilions, Bridgwater Road,  Bristol
BS99 6ZY, United Kingdom, by not later than 10:00 a.m. Toronto time (3:00 p.m.
GMT) on 24 November  2015. Shareholders on the  Canadian Registry may  instead
return their  proxy  (so  as to  be  received  within the  same  deadline)  to
Computershare  Investor  Services  Inc.,  Attention:  Proxy  Department,   100
University Avenue, 8th Floor, North Tower, Toronto, Ontario M5J 2Y1 Canada.

If you are a beneficial holder

If you hold beneficial interests in shares in the Company, for example, shares
registered under the name of CDS & Co. (the registration name for The Canadian
Depositary for Securities  Limited, which  acts as nominee  for many  Canadian
brokerage firms) please see the notes in Part 4 of the Circular.

UK directly registered holders, can vote in one of three ways:

by Proxy Form; appoint a proxy; or attend the meeting.

Voting by Proxy Form

The voting deadline is: 24 November 2015 by 10:00am (15:00hrs GMT)

The proxy  forms  are  issued  in  respect  of  a  designated  account  for  a
shareholder. If  any  alterations  are  made  to  this  form  they  should  be

What do I need to appoint more than one proxy?

To appoint more than one proxy, the shareholder will need an additional  proxy
form for  each proxy,  or call  the  Registrar's helpline  on 0370  707  4040.
Additional proxy forms can also be obtained by contacting this helpline.

How do you submit the proxy forms ?

All proxy forms must be signed and returned together in same envelope to:

Company's  Registrars  -  Computer  Share  Investor  Services  PLC,  c/o   The
Pavilions, Bridgwater Road,  Bristol BS99  6ZY on  the 24th  November 2015  no
later than 10 am UK time and 3pm GMT - Toronto time.

Voting through appointing a proxy

The voting deadline is: 24 November 2015 by 10:00am (15:00hrs GMT)

Shareholders have the right to appoint  some other person(s) of their  choice,
as a proxy.

Instructions appointing a  proxy via  CREST are  done using  the system  using
issuer ID number: 3RA50.

Instructions are to be  sent no later  than 48 hours  before the meeting.  The
Circumstances are  set  out  in  Article  34  of  the  companies  (Uncertified
Securities) (Jersey) Order 1999.

Confirmation of the vote

Keep the time  stamp generated  by the CREST  system. CREST  messages must  be
received by the  issuer's agent  (ID number: 3RA50)  not later  than 48  hours
before the time  appointed for  the meeting.  The timestamp  generated by  the
CREST system will be used as a receipt.

Voting by attending the Meeting

The Meeting is: 26 November 2015 at 10:00 (EST) (15:00hrs GMT).

The completion and return of  the proxy form will  not preclude a member  from
attending the meeting and voting in person  - A member can attend the  meeting
even after applying for a proxy.

You will be entitled to attend the meeting and vote the number of votes  which
will be determined by reference to the  Register of Members of the Company  at
close of business two days  prior to the meeting. For  a member to attend  and
vote, all shares  must be registered  2 days before  the meeting according  to
Article 40 of the Companies  (Uncertificated Securities) (Jersey) Order  1999,
Notices by  which  a  person must  be  entered  on the  relevant  register  of
securities in order to have the right  to attend or vote at the meeting,  must
be received no later than 48 hours before the actual meeting.

The registered shareholder can walk in and vote. A proxy will need a letter of
representation to attend a meeting and vote.

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about  Company
management and  operating  performance;  statements  regarding  the  Financial
Materials,  the  Order,   and  the  actions   of  the  securities   regulatory
authorities; and  other  statements expressing  management's  expectations  or
estimates of  future  events,  performance  and  exploration  and  development
programs or  plans  constitute "forward-looking  statements".  Forward-looking
statements often, but  not always,  are identified  by words  such as  "seek",
"believe",  "expect",  "do   not  expect",  "will",   "will  not",   "intend",
"estimate", "anticipate",  "plan", "schedule"  and  similar expressions  of  a
conditional or  future oriented  nature identify  forward-looking  statements.
Forward-looking statements are, necessarily, based upon a number of  estimates
and assumptions.  While  considered by  management  to be  reasonable  in  the
context in  which they  are made,  forward-looking statements  are  inherently
subject to  political,  legal, regulatory,  business  and economic  risks  and
competitive uncertainties and contingencies.

The Company cautions readers that forward-looking statements involve known and
unknown risks, uncertainties and  other factors  that may  cause Minera  IRL's
actual financial results,  future performance and  results of exploration  and
development programs and plans to be materially different than those  expected
or  estimated   future  results,   performance   or  achievements   and   that
forward-looking statements are not  guarantees of future performance,  results
or achievements.

Forward-looking statements are made  as of the date  of this news release  and
Minera IRL assumes no obligation, except as may be required by law, to  update
or revise them to  reflect new events  or circumstances. Risks,  uncertainties
and contingencies and  other factors  that might cause  actual performance  to
differ from  forward-looking  statements  include, but  are  not  limited  to,
difficulties in respect of  management of the  Company, inability to  complete
fulfil requirements prescribed  by stock exchanges  and securities  regulatory
authorities, any  failure to  obtain  or complete  project financing  for  the
Ollachea gold project, legislative, political, social or economic developments
both within  the countries  in  which the  Company  operates and  in  general,
contests over title to property, the speculative nature of mineral exploration
and development, operating  or technical difficulties  in connection with  the
Company's development or exploration programs, increasing costs as a result of
inflation or scarcity  of human  resources and input  materials or  equipment.
Known and  unknown risks  inherent in  the mining  business include  potential
uncertainties related to the title of mineral claims, the accuracy of  mineral
reserve  and  resource  estimates,   metallurgical  recoveries,  capital   and
operating  costs  and   the  future  demand   for  minerals.  For   additional
information, please consult the Company's most recently filed MD&A and  Annual
Information Form.

                     This information is provided by RNS
           The company news service from the London Stock Exchange