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11/20/15

Three more from Minera IRL

First up, your humble scribe has managed to get his grubby little hands on a copy of the criminal charges filed against Jaime Pinto on November 17th 2015. It's a big long document, so rather than clutter up the blog with it today I'll stick it up here tomorrow Saturday, when less people come around.

Next, this morning the Team Hodges scoundrels trying to cause crap in Ollachea have this morning been trying to get more signatures to their list by using a megaphone and calling for support in the local Friday market, according to my source in the town. He says it's important to underscore that they're now trying to get any old signature and not even checking on whether the person is from the town (on market days the town swells with people from outlying areas. This is because they could only manage to get 20 signatures from the "empadronados", i.e. the approx 750 people with full voting rights on all community affairs in Ollachea. Yup, Jaime "NOT HODGES!"Pinto is that desperate to get his fake paper out to you. And by the way, the President of the Ollachea Community isn't in town, as his wife is ill in hospital and he's had to be with her this week in the city of Juliaca...funny how they manage to take advantage of the absence of him too, isn't it?

Lastly, here below is the latest NR from Minera IRL SA (Team Benavides) explaining more about the dirty tricks being used by Team Hodges in Ollachea. This was published in the wee small hours of this morning, before the marketplace fun. And here's the latest form the liars at Team Hodges, linked here, that desperately tries to spin what little they have into "the community is split".

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The Board of Minera IRL Limited Promotes Conflict in the Community of Ollachea

Lima 19 November 2015:  Minera IRL wishes to report that the Board of Minera IRL Limited is promoting agitation and conflict in the Community of Ollachea, with the goal of destabilizing peace in order to have a group of community members sign a declaration in their favor, one week before the EGM of Company shareholders on the 26 November.
Mr Jaime Pinto, non Executive Director leading the Board of Minera IRL Limited, is under criminal investigation for charges of corruption and generating losses of US$50 million for the Peruvian State.
The investigation is in process against Mr Pinto before the 2nd Provincial Criminal Prosecutor's Office which specializes in corruption charges for public employees.  This investigation relates to the loss of large sums for the purchase of external debt during Mr Pinto's time of employment with the Peruvian Ministry of Economy and Finance.
Also, during his time as CEO of Mantaro Peru SAC, Mr Pinto utilised divisive practices in neighbouring communities to the Phosphate Exploration Project in Junin, the Project remains paralyzed indefinitely.
The Board of Minera IRL Limited is currently promoting division in the Community of Ollachea, failing to use the proper channels of the elected Board of the Community, or to respect the Community's statements.  These actions have been reported to the National Office of Dialogue and Sustainability of Counsel to the President and the Office of Social Development in the Ministry of Mining and Energy.
Through meetings with a small group of community members in Lima, distribution of leaflets, the convenient editing of private meetings with the Community and looking for signatures in the streets of Ollachea, the Board is promoting the removal of the actual President of the Community, generating insurgency and disrespect for the decisions of the Community Assembly.
The small group of community members who met in Lima with Mr Jaime Pinto,(as reported in their press release of November 13), were instructed by Mr Pinto to distribute his letter, which accuses the Community of being manipulated, and questions their decision
This leaflet and press release from the Board of Minera IRL Limited, generated a response fom the Board of the Ollachea Community, who are qualified to respond, according to the Law of Rural Communities of Peru.  Their statement asked for respect and that Mr Pinto abstain from continuing with those same actions.
Despite this, the Board of Minera IRL Limited persisted in its actions and published in its website conveniently edited videos of a meeting with the Community held on November 7.  The meeting lasted for over 2 hours and the edited video only presents 6 minutes.   The end of the video features messages (not from the Community) downgrading the Directors proposed by shareholders for the EGM of November 26 and mentions one of the  shareholders of the Company.
Minera IRL SA laments that the current Board of Minera IRL Limited, due to its lack of knowledge about Communities in Peru, is generating conflict, at the expense of 8 years of good relations developed with the Rural Community of Ollachea, and reiterates that charges of these dealings are before the correct authorities.


UPDATE: Here's UK brokerage SP Angel, who doesn't fall for the Team Hodges BS at all.