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2/5/16

More Minera IRL news this morning

Here's the link, here are the contents:



February 5, 2016

Minera IRL Limited: Agreement Reached Regarding Control of Subsidiary Company

LIMA, PERU--(Marketwired - Feb. 5, 2016) - Minera IRL Limited ("Minera IRL" or the "Company")
AIM:MIRL)(BVLAC:MIRL) announces that it has reached an agreement in principle with Diego Benavides, General Manager of the Company's 99.99% owned operating subsidiary, Minera IRL S.A., to transfer the one share in the subsidiary not already owned by the Company to an independent Peruvian lawyer designated by the Board. In addition, this lawyer will hold a general power of attorney on behalf of the Board. These steps will result in the Company regaining control over Minera IRL S.A.

The agreement requires that all criminal complaints and lawsuits are withdrawn and that an independent investigator immediately conducts an investigation into the whistleblower reports which the Company reported last year.

The Company will retain a consulting engineer to assess the operations at the Corihuarmi mine, which will provide the information needed to complete the outstanding matters which have delayed completion of the June 2015 interim financial statements.

The Board will review both the composition of the Board and the management structure and make new appointments as appropriate, including a CEO and CFO.

In addition, the Company reports that it was unable to pay a promissory note of $2.2 million to Rio Tinto which was due for payment on 31st January 2016, after Rio Tinto had granted a 31-day extension. The Company is in discussion with Rio Tinto regarding terms for a further extension.

The Company's suspension to trading on AIM will remain in place until both the Company's June 2015 interim financial statements have been published and the Company's nominated adviser is satisfied that the Company can continuously comply with the AIM Rules for Companies.



What this is in one word: Reconciliation. It seems the two warring factions inside IRL are speaking to each other at last and coming to decisions that are for the good of the company (at last). However, I'd warn you all that you can't trust the Team Hodges end of this deal as far as you can throw them and that I'd expect Team Benavides to be wary of any traps they're trying to set.