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11/28/16

Minera IRL: Ahhh, you gotta read this one!

Right here, and here's the full paste-out:


LIMA, PERU, Nov 28, 2016 (Marketwired via COMTEX) -- LIMA, PERU--(Marketwired - Nov 28, 2016) - Minera IRL Ltd ("Minera" or "Company") (bvlac:MIRL) wishes to refute certain unsubstantiated statements made publicly by IKN Blog and others.
The statement, "Peruvian shareholders believe that the newly constituted board is still trying to usurp the company and pave the way for a below market value sale or to enable themselves to take a significant position in the company," has no basis whatsoever. The Board's sole interest is in getting the Company relisted and shareholder value restored, and has acted diligently to restore trading on the Canadian and Peruvian exchanges and is awaiting final regulatory approval to rescind the "cease trade order." The Board is also arranging a procedure for UK shareholders to trade their shares on the CSE, such that no shareholder in the Company will be prejudiced by the interim arrangements.
The Company maintains that the blog statement that the one-time owners of the Ollachea licences - RT - are "attempting to steal the Ollachea project" is a fantasy designed to destabilize the social licences with the Ollachea Community and mislead shareholders. Management is entirely convinced that RT has no interest in the Ollachea mine, since it contains resources well below that company's threshold for investment, and RT is known to want to divest their Minera shares once the Company is approved for trading. Furthermore, RT has not communicated with the Company regarding internal matters, and has not influenced the Board's decisions in any way.
Finally, the Company vigorously denies that there is any discord between the Board and local management, who are doing an exemplary job in difficult circumstances, both with the Corihuarmi mine and realization of the Ollachea project. The Board and Management are united in their dedication to advance the interests of the Company for the benefit of all stakeholders.

I could go on about this one for hours. Let's just start with the two quotes, first this one:

"The statement, "Peruvian shareholders believe that the newly constituted board is still trying to usurp the company and pave the way for a below market value sale or to enable themselves to take a significant position in the company," has no basis whatsoever."

Saying that statement has no basis is a lie, because that is exactly what I was told by the mentioned Peruvian shareholders, between them owners of many millions of IRL shares. As for the second supposed quote, that Rio Tinto (they refer to them as RT) are...

"attempting to steal the Ollachea project"

....that's not even a quote! I just ran those words through the blog, both in and out of quote marks, and there's not a single return! It's a made-up quote! You don't even get a post with the words "steal" and "Ollachea" together in the post-Pinto era. People, if you're going to make up shit, please don't put it in quote marks.

Then there's this...
"The Board is also arranging a procedure for UK shareholders to trade their shares on the CSE, such that no shareholder in the Company will be prejudiced by the interim arrangements."
...which is magical. So now they've abandoned all pretext of returning to the AIM and thanks to the truth being spelled out clearly on this blog, they admit that the company will permanently leave the AIM. And yes indeed, that means that all the large insto shareholders of London listed shares will be virtually forced to sell all their position at the first possible opportunity and cave the stock price. 

And the cherry on the cake?
"...the Company vigorously denies that there is any discord between the Board and local management"
Oh my stars! Derrick Weyrauch, you live in your own little dream world. You seriously think the disgusting way you treated virtually every single member of the local management went un-noticed? And then of course you may note the things they don't mention, such as the way Frank O'Kelly didn't read the MIC but signed off on it wasn't mentioned, or the way the 115m share dilution plan isn't mentioned, or the massive consultancy fees they've awarded themselves, or the way the Eagle boys have usurped the company, or the way RTZ might not have contacted them but they sure did contact RTZ, or...hell, this is too easy. Anyway, thanks guys for giving me my first ever hat-tip in a subheader. To be honest, I was a little disappointed that the blog didn't make the title line, but you can't win 'em all I suppose.