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11/24/16

Minera IRL: Rio Tinto's Justin Quigley is set to attend the AGM

According to information received, Mr. Justin Quigley, representative of Rio Tinto (RTZ) that is in turn the largest shareholder of Minera IRL (44.1m shares, 19.1% of total), is planning to attend the Minera IRL AGM. That's happening next Wednesday November 30th at 900-885 West Georgia Street, Vancouver BC. At 10am.

Why is Mr. Quigley making the trip? Is he getting ready to vote in favour of a board of directors who will then massively dilute the share position of RTZ? A dilution, by the way, that the board says is necessary due to cash concerns, an argument that holds no water at all once you look at the company's filed financials for 2q16 and 3q16 and then project its needs before the Cofide deal is closed.

Why would Rio Tinto be keen on playing ball with this Weyrauch-led board of shareholder decimation? Has Rio Tinto and Justin Quigley worked out a backroom deal with IRL? Are we going to see "Another Guinea" happen at RTZ? Is Ollachea going to be its next Simandou? 

I think Mr. Quigley needs to answer these questions, so as he's cutely turned on his auto-reply at his mail address and is pretending to be on vacation until November 28th, IKN suggests that Minera IRL shareholders in the Vancouver area next Wednesday should go along to the AGM and ask him in person. I'm sure he'll be pleased to chat with fellow shareholders and put their minds at rest.