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Ollachea Project – Drilling Results Confirm Significant Gold Discovery

Thursday, April 2nd, 2009

Minera IRL Limited is pleased to announce that recent drilling results at the Ollachea Project in the Puno district of southern Peru confirm a substantial new gold discovery. Since October last year, 26 diamond drill holes have been completed for a total of 8,706 meters of drilling. The results from the last 18 holes (drilled since the first results were announced last November) add a down dip dimension to the central gold zone.
The major focus of the drill program has been to better understand the significance of the highly encouraging gold intersections encountered in the first row of 5 drill holes, (drilled into the central gold zone, extending over 400 meters), which were included in the first 9 holes reported in November 2008. New holes in the uppermost row of holes include the best hole drilled thus far, DDH09-26, which recorded 160 meters grading 4.39 g/t gold including 28 meters grading 16.24 g/t gold. Hole DDH09-23, at the eastern boundary of this zone, recorded 42 meters grading 1.32 g/t gold. This row of holes has continued to confirm the down dip extensions of outcropping mineralized structures which are being worked from the surface by artisanal miners.
A second row of holes, approximately 75 meters down dip from the first row include 54 meters grading 4.14 including 8 meters at 23.02 g/t (DDH09-19), 80 meters at 2.22 g/t (DDH09-25), and 124 meters at 1.17 g/t (DDH09-24). In all cases, there are better grade intersections within the broader package. True widths intersected are approximately 90% of the above reported mineralized widths.
The latest drilling provides drill intercepts approximately 75 meters apart along strike and down dip in the central zone. The results confirm the presence of a significant gold deposit comprised of sheeted quartz-sulphide veins and veinlets in a sheared slate host rock.
Minera IRL Limited Executive Chairman, Courtney Chamberlain comments “The results of the ongoing drilling program at Ollachea using 2 diamond rigs are very exciting. The central zone is shaping up well. As a result, management is currently developing an expanded work program so that the project can be progressed more aggressively. Metallurgical testing has just commenced. The first assessment of potential “nugget effect”, where coarse gold can give spiky gold assays, does not appear to be a major problem. We are intending to engage specialist consultants in orogenic slate-hosted, sheeted quartz-sulphide vein gold deposits, geotechnical aspects and structure and will commence conceptual project studies shortly. I am also enthusiastic regarding the potential for adding significantly towards the west and through new discoveries.”
Limited drilling along strike to the west indicates a local weakening of the gold zone before it strengthens again in holes DDH08-14 and DDH08-15 (66 meter grading 1.18 g/t gold), approximately 1 kilometer to the west as reported in November 2008. The gold zone remains open to the west of DDH08-15. A separate program is planned to explore open ended and new targets in addition to the work on the central zone.
For further information visit: www.minera-irl.com

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