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Minera IRL Announces Resource Upgrade, Ollachea Project, Southern Peru

Tuesday, November 30th, 2010

Minera IRL Limited (TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining, development and exploration company, is pleased to announce a resource upgrade at the contiguous Minapampa and Minapampa East Zones, Ollachea Project, Southern Peru.
Highlights:
• The upgrade represents approximately 80% conversion into Indicated of the Inferred Resource announced in November 2009
• Infill drilling has defined 1.1 million ounces (9.3 million tonnes at 3.8g/t gold) in the Indicated mineral resource category and an additional 0.5 million ounces (4.8 million tonnes at 3.2g/t) of Inferred mineral resources at a 2g/t cut-off grade
• Within the resource envelope the company has identified robust continuous zones of higher grade material containing 0.7 million ounces (4.0 million tonnes at 5.3g/t) of Indicated mineral resource and 0.2 million ounces (0.9 million tonnes at 5.5g/t) of inferred resource using a 3.5g/t cut-off grade
• The Company has increased its resource objective at Ollachea to plus 2 million ounces
This Canadian National Instrument NI43-101 compliant resource estimate was carried out by consultancy Coffey Mining over the Minapampa Zone (from which a positive Scoping Study based upon an Inferred resource was released in November 2009) and a contiguous strike extension known as Minapampa East. The estimate was based upon 88 diamond drill holes for 31,980 meters at Minapampa and 19 diamond drill holes for 8,420 meters at Minapampa East, for a combined 107 drill holes totalling 40,400 meters. The estimates apply a 2g/t gold bottom cut and top cutting as appropriate for each of the seven discrete gold-mineralized horizons, or “lenses” that have been defined to date.
(Ref 2168)

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