Updated Resources And Mine Life Extension For Corihuarmi Gold Mine

LIMA, PERU - Minera IRL Limited announced the results of an updated Mineral Resource Estimate (2021 MRE) for its Corihuarmi Gold Mine located in central Peru. The 2021 MRE, which was compiled and completed by consulting firm Mining Plus in accordance with the requirements of National Instrument 43-101 (NI 43-101), confirms the existence of sufficient resources to extend the life of mine (LOM) at Corihuarmi to August 2024, including measured and indicated resources totaling 13.8 million tonnes at an average grade of 0.21 grams per tonne (g/t).

Diego Benavides, CEO, said, “This is great news for us, as Corihuarmi – which, by the way, translates from Quechua into English as ‘the Golden Woman’ – has historically provided the capital needed to operate our business. This 2021 MRE confirms our expectation that it can continue to do so, and this also translates to further capacity to advance the technical work required to get Ollachea ready for construction kickoff. With strong gold prices, consistent gold production and an extended LOM, we look forward to the continued success of our corporate community, including our shareholders and our neighbors in the communities bordering both Corihuarmi and Ollachea.”

While the 2021 MRE was being prepared, production continued at Corihuarmi, which produced 14,568 ounces of gold between November 2020 and May 2021. Based on the results of the 2021 MRE, Mining Plus has calculated Measured and Indicated Resources of 13.83 million tonnes at Corihuarmi. The Company expects to continue producing gold at an average grade of 0.21 g/t to August 2024.

The update of the resources has been carried out using the support data generated by the site. Gold grade was estimated into the block model using Reverse Circulation Drill holes (RC), Diamond Drill holes (DDH) and supported with rotary air drilling called long holes drilled in areas with limited assay information, and it was estimated applying industry-standard estimation methodology. Mineral resources are reported above a reasonable cutoff grade based on production costs and metallurgical recovery from the Corihuarmi Gold Mine.