Underground Exploration Drilling Results At Ollachea Project

TORONTO - Minera IRL Limited reported ore grade gold intersections from underground exploration drilling at its Ollachea Project in Peru.

Highlights: All three completed diamond drill holes exploring the eastern strike extent of the Minapampa Zone intersected potentially ore grade gold mineralization; DDH13-T01 intersected 20 meters grading 4.48g/t gold, DDH13-T03 intersected 11 meters grading 5.47g/t gold and DDH13-T04 intersected 9 meters grading 5.45 g/t gold; Eastern-most intersection (DDH13-T03) is located approximately 320 meters east of the eastern limits of the Minapampa resource upon which the successful 2012 Feasibility Study was based, thereby confirming significant strike extent which still remains open ended to the east; Consolidated gold mineralization maintains tenor in one wide lens.

"We are very pleased with the results of the drilling program from the underground exploration drive." said Courtney Chamberlain, Executive Chairman of Minera IRL. "The drilling, carried out by Ingetrol Peru S.A.C., confirms a substantial strike extent of potentially economic grade gold mineralization which has evolved eastwards into a single, wide lens. Moreover, this is located between the Minapampa Zone, where over 1 million ounces has been scheduled for mining in the Feasibility Study completed in 2012, and the future plant site. This has potentially important ramifications due to the ability to access ore from wide, large tonnage stopes close to the plant. Having confirmed continuity to the east, we have reluctantly suspended the drilling program to focus on permitting and development related work."

A production size, exploration drive was successfully completed to 1,234 meters in January 2013. This allowed for underground exploration drilling of the eastern strike extension of the Minapampa Zone where drilling from surface was not possible due to very steep topography. Drill hole DDH13-T01 was located approximately 150 meters east of the nearest Minapampa drill hole, DDH13-T03 was approximately 320 meters east of Minapampa and DDH13-T04 was located between these two but significantly deeper at some 140 meters below the level of the exploration tunnel. The latter is the deepest hole to have been drilled into the Ollachea mineralized system confirming the down dip open ended nature of the deposit. Intersections are estimated to average approximately 96% of true width.