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Minera IRL Limited (MIRL)

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Friday 05 February, 2016

Minera IRL Limited

Minera IRL Limited: Agreement Reached Regarding Control of Subsidiary Company



FOR:  MINERA IRL LIMITED

AIM, LMA SYMBOL:  MIRL

February 5, 2016

Minera IRL Limited: Agreement Reached Regarding Control of Subsidiary Company

LIMA, PERU--(Marketwired - Feb. 5, 2016) - Minera IRL Limited ("Minera IRL" or the "Company")
(AIM:MIRL)(BVLAC:MIRL) announces that it has reached an agreement in principle with Diego Benavides, General
Manager of the Company's 99.99% owned operating subsidiary, Minera IRL S.A., to transfer the one share in the
subsidiary not already owned by the Company to an independent Peruvian lawyer designated by the Board. In
addition, this lawyer will hold a general power of attorney on behalf of the Board. These steps will result in
the Company regaining control over Minera IRL S.A.

The agreement requires that all criminal complaints and lawsuits are withdrawn and that an independent
investigator immediately conducts an investigation into the whistleblower reports which the Company reported
last year.

The Company will retain a consulting engineer to assess the operations at the Corihuarmi mine, which will
provide the information needed to complete the outstanding matters which have delayed completion of the June
2015 interim financial statements.

The Board will review both the composition of the Board and the management structure and make new appointments
as appropriate, including a CEO and CFO.

In addition, the Company reports that it was unable to pay a promissory note of $2.2 million to Rio Tinto which
was due for payment on 31st January 2016, after Rio Tinto had granted a 31-day extension. The Company is in
discussion with Rio Tinto regarding terms for a further extension.

The Company's suspension to trading on AIM will remain in place until both the Company's June 2015 interim
financial statements have been published and the Company's nominated adviser is satisfied that the Company can
continuously comply with the AIM Rules for Companies.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about the Company's financial or operating
performance and other statements expressing management's expectations or estimates of future events,
performance and exploration and development programs or plans constitute "forward-looking statements". Forward-
looking statements often, but not always, are identified by words such as "seek", "believe", "expect", "do not
expect", "will", "will not", "intend", "estimate", "anticipate", "plan", "schedule" and similar expressions of
a conditional or future oriented nature identify forward-looking statements. Forward-looking statements are,
necessarily, based upon a number of estimates and assumptions. While considered by management to be reasonable
in the context in which they are made, forward-looking statements are inherently subject to political, legal,
regulatory, business and economic risks and competitive uncertainties and contingencies.

The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause Minera IRL's actual financial results, future performance and results of
exploration and development programs and plans to be materially different than those expected or estimated
future results, performance or achievements and that forward-looking statements are not guarantees of future
performance, results or achievements.

Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation,
except as may be required by law, to update or revise them to reflect new events or circumstances. Risks,
uncertainties and contingencies and other factors that might cause actual performance to differ from forward-
looking statements include, but are not limited to, any failure to obtain or complete project financing for the
Ollachea Gold Project (including the Senior Debt Facility), changes in the price of precious metals and
commodities, changes in the relative exchange rates of the US dollar against the Peruvian nuevo sol, interest
rates, legislative, political, social or economic developments both within the countries in which the Company
operates and in general, contests over title to property, the speculative nature of mineral exploration and
development, operating or technical difficulties in connection with the Company's development or exploration
programs, increasing costs as a result of inflation or scarcity of human resources and input materials or
equipment. Known and unknown risks inherent in the mining business include potential uncertainties related to
the title of mineral claims, the accuracy of mineral reserve and resource estimates, metallurgical recoveries,
capital and operating costs and the future demand for minerals. For additional information, please consult the
Company's most recently filed MD&A and Annual Information Form.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Minera IRL
Eric Olson (COO)
+1 (416) 907-7363

OR

Buchanan (Financial PR, London)
Bobby Morse
+44 (0)20 7466 5000

OR

Canaccord-Genuity Limited
(Nominated Adviser & Broker, London)
Henry Fitzgerald-O'Connor
+ 44 (0)20 7523 8000

Minera IRL Limited

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