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Argentinean President congratulates Minera IRL on securing financing

6th September 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Latin American gold mining company Minera IRL this week received personal congratulations from Argentinean President Cristina Fernández de Kirchner on securing financing for the upcoming development of the Don Nicolás gold mine, in Santa Cruz, Patagonia.

Minera IRL in August said it would retain a 51% interest in Minera IRL Patagonia (MIRL Patagonia), the subsidiary holding the company's Argentinean assets, after Compañía Inversora en Minas (Ciminas) agreed to invest $45-million in exchange for a 45% interest in MIRL Patagonia and 9.1-million ordinary shares in Minera IRL. An additional 4% equity in MIRL Patagonia would be issued to the arrangers of the transaction.

Ciminas had also made arrangements to provide a bridge loan facility for up to $35-million, bringing the total funds available to develop Don Nicolás to $80-million.

The Don Nicolás project is fully permitted and project development could start immediately. An engineering, procurement and construction management consortium had been selected to build the mine and infrastructure, and gold production, estimated to total more than 50 000 oz/y, was expected to start in late 2014.

"The President of Argentina complimented the company on its work promoting a shared development in Santa Cruz, her home province, through a $80-million financing from a private Argentinean fund. The Don Nicolás project will create many new direct and indirect jobs, and the majority of these jobs are expected to be filled from the Santa Cruz workforce.

“We are also looking forward to working with the communities of Jaramillo and Fitz Roy, with whom we signed a ten-year social licence agreement last year,” Minera IRL Patagonia president Dr Diego Benavides said.

The Peruvian ambassador in Argentina, José Luis Pérez Sánchez-Cerro, also recently welcomed Minera IRL representatives and Jorge Mayoral, the Argentinean Secretary of Mining, highlighting the knowledge and experience of the company's professionals in developing the Ollachea gold mining project, in southern Peru, and its Corihuarmi mine, in central Peru.

The company had previously said its new mines could turn it into a midtier gold producer, with overall yearly output of 150 000 oz/y to 200 000 oz/y.

Edited by Creamer Media Reporter

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