News

September 16, 2008

Minera IRL Beats Production Targets By Some Margin, And Its Shares Are Holding Up Well Too

By Alastair Ford

It was nice of Courtney Chamberlain and Frank O’Kelly to take the time to pop into Minesite’s offices the other day, even if the update on Minera IRL that they attempted to give was somewhat disturbed by voices from an extremely loud conference call that came through the wall of the office next door, where Minerva Resources was trying to work out what to do in the face of appalling market conditions and the general scarcity of cash. To give Courtney his due, he struggled on in the face of the background din, helped on, no doubt, by the fact, that Minera IRL is a rare Aim-traded good news story at the moment.

On the day, Minera IRL had just announced that it had hit its 2008 production targets for fiscal 2008 within six months of starting operations at the Corihuami mine in Peru. That news prompted a mention in the morning commentary from broker Fairfax, which called it a “significant achievement”. At the very least it’s certainly nice to have some positive news to talk about for a change, even if the scale of Minera IRL’s operations are fairly small at this stage. Production during the six months...