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Minera IRL reveals gold production ahead of expectations

Last updated: 03:49 17 Feb 2014 EST, First published: 04:49 17 Feb 2014 EST

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Minera IRL (LON:MIRL) has revealed gold production from the Corihuarmi mine slightly ahead of expectations.

In the fourth quarter output totalled 6,446 ounces, giving full year production of 25,223 ounces which exceeds the group’s 24,000 ounce target.

It was the result of better than forecast grades and an increase of mined tonnes, the company explained.

The cash generative operation at the Corihuarmi mine is certainly valuable to the company, though it is the growth projects such as Don Nicolas and Ollachea which investors tend to focus upon.

Both projects are expected to advance significantly towards key milestones in the coming months.

Indeed, executive chairman Courtney Chamberlain today said: "We see 2014 as a pivotal year that is the launching point for our next generation of mines.

“The Don Nicolas gold mine is under construction, our flagship Ollachea Project will start construction when the mining permit and financing is secured, and we will be exploring new zones of mineralization at Corihuarmi that has the potential to significantly further extend the mine life.

We expect this to result in a rapid increase in gold production over the next two years while reducing unit cash operating costs."

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