Minera IRL Ltd (AIM: MIRL) reported results for the year to end-December 2008 which saw it join the ranks of the gold producers, with the successful commissioning and strong performance of the Corihuarmi mine and exploration drilling leading to an exciting new gold discovery at its Ollachea project, both in Peru.
The group booked revenue of US43.6 million in the period, compared with nil in 2007, and swung to a full-year pretax profit of US$12.5 million from a loss of US$10.3 million previously.
The production of 51,691 ounces of gold achieved in 2008 exceeding Minera’s budget by over 40 percent and cash operating cost of US$161 per ounce were 43 percent below budget, it said in a statement.
At Corihuarmi, increases to the resource estimate contained in the original feasibility study have extended the mine life well into 2013, and the company anticipate further enhancements to the life-of-mine lan from known mineralization and, potentially, new discoveries.
Minera will begin exploration drilling at another high quality project - La Falda in Chile’s Maricunga gold belt - at the begionning of the southern field season once weather conditions become satisfactory, usually in September or October.
At the end of the year the group had a cash balance of US$9 million, leaving it in a strong position to enter the next phase of development.http://www.proactiveinvestors.co.uk
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