Minera IRL Limited Minera IRL Limited Reports on Ollachea Community Announcement and Responds to Unauthorised Press Release

TIDMMIRL

Minera IRL Limited Reports on Ollachea Community Announcement and Responds to Unauthorised Press Release
FOR: MINERA IRL LIMITED

AIM, LMA SYMBOL: MIRL
TSX SYMBOL: IRL

November 23, 2015

Minera IRL Limited Reports on Ollachea Community Announcement and Responds to Unauthorised Press Release

LIMA, PERU--(Marketwired - Nov. 23, 2015) - Minera IRL Limited ("Minera IRL" or the "Company")
(AIM:MIRL)(BVLAC:MIRL)(TSX:IRL) provides information on an announcement by the Ollachea Community and an
unauthorised press release made by Minera IRL SA.

Formal Announcement by Ollachea Community concerning its President

On November 20, 2015 Mineral IRL Ltd. (the "Company") received a letter titled "Legitimate Announcement by the
Comunidad Campesina (Rural Community) of Ollachea 001-2015" dated November 19, 2015 (the "Legitimate
Announcement"). This letter is the result of a public community meeting held with a significant number of
Comuneros (persons with voting privileges) in attendance and was debated and modified freely before being
signed by those in attendance. The original letter (Comunicado Legitimo de la Comunidad de Ollachea) and a non-
certified translation is available on www.irlmining.com.

At the request of the Comuneros who signed the Legitimate Announcement, the Company is releasing pertinent
details of its contents. Specifically, the Legitimate Announcement contains the following statements which were
discussed and agreed by the those present during the meeting:

1. The Community categorically rejects all recent publications,
announcements, letters, press releases and other commentary made by
third parties issued using their name.

2. Specifically, the declarations made the Community President, Mr. Juan
Luis Valeriano Guitierrez during his recent trip to Lima, which was paid
for by Minera Kuri Kullu SA, a subsidiary of Minera IRL S.A. currently
controlled by Mr. Diego Benavides, and published in the local media on
November 16, 2015 favoring certain individuals, was done without the
consent of the Community. The Community expects to sanction the
individuals involved in accordance with the General Law on Communities
and the By-Laws of the Rural Community of Ollachea.

3. The Community has recently received copies of two letters signed by the
President of the Community and no one else. The first letter, dated
August 10, 2015, relates to the demand that Diego Benavides be made CEO
of the Company and that all work on the project is stopped until the
Community receives a favorable response from the Company. The second
letter, dated August 16, 2015, states that Daryl Hodges, the former
Executive Chairman of the Company, had disrespected the Community and
consequently was declared "persona non-grata." Both letters were
purportedly supported by the Community General Assembly held on July 7,
2015. The Legitimate Announcement clarifies that these letters were
signed by the President behind closed doors, the Community had never
seen these letters previously, and rejects all that is contained in
those letters as the statements made by the President were never agreed
to by the Community.

4. The Comuneros reserve the right to enter into discussions with any
legitimate representative of the Company without prejudice to
nationality, sex, race, religion or political concerns.

The Minera IRL Limited board (the "Board") believe, this Legitimate Announcement demonstrates that management
of the Company's subsidiary, Minera IRL S.A. has tried to divide the Company and the Community for reasons
which are obvious. The issues raised about the current Board and the former Executive Chairman, who was not re-
elected at the Annual General Meeting held eleven days after the unauthorised letter declaring him persona non
grata was released, are not, the Board believes, about the Community, but rather part of the overall strategy
to influence control of the Company.

Jaime Pinto, Chairman, said "we are truly sorry that the subsidiary's management team and community relations
team have acted in an unprofessional manner and have used the Community issue as a way to advance their
personal agendas. We have an Extraordinary General Meeting of shareholders scheduled for November 26, 2015, and
while this new information has come to light late, I hope shareholders will carefully consider this
announcement, as well as all previous announcements by the Company, before they cast their final vote."

Unauthorised Press Release by Minera IRL S.A.

With regard to an unauthorised Press Release issued by Minera IRL S.A. on November 19, 2015, the Company
understands that a new charge was filed against the chairman, Mr. Jaime Pinto, on November 17, 2015 by an
individual named Miguel Eduardo Choquehuanca Zapata at the Second Specialised Prosecutors Office. The Board
believes this new filing is clearly intended to reopen a case that has been closed for over a decade. The
Company stresses that there is no active process or investigation against Mr. Pinto for embezzlement or for any
crime against public administration and this has been verified by the Company's legal counsel.

The Board believes that this charge is a new attempt by certain individuals to distract attention from the
recent announcements made by the Company, including that of the filing of the request for a criminal
investigation against Mr. Benavides and Sherpa representatives as announced by the Company on November 17,
2015. The Board believes a further purpose of this unauthorised Press Release is to undermine the professional
reputation of Mr. Pinto, as well as to generate unfounded doubts about his integrity.

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

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

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

Minera IRL Limited

(END) Dow Jones Newswires

November 23, 2015 02:00 ET (07:00 GMT)

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