Ms. Trish Kent reports

MINERA IRL GRANT OF OPTIONS

Minera IRL Ltd. April 3, 2012, granted options to buy 3,485,000 ordinary shares of nil par value in the company to certain directors and executives, pursuant to the Minera IRL incentive stock option plans, which was approved by shareholders on Aug. 12, 2010.

The options are exercisable at 80.63 pence per share, which represents an approximate 25-per-cent premium on the closing mid-market price of 64.5 pence on the AIM market on April 3, and will vest immediately. The options shall expire after five years from the date of grant.

INTERESTS OF DIRECTORS IN OPTIONS FOLLOWING THE GRANT

                 Director options    Resultant option
                          granted             holding

C. C. Chamberlain         470,000           1,970,000
D. A. Jones               160,000             430,000
G. D. Ross                160,000             355,000
K. P. Judge               160,000             330,000
N. Valdez                 160,000             330,000
Total                   1,110,000           3,415,000

The plans permit the grant of options up to a maximum of 10 per cent of the total number of ordinary shares in issue (including options exercised, but excluding options that have lapsed). This grant represents options over approximately 2.3 per cent of the current 151,072,884 ordinary shares of the company in issue. The total number of options granted to date under the plans which are still outstanding or have been exercised is 12,695,000, representing approximately 8.4 per cent of the total number of ordinary shares in issue.