Mr. Courtney Chamberlain reports

MINERA IRL IDENTIFIES NEW ZONES OF GOLD MINERALIZATION AT THE CORIHUARMI GOLD MINE

Minera IRL Ltd. has released positive results from an exploration diamond drilling program currently in progress at its Corihuarmi gold mine in Peru. Potentially economic gold mineralization, at similar grades to that currently being mined and treated by heap leach, has been intersected in new zones at the Laura and Cayhua prospects. In addition, bonanza-grade gold mineralization has been intersected at the Cerro Rojo prospect.

Significant results from recent drilling include:

Laura

• DDH14-10: 76.0 metres grading 0.30 gram per tonne gold;
• DDH14-11: 34.5 m grading 0.35 g/t Au;
• DDH14-12: 23.6 m grading 0.31 g/t Au;
• DDH14-13: 83.6 m grading 0.35 g/t Au;
• DDH14-14: 15.5 m grading 0.31 g/t Au.

Cayhua Ridge

• DDH14-02: 11.0 m grading 0.53 g/t Au;
• DDH14-03: 17.5 m grading 0.54 g/t Au;
• DDH14-05: 9.2 m grading 0.66 g/t Au;
• DDH14-08: 11.7 m grading 0.34 g/t Au.

Cerro Rojo

• DDH14-16: 1.1 m grading 53.4 g/t Au (including 0.6 m grading 87.9 g/t Au);
• DDH14-21: 1.3 m grading 90.9 g/t Au.

Additional assay results are presented in table.

Courtney Chamberlain, executive chairman of Minera IRL, commented: "The drilling program has been highly encouraging on two fronts. These substantial leach-grade gold intersections, particularly at the Laura zone, have the potential to extend the life of the Corihuarmi mine. Also, for the first time, Minera IRL has drilled bonanza-grade intersections in two holes below an outcropping silicified structure at the top of Cerro Rojo which opens up a new exploration model for us to pursue."

Corihuarmi exploration update

The company has received preliminary results from the first 21 diamond drill holes from a continuing exploration program at Corihuarmi that has the objective of identifying new zones of potentially economic gold mineralization. To date, this drill program has focused on the Laura, Cayhua and Cerro Rojo prospects. As a result of these encouraging results, the company expects to continue with the drill program beyond the current 1,60-metre program.

Laura

At Laura, which is adjacent to the Corihuarmi heap-leach facility, five new holes, plus eight historic holes from the 2008 to 2009 exploration program, have outlined a mineralized zone with a drill-indicated strike length of approximately 150 m, which remains open along strike and will be subject to additional drilling.

Gold mineralization at Laura typically begins at or near surface, which indicates the presence of a zone of mineralization with a low waste-to-ore ratio. Preliminary metallurgical testing indicates that the mineralization is amenable to heap-leach recovery. As a result, the company intends to conduct column testing on this material later in 2014. Although the results are preliminary, the company believes that the Laura zone has the potential to extend the Corihuarmi gold mine's life beyond its scheduled mid-2015 closure.

Cayhua Ridge

Prior to the current drilling program, heap-leachable mineralization had already been defined at Cayhua. Drilling in this program has identified additional zones of mineralization along the Cayhua Ridge. The strike length of this mineralized zone has been extended to approximately 250 m and remains open to the south.

Cerro Rojo

The silicified outcrop on Cerro Rojo is located approximately 750 m north of the Corihuarmi heap-leach facility. Surface sampling of the silicified outcrop earlier in 2014 yielded bonanza-grade assays above 400 g/t Au.

Scout drilling immediately below the outcrop of the silicified structure has yielded narrow, bonanza-grade intersections in two closely spaced drill holes. DDH14-16 recorded 53.4 g/t Au over 1.1 m, including 0.6 m grading 87.9 g/t Au, and DDH14-21 recorded 90.9 g/t Au over 1.3 m. This discovery is highly encouraging and represents a new exploration model for Corihuarmi, as there has been no bonanza-grade gold material encountered in prior drilling programs.

Corihuarmi overview

After more than six years of production, the Corihuarmi gold mine continues to generate sound cash flow. In 2014, the mine is forecast to mine and treat 2.5 million tonnes at an average grade of 0.3 g/t Au. Gold production in first quarter 2014 was 5,834 ounces at a cash site operating cost of $737 per ounce (total cash cost of $831 per ounce sold). Minera IRL is engaged in extensive local community health, education and sustainable development programs, and provides substantial local employment at the Corihuarmi gold mine. Moving forward, new Peruvian government regulations have been enacted to streamline and speed up the approval process and facilitate development of new mining areas such as the Laura zone at Corihuarmi.

Qualified persons

The preparation of the technical information contained herein was supervised by Courtney Chamberlain, executive chairman, BSc, MSc, metallurgical engineering, a fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), who is recognized as a qualified person for the purposes of National Instrument 43-101, and who has reviewed and approved the technical information in this press release.

The preparation of geological and resource information contained herein was supervised by Donald McIver, vice-president of exploration of the company, MSc, exploration and economic geology, a fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as the Society of Economic Geologists (FSEG), who is recognized as a qualified person for the purposes of National Instrument 43-101, and who has reviewed and approved the resource information in this press release.

Quality assurance/quality control program

The company maintains a quality assurance/quality control protocol for the Corihuarmi gold mine to ensure best industry practice in sampling and analysis of exploration and resource drill core samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of Minera IRL's procedures (these act as an independent check on contamination, precision and accuracy in the Corihuarmi mine analytical laboratory).

      CORIHUARMI -- SELECT COMPOSITE INTERVALS

Drill hole       From       To   Intersection       Au
                   (m)      (m)            (m)    (g/t)

DDH14-10            -     76.0           76.0     0.30
DDH14-11         33.3     67.8           34.5     0.35
DDH14-12            -     23.6           23.6     0.31
DDH14-13            -     83.6           83.6     0.35
including           -     25.8           25.8     0.50
DDH14-14            -     15.2           15.2     0.31
DDH14-01                                           NSA
DDH14-02            -     11.0           11.0     0.53
DDH14-03            -     17.5           17.5     0.54
DDH14-04                                           NSA
DDH14-05          3.0     12.2            9.2     0.66
DDH14-06                                           NSA
DDH14-07                                           NSA
DDH14-08         20.1     23.9            3.8     0.40
and              60.6     72.3           11.7     0.34
DDH14-09                                           NSA
DDH14-15                                           NSA
DDH14-16         12.4     13.5            1.1     53.4
including        12.4     13.0            0.6     87.9
DDH14-17                                           NSA
DDH14-18                                           NSA
DDH14-19                                           NSA
DDH14-20                                           NSA
DDH14-21         24.5     25.8            1.3     90.9

Includes intervals at greater than 0.3 g/t Au over a
three m minimum width, no assay cut.
Due to the exploratory nature of this drill program
and the variable orientations of the mineralized
zones, the intersections presented herein may not
necessarily represent the true width of
mineralization.
Gold analysis carried out at the Corihuarmi site
laboratory except DDH14-16 and DDH14-21, which were
carried out by an outside laboratory in Lima.
NSA means No significant assays over a reportable
interval.
          

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