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Corihuarmi mine, Peru

30th August 2013

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

  

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Name: Corihuarmi mine.

Location: The Corihuarmi mine is located about 160 km south-east of Lima, in Peru.

Controlling Company: Minera IRL.

Brief History: Corihuarmi was acquired in 2002. Drilling and supporting studies were conducted over a three-year period, followed by the completion of an environmental-impact and bankable feasibility studies. Permitting was completed in early 2007 and construction of the mine, plant and all infrastructure started in June 2007, following the raising of funds on the London Aim market.

The project was completed on schedule in the first quarter of 2008 at a capital cost of $20-million, and the mine poured its first gold in March 2008.

Mining started with the higher-grade Diana outcrop and, in 2009, moved to the larger, lower-grade Susan outcrop. Gold production has con-sistently exceeded expectations, based upon the original ore reserves.

Brief Description: The property consists of 14 concessions, totalling 9 315 ha. These concessions comprise six mining concessions, totalling 3 418 ha and eight exploration concessions, totalling 5 897 ha.

Mining Method: Openpit, heap leach.

Products: Gold and silver.

Major Infrastructure and Equipment: A camp accommodates an estimated 140 employees.

Existing buildings include offices, a warehouse, mess facilities and other buildings.

The deposit requires blasting prior to loading and blasts are loaded with emulsion-based explosives and initiated with Nonel-type detonators. The drilling is performed with a Sandvik DX-700 Ranger.

Loading is performed using either a Caterpillar 320C (20 t) excavator or a Hyundai R360LC (36 t) excavator.

The truck fleet comprises 14 Volvo FM12 vehicles, carrying on average 27 t a load.

The principal mining-related infrastructure comprises the waste dump, haul roads, a mining contractor workshop and related infrastructure, a fuel farm and an explosives storage facility.

Geology/Mineralisation: The project is situated within the northern extremity of the southern Peru epithermal gold/silver belt, associated with middle to upper Tertiary volcanics and intrusives of the Andean Cordillera, which lies between the Peru-Chile oceanic trench to the west and the Brazilian Craton to the east.

Mineralisation comprises a high sulphidation epithermal precious metal system that formed at relatively shallow depth. Gold and silver mineralisation is essentially confined to remnant zones of silicification and brecciation that dominantly lie along the north-east margin of the volcanic complex.

Two main deposits are mined. The Susan deposit measures about 200 m × 350 m and is confined at the margins by cliffs. The smaller Diana zone measures about 150 m × 250 m and, to some extent, remains open to the north-west and south-east along the ridge line.

A scree (colluvial) deposit is located at the base of the Diana and Susan deposits. This material is directly related to the weathering and collapse of the Diana and Susan peaks.

Reserves: Total proven and probable reserves as at December 31, 2009, were 5.1-million tonnes, grading 0.65 g/t of gold.

Resources: Total measured and indicated resources as at January 1, 2010, were estimated at 5.33-million tonnes, grading 0.60 g/t of gold.

Prospects: Corihuarmi’s mine life extends to 2015, but a study is under way to mine and treat a low-grade resource from Cayhua, which is very close to the existing heap-leach pads. If successful, this could extend the mine life for at least another year.

Contact Person: VP: corporate relations Trish Kent.

Contact Details:
Minera IRL,
tel +511 418 1230, fax + 511 4181270, email minera@irl.com.pe.,
website http://www.minera-irl.com

.

Edited by Megan van Wyngaardt
Creamer Media Contributing Editor Online

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