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Reuters
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Sep 24, 2009
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Peru miner signs deal to control Chile gold site

By
Reuters
Published
Sep 24, 2009

LIMA, Sept 23 (Reuters) - Peru gold miner Minera IRL Ltd said on Wednesday 23 September it has signed a deal to acquire control of the La Falda porphyry in the Maricunga gold belt of northern Chile, where it plans to begin drilling by the close of 2009.


Photo: www.minera-irl.com

The London- and Lima-listed company owns the small Corihuarmi mine in southern Peru, which produced some 52,000 ounces of gold in 2008.

Minera IRL (MIRL.L) (IRL.LM) said it inked the deal to operate the La Falda project with Catalina Resources.

"La Falda is a large, high-quality gold project in the dominant gold district of Chile and we are looking forward to commencing a drilling program in the fourth quarter," Courtney Chamberlain, chairman of Minera IRL, said in a statement.

The company said in March it had an option to acquire a 75 percent stake in the property, which comprises mining and exploration permits of 14,387 hectares (35,551 acres).

Gold XAU= is one of the metals that has gained in value since the global economic crisis, bolstered by its reputation as a safe-haven investment for nervous market players.

Peru is the world's No. 6 gold producer. (Reporting by Marco Aquino; Writing by Dana Ford; Editing by Lisa Shumaker)

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