Peru’s Ministry of Mines and Energy has approved the Environmental and Social Impact Assessment (ESIA) for Minera IRL’s Ollachea gold project in southern Peru. With this approval in hand, Minera IRL will now work toward obtaining the construction permit for the mine, which management expects to receive in the first quarter of 2014. In parallel with these permitting activities, IRL continues to advance project financing negotiations, which are expected to be substantially complete near the end of 2013.

IRL expects to start construction activities at Ollachea in 2014 and to bring the mine into production in 2015.