Minera IRL closes $37.5 million offering

On November 10, 2010, Minera IRL Limited (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) announced that it had closed the previously announced best efforts offering of ordinary shares of the company. With the exercise in full of the over-allotment option, a total of 32,641,600 shares were issued, raising gross proceeds of approximately $37.5 million. The offering was completed by a syndicate of investment dealers led by Jennings Capital Inc. and including National Bank Financial Inc. with Collins Stewart Europe Limited as special selling group member in the United Kingdom only.

Admission of the 32,641,600 shares to AIM and the TSX occurred on the same day.

Minera IRL is a Latin American focused gold mining, development and exploration company. The net proceeds of the offering will be used to advance the company's Ollachea and Don Nicolas projects in Peru and Argentina, to assist the company in funding exploration programs on its portfolio of properties and for working capital and general corporate purposes.

Fasken Martineau advised Minera IRL in this financing with a team that included Chuck Higgins, Jennifer Armstrong and Amanda Fullerton in Toronto and Mark Camilleri and Kayleigh Wilshaw in London.