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Minera IRL Limited, T.IRL C$.07

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By Bobwins

Posted: Friday Jul 24 8:54:40AM 2015

Minera is a small producer of 23K oz gold/yr in Peru.  They have a 1 million oz project at Ollachea that they are trying to finance.  This is a low cost mine with cash costs projected under C$600/oz with exploration upside projected to produce 100K/yr over 9 years.  

Ordinarily I wouldn't be interested in an exploration stock in this market.  But T.IRL appears to have the backing of the Peruvian govt thru it development bank, COFIDE.  They have issued a bridge loan to take care of expiring debt at decent terms and will sit on the board of IRL.  They want to close the full loan package, probably another 200million, by year end.  

Total current market cap for T.IRL is C$16million.  Once Ollachea is in production, this company should be worth 10X that.  Will have to wait until 2017 at the earliest but felt recent fall in stock price was an opportunity to commit a tiny amt of money that could grow 10X.  

Stock price fell from C$.11 in the last two months because company announced they want a reverse split and many investors hate reverse splits.  Also final financing package will undoubtedly include significant dilution, especially at the current low price.  

I still feel it's worth a small amount of money because of the cheapness of the company and the decent fundamentals of the mine project.

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