OREANDA-NEWS. Minera IRL S.A. (the "Company") announces that the shareholders meeting previously organized for 3 December, cannot be held, due to a request by shareholders, to fully comply with legal procedures in accordance with the General Corporate Laws of Peru.

The Directors of Minera IRL S.A. will meet next week, in order to define a new date to convene the meeting. In accordance with procedures established by law, the new date, time and place for the meeting will be published in the newspaper El Peruano, complying with the request of shareholders.

The agenda for the shareholders meeting of Minera IRL S.A., proposed by shareholder Minera IRL Limited, seeks to revoke the duties of the actual Directors and General Manager and to name new representatives.  In regard to this, Minera IRL S.A. considers it best practice to first know the composition of the new Board of Minera IRL Limited and is awaiting the announcement for the new date of the shareholders EGM that was suspended in Canada on 26 November, 2015.

Minera IRL S.A. has taken notice that the non-executive Director of Minera IRL Limited, Mr Jaime Pinto, has been granted full powers of attorney by the current Board of Minera IRL Limited, that allow him to transfer, sell, dispose and deal the assets of Minera IRL SA and its subsidiaries, including the Corihuarmi Gold Mine and Minera Kuri Kullu S.A., the owner of the Ollachea Gold Project.

The Company considers it necessary to maintain continuity and stability in both these assets that employ more than 500 people and have commitments with numerous Communities in their areas of influence, as well as agreements with authorities in the mining and energy sectors, environmental responsibilities and financial institutions amongst others.  

These issues will also be evaluated by the Board of Minera IRL S.A. in relation to the announcement of the new date for the shareholders meeting.