Minera Share Discussion Threads

[haydock] 16/11/2016 21:07

Concurrently, drilling is being conducted to secure samples from representative areas in the ore body to perform confirmatory metallurgical testing with fresh sulfide core.
The Company has received a proposal from a leading Peruvian mine construction company in conjunction with GR Engineering Services of Perth for an EPC fixed price turn-key project for the design and construction of the Ollachea facility. The Board has approved a $2.6 million Front End Engineering Design ("FEED") contract. The FEED contract covers the commencement of detailed engineering design and preparation of technical specifications to place orders for long lead capital items of equipment. Meanwhile the Company is assembling an "owners" team to supervise the contract.
Community relations
The new Directors celebrated an inaugural Board meeting at the Ollachea mine site at the beginning of this month. The community of Ollachea maintain their support of the project and continued cooperation. Ground breaking at Ollachea is scheduled for the second quarter of 2017.

[andy] 16/11/2016 19:36

Discussions are in progress with several UK based Nomads with the intention of ultimately relisting on the AIM exchange.

In the meantime, the Company is working with its transfer agent to find an efficient mechanism to allow UK based shareholders to trade their shares upon the resumption of trading in Canada.

[andy] 16/11/2016 19:29

"Over the past number of months, management has attempted to secure additional non-equity funding but has only received proposals for convertible debt from third parties. Having considered all options, the board of directors of IRL believe that it is in the best interest of the Company and all stakeholders, to have the flexibility to issue equity if and when required and/or warranted. Additionally, the board believes that this approach is reasonable and appropriate.


The board of directors does not believe limiting the Company's ability to only issue debt at such a critical time in the Company's history is appropriate. Furthermore, given the global macro-economic volatility in the commodity sector, the risks of the Company's insolvency are enhanced without the ability to issue equity. Having said that, the Company is considering ways to minimize shareholder dilution where feasible, including a possible shareholder rights offering.


On a final note regarding information appearing on social media stating that the Directors do not own any stock in the Company, I would like to clarify that the new members of the Board, including me, were appointed during the period of the CTO and as a consequence were and currently remain unable to buy shares in Minera IRL. Please be assured that the Board members are dedicated to restore the fortunes of the Company and I have no doubt that they will confirm that sentiment by purchase of stock once trading resumes."

[andy] 16/11/2016 19:13

Thanks Max!

[maxoscar1] 16/11/2016 17:46

Andy Dave Pottermagic........news out

[andy] 16/11/2016 16:14

Still nothing, ho hum.

[andy] 16/11/2016 12:40

Not on their website, but Lima is -5 hours from GMT.

[investment dave] 16/11/2016 12:18

no news out??

[andy] 15/11/2016 20:55

dave,

The CSE is their first port of call, and then they are looking to list on the TSX or TSX.v

I have heard that AIM is not definitely off the table in the future.

It is not their intention to remain on the CSE.

[pottermagic2310] 15/11/2016 20:27

Folks... if you're a Shareholder you already know they are re-listing on the CSE and aren't re-listing on AIM (as per the AGM Circular) and may possibly move forward from the CSE to the TSX at an undefined time in the future, maybe.
Somebody else here has noted that we all need to discuss trading our Shares on the CSE with our Brokers or find a Broker that might be able to assist - Good Advice IMO.
We might also learn something more about trading existing Shares on the CSE (or elsewhere at a later date) from the Company itself in the near future... maybe.

[investment dave] 15/11/2016 18:50

Thanks Andy so do you think this will be tradable even to aim shareholders on another exchange in the interim? They may for example list on the cse and not list on AIM for another 6 months?

[andy] 15/11/2016 18:33

Dave,

Yes the company website is the place for news currently, unless the IKN blog picks it up first.

I have heard it suggested that the AIM listing may not be permanently off the table.

[pottermagic2310] 15/11/2016 18:18

MIRL is no longer listed on AIM or the TSX.
No 'Standards' associated with AIM or the TSX apply to this Company and haven't since MIRL was delisted.
The Articles referred to ARE very much related to AIM and/or the TSX.
MIRL is not relisting on AIM or TSX - those Articles are in effect redundant.

It is very much the case that for the Ollochea Project to move forward at all many £millions will be needed. COFIDE were only ever going to commit more of the overall 240m if the latest analysis presented Facts & Figures that would guarantee a decent return on anything up to a further 170m, on top of the circa 70m already contributed.

So, whether it's COFIDE or some other II, upwards of 150m would be needed to:

a) Develop the Mine itself
b) Develop a Gold producing Plant

Nobody gets 150m (+ approx. 70m already contributed) for nothing.
Let's say the Exploration results are good... COFIDE might be striking a deal for half the Business for its continuing Investment ???
Let's say the Exploration results aren't so good but the Business is still viable... COFIDE could be walking away, 70m might be owed to them and another II might be happy to buy-in for perhaps half the Business ???

Either way, substantial financing has to come from somewhere and at a significant Cost if the Project is to commence in earnest at all and the vision of a productive, profitable Gold Mine is ever going to be realised.

All of us Minnows are precisely that, we've all taken a little Gamble and it may still work out to be a little profitable.

Alternatively of course, taking into consideration all AIM & TSX Shareholders hold worthless Paper right now, we may indeed be about to get walked all over... BUT... we've already lost the lot anyway, haven't we ??????

[investment dave] 15/11/2016 18:08

d6/ there is only 230m shares in issue so a total of 345m wouldn't be much?

[pottermagic2310] 15/11/2016 18:05

Anybody genuinely invested doesn't need to look at the 3rd Quarter Report published on Sedar yesterday... everything was included in the AGM Circular to Investors. Filtering everybody who's clearly a blaggard !!!!

[d6529] 15/11/2016 18:01

Hopefully diluton will be limited, as long as they don't issue 115 million new shares!

[kenj4] 15/11/2016 18:01

Whatever the provenance of the IKN blogger, the two special motions are of serious concern.
The first motion attempts to change the company's articles of association, which will give shareholders much less power of control over what the board does. As if the governance standards for AIM listed companies were not weak enough already. But no, let's tear them up and adopt even lower fiscal and corporate standards.

The second motion (which is a get out should Motion 1 not be passed) explicitly empowers the board to issue over 115m new shares to whoever they want and at whatever price they choose, without having to offer any of these shares to the long suffering existing holders.

These are both powerful tools that should only be entrusted to a board that shareholders are confident in.
I have seen nothing to date that inspires much confidence in this board. If the company wish to raise cash then let them offer a placing to shareholders and institutions alike. The directors might even like to buy into this placing, at the same price as everyone else of course. This fund raising (if it is actually required) needs to be open and fair, not shrouded in secrecy as it is now.

Hence, I will definitely vote against both of the special motions. And unless the awaited RNS contains something of substance, I shall also vote against all of the current board members. I'm sure Rio Tinto can be relied on to support some of the present board, (especially their place man Julian Bavin), just as they did at the reconvened EGM last year. Hence there is very little chance of all directors being sacked.

I, like others, would like to hear what Diego Benavides has to say on all of this. Reading some of the posts on here he seems to now be portrayed as the bad guy. It was not so long ago that Hodges & Pinto were the bad guys, aided and abetted by the hapless stooges Jones and Fryer, and Diego was our saviour.

Has everything now been turned on its head, or were we completely wrong before? And why, now that Jones and Fryer have departed, has Diego not been re-appointed to the main board ?

[kirk 6] 15/11/2016 17:57

This share needs to recommence trading soon with hopefully limited dilution. There always has been dilution to part fund the project so it's not unheard of. Either way just bloodly relist

[andy] 15/11/2016 17:56

potter,

The blogger is a shareholder, lives near Ollachea, and has been commenting on IKN about Minera for a long time.

I would say he is definitely on the shareholders' side, I think you are being too harsh on him.

I would think he owns shares listed on the TSX.

[investment dave] 15/11/2016 17:39

Andy thanks so you use the Company website to alert when news hits? I don't think you can access it from advfn

[sergiosifuentes] 15/11/2016 17:35

Otto (the IKN blogger) was present all the time when the company was in problems last year. He helped to kick out Hodges and Pinto.

The News Release has been postpone for tomorrow morning (IKN blog). But you can look the 3th quarterly Sedar report publised yesterday

[andy] 15/11/2016 17:34

That's what I was told.

They're 5 hours behind, but it's gone midday in Lima now.


Also,from the IKN blog

"I'm looking forward to reading the NR that's coming out this morning"

[investment dave] 15/11/2016 17:05

News today ?

[pottermagic2310] 15/11/2016 11:07

Excellent.
Surely those of you who post here regularly are invested and have therefore received the AGM Circular a couple of weeks ago as I did and have seen the 2 key Agenda items for yourselves, along with the Annual Report ?
I'm of the firm belief the Blogger is peruvian based, is closely associated with MIRL's mining subsidiary and its General Manager and is simply stirring up trouble.
My perspective... where was the IKN Blogger when UK Shares were delisted from AIM last year ? Where has the IKN Blogger been throughout this year ? Why is there such a great emphasis on Peruvian Shareholders and associating current Plans with an entirely different BoD and the previous shenanigans with the GM over in Peru many months ago... I see a common denominator... local mining in Peru, local interests in Peru, the GM in Peru !!!!!

[andy] 15/11/2016 08:52

All,

I have received a reply to the email I sent, but do not have permission to post it here.

What I will say is it makes me more confident that before I read it, and one or two points raised by IKN are contradicted.

There is a news release due today.