Minera Share Discussion Threads

[andy] 20/11/2015 20:47

kirk,

Thanks.

I have watched the video of the the 7 minutes of the meeting and it looks as though they got a couple of stooges to stand up and then used that 7 minutes as their attempt to discredit Benavides and make it look as though there is a split.

Desperation looks to be setting in at team Hodges, and so it should!

[kirk 6] 20/11/2015 12:07

Andy read this from the ikn:Meanwhile in Ollachea......Team Hodges is running dirty tricks on the locals. IKN's guy at ground level in the town of Ollachea brings you the very latest.The first one was earlier in the week, when Team Hodges decided to publish a video of the near two and a half hour community meeting between Diego Benavides and the people of Ollachea, cut away two hours and twenty three minutes and leave just seven minutes or so of the bits when a couple of locals voiced their opinion against the project. No matter that such community meetings are always open floor and all opinions are welcomed.No matter that people for and against any given subject are always encouraged to talk.No matter that the meeting was very typical, with a few voices anti and the vast majority pro.No matter that after the very democratic and open house process, the meeting signed a declaration of full support for Team Benavides.Because those things don't matter to dirty tricksters.The second one came last night and this morning, when a group of three or four Ollachea locals who've suddenly and strangely decided to support Team Hodges after meeting in private with Jaime Pinto in Lima the week before last (heaven only knows what went in that little tete-a-tete), announced to locals that they were in possession of an audio of a telephone conversation between the community President and one of the people who works in the Team Benavides community team (the team that fostered an eight year old successful relationship between company and community). He said that the audio was all about the community president accepting bribes and cash from the company and due to that, they called an emergency meeting the next day (i.e. this morning) to let locals listen to the evidence.No matter that recording a private phone conversation and then broadcasting it is a very serious crime in PeruNo matter that these people have already shown their "editing skills" with the community meeting video, beautifully cut to seven minutes.No matter that the relationship between IRL and the community before Team Hodges showed up was always harmonious and transparent.But surprise surprise, when the meeting happened this morning, it turns out the person who said they had the recording doesn't have the recording. No audio exists, it was all a bluff. But still they insist on spreading lies and they're now trying to get an alternative "community declaration" signed so that Jaime "Not Hodges!" Pinto can play at "oh look the community is divided" in his news release tomorrow morning. Apparently a piece of paper signed by four people is going to be the same as an eight year relationship between a company and a whole town.UPDATE: In a town of 700 voters, the usurpers have managed to gather the sum total of 20 signatures today Thursday. They're still going to use this as evidence of a total split though, mark my words. Utter scum.Share

[andy] 19/11/2015 17:24

kirk,

I hope Benavides wins, Team Hodges are destroying this company in my opinion.

One would hope sufficient people in Canada agree to vote the Hodges team out of office and install people that want to benefit the shareholders of the company.

The issue of the finders' fee for the loan than Courtenay negotiated still seems to be a burning issue, puzzled as to how Hodges got to keep that money,if that true of course. (I haven't heard it denied!)

If Hodges wins you can only see the end of the company, they are playing away in Peru and the legal system would be slow and painful,difficult to see how they could survive a protracted legal dispute, which would no doubt result if they win.

Let's hope Benavides wins, the alternative is too painful to contemplate/

[kirk 6] 19/11/2015 17:15

AndyWhat do you think the outcome will be next week and have you seen the latest YouTube vidoe

[andy] 19/11/2015 14:25

kirk,

Because there not looking after S/H interests, only their own.


"and expand its board to include four to five members, some of whom could come from the candidate pool proposed by the opposing minority shareholders."

"could"!

And I bet you it will be less than 50%! St. Elias tried the same when their board were in trouble,

I wonder if they are trying to divide the Benavides team here?

It won't work IMO.

[bcomms] 19/11/2015 08:53

Minera IRL Team Outlines 8-Point Plan to Right-Foot Business


11/18/15 05:17 AM EST


By Alex MacDonald (Wall Street Journal)


LONDON--South America precious metals miner Minera IRL Ltd.(MIRL.LN) outlined Wednesday an eight-point plan to right-foot the troubled business should a group of minority shareholders fail to get enough backing to revamp the board in an upcoming shareholder vote on Nov 24.

The Canada-based company has been mired in a tussle with its former interim chief executive, Diego Benavides, for control of its two Peruvian operating subsidiaries. The tussle prevented Minera from publishing its interim results and ultimately led to a suspension of its London shares in September. Minera, which is 19%-owned by Anglo Australian mining giant Rio Tinto PLC (RIO), has put in motion legal processes to oust Mr. Benavides from his position as manager of the two subsidiaries, but without success.

In turn, Mr. Benavides, alongside a group of minority shareholders, have requested an extraordinary shareholder meeting to revamp the board and put the firm back on track to grow its business. The shareholders claim that the new board would be better positioned than the current board to strengthen its corporate governance and secure a $240 million loan facility that the cash-strapped firm needs to develop its flagship Ollachea gold mine in southern Peru.

In its eight-point plan, the company rebutted by saying shareholders should vote against all upcoming resolutions. If the current management team wins, it will seek backing from Peru's courts to enforce its right to call for a shareholder meeting at the subsidiary level to regain control of its two operating units.

The parent company also said it would aim to fund the Ollachea project via a combination of debt and equity rather than over-burdening the balance sheet with a $240 million credit facility given the lower gold price environment. This was the same loan that management initially backed over the summer.

The parent company also said it would take a more realistic view than Mr. Benavides' team about the potential expansion of the Corihuarmi mine in Peru, which is nearing the end of its life. Furthermore, it would appoint a new CEO and chief financial officer, adopt corporate governance guidelines used by the World Bank and expand its board to include four to five members, some of whom could come from the candidate pool proposed by the opposing minority shareholders.

Finally the company would seek to publish its interim results and reinstate trading of its shares in London, Toronto and Lima.

[investment dave] 18/11/2015 11:07

LONDON--South America precious metals miner Minera IRL Ltd.(MIRL.LN) outlined Wednesday an eight-point plan to right-foot the troubled business should a group of minority shareholders fail to get enough backing to revamp the board in an upcoming shareholder vote on Nov 24.

[investment dave] 18/11/2015 10:59

From the ikn blog:- All parties, including Minera IRL Ltd under Daryl Hodges and Goldman Sachs, were satisfied that the fee for the structuring agent was fair given market conditions. - The finance agreement was approved by the Board of Directors of Minera IRL Ltd and signed off by Mr. Daryl Hodges, ex-Executive President of the company, who despite not having participated actively in the process and only having been named Executive President in March 2015, awarded himself a bonus commission of up to US$250,000 for the conclusion of the final US$240m credit agreement.- With the US$70m Bridge Loan Agreement, Minera IRL Ltd avoided bankruptcy as it allowed the Company to pay its US$30m debt with Macquarie Bank due on June 30th 2015.- The bridge loan funds were also used to pay the US$12m owed to Rio Tinto, the main shareholder of the company.The financing deal was fully approved at the time. It is only now, with one week to go before an EGM in which the current Board of Directors fear for their positions, that the Board raises objections to the deal it had previously approved.

[investment dave] 17/11/2015 14:03

To me it proves the level of SXxx hodges is throwing at Diego

[bam bam rubble] 17/11/2015 13:34

Quite poor to go with the heading 'Criminal Investigation into the activities of
Diego Benavides' when they're merely at the stage of requesting an investigation.

[kirk 6] 17/11/2015 09:11

Andy what's your view on today's news??Scum bags trying to criminalise Diego and he was the one who sorted the finance desk

[bcomms] 17/11/2015 09:06

FOR: MINERA IRL LIMITED

AIM, LMA SYMBOL: MIRL
TSX SYMBOL: IRL

November 17, 2015

Criminal Investigation Into Activities of the President of Minera IRL S.A.

LIMA, PERU--(Marketwired - Nov. 17, 2015) - Minera IRL Limited ("Minera IRL" or the "Company")
(TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) reports that is has filed a request for a criminal investigation into
activities of the President of Minera IRL S.A. and others in connection with the $70 million bridge loan
provided by COFIDE.

Minera IRL Limited ("the Company") has filed a request with The Lima 4th Supra-Provincial Corporate
Prosecutors' Office Specialized Against Organized Crime (the "Prosecutors Office" ) for a criminal
investigation into the role of Inversiones y Asesorias Sherpa SCRL ("Sherpa") as structuring agent in the $70
million Credit Facility granted to the Company's 99.9% owned subsidiary, Minera IRL S.A. in June 2015 by
Corporacion Financiera de Desarrollo S.A. ("COFIDE") and syndicated through a U.S bank (complete text of
Complaint can be seen in English and Spanish, at: www.irlmining.com) .

As reported in the Management Discussion and Analysis for the Year Ended 31 December 2014 issued on June 30,
2015 as part of the Company's 2014 annual report, Sherpa earned a 3% fee in cash for its role as structuring
agent (the "Cash Fee"), plus a 0.9% net smelter return royalty on the Ollachea project and 11.6 million share
options. The Cash fee was paid from the proceeds of the bridge loan and, including taxes, exceeded $2.4
million. In a press release on October 23, 2015 the Company reported that it was reviewing these transactions.

The investigation the Company has conducted with the assistance of Peruvian legal counsel has established the
following:

-- Sherpa is a company owned by Mr. Jose Antonio Cabia Vega and his wife
Ms. Patricia Matsuda Ysa, residents of Lima, and had no business
activity prior to the transaction with Minera IRL S.A. referred to
above.
-- Representations that Mr. Diego Benavides, President of Minera IRL S.A.,
made to the Board of the Company that Sherpa was an exclusive agent of
COFIDE for purposes of arranging finance have no substance; the Board
was misled into authorizing Mr. Benavides to sign a contract with Sherpa
at the Board meeting held on December 22, 2014.
-- Contrary to assertions contained in the contract signed by Mr. Benavides
and Mr. Cabia on behalf of Sherpa, neither Sherpa nor its owners had any
prior experience in capital markets, banking or project finance.

As a result, the Company has requested that the Prosecutor's Office commence a criminal investigation of Mr.
Diego Benavides Norlander, and representatives of Sherpa, Mr. Jose Antonio Cabia Vega and Ms. Patricia Matsuda
Ysa, for the commission of Aggravated Fraud and Conspiracy to Commit Crimes sanctioned under the Peruvian
Criminal Code. The Prosecutor's Office has notified the Company's representative to appear on December 4th 2015
to ratify the claims.

In addition, since the bridge loan was syndicated through a bank subject to jurisdiction in the United States,
the Company has requested the collaboration of Mr. John Moscow, a former prosecutor of the State of New York,
in the investigation into the role of Mr. Benavides and the Sherpa representatives in the above transaction.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about the Company's financial or operating
performance and other statements expressing management's expectations or estimates of future events,
performance and exploration and development programs or plans constitute "forward-looking statements". Forward-
looking statements often, but not always, are identified by words such as "seek", "believe", "expect", "do not
expect", "will", "will not", "intend", "estimate", "anticipate", "plan", "schedule" and similar expressions of
a conditional or future oriented nature identify forward-looking statements. Forward-looking statements are,
necessarily, based upon a number of estimates and assumptions. While considered by management to be reasonable
in the context in which they are made, forward-looking statements are inherently subject to political, legal,
regulatory, business and economic risks and competitive uncertainties and contingencies.

The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause Minera IRL's actual financial results, future performance and results of
exploration and development programs and plans to be materially different than those expected or estimated
future results, performance or achievements and that forward-looking statements are not guarantees of future
performance, results or achievements.

Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation,
except as may be required by law, to update or revise them to reflect new events or circumstances. Risks,
uncertainties and contingencies and other factors that might cause actual performance to differ from forward-
looking statements include, but are not limited to, any failure to obtain or complete project financing for the
Ollachea Gold Project (including the Senior Debt Facility), changes in the price of precious metals and
commodities, changes in the relative exchange rates of the US dollar against the Peruvian nuevo sol, interest
rates, legislative, political, social or economic developments both within the countries in which the Company
operates and in general, contests over title to property, the speculative nature of mineral exploration and
development, operating or technical difficulties in connection with the Company's development or exploration
programs, increasing costs as a result of inflation or scarcity of human resources and input materials or
equipment. Known and unknown risks inherent in the mining business include potential uncertainties related to
the title of mineral claims, the accuracy of mineral reserve and resource estimates, metallurgical recoveries,
capital and operating costs and the future demand for minerals. For additional information, please consult the
Company's most recently filed MD&A and Annual Information Form.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Minera IRL
Eric Olson (COO)
[phone]

OR

Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Henry Fitzgerald-O'Connor / Oliver Donaldson
+ 44 (0)20 7523 8000

OR

Buchanan (Financial PR, London)
Bobby Morse / Anna Michniewicz
[phone]

Minera IRL Limited

[andy] 17/11/2015 08:15

Kirk,

I's so sad that people like Hodges and team can entrench themselves inside a company, and his "golden parachute" payment will have to be funded somehow.

You can see why the Peruvians don;t want to send the gold revenues to normal account!

I hope they can prove some sort of malfeasance to avoid paying this, it could ruin the company.

[kirk 6] 17/11/2015 07:51

AndyNo I do not. It's plain black and white hodges team have no interest in shareholder value. Consolidation being the first with only 239m shares in issue.

[andy] 16/11/2015 20:46

kirk,

Do you trust Hodges to look after your interests or his own interests?

He is highly toxic to MIRL now, IMO.

Benavides clearly rules the roost in Peru so if Hodges prevails, no mine will be built, IMO.


GLTA

[kirk 6] 16/11/2015 16:46

Going through some of the recent news he has actually proven negligence and in consistency.

[kirk 6] 16/11/2015 16:45

Some incredible actions going on behind the scenes. Hodges looks like a grade a criminal with no interest in shareholder value

[investment dave] 16/11/2015 08:00

Current bod need to resign* Minera IRL SA - Minera IRL SA Reports a Declaration by the Community of Ollachea and on the Resignation of Minera IRL Limited's Financial Controller. Lima, 16th November 2015: Minera IRL SA is responsible to report to shareholders the following developments: · An announcement was sent by the Ollachea Community reporting that the Ollachea Gold Project is at serious risk of being paralyzed indefinitely; and · The resignation of the Financial Controller, Carlos Ruiz de Castilla, who was based in Canada and working for Minera IRL Ltd reporting to the current Board. He resigned for ethical reasons, disputing the veracity of press releases issued by the parent Company Minera IRL Ltd.

[investment dave] 14/11/2015 12:30

Minera IRL (IRL.to) (MIRL.L): Here's something fun you can do...Posted: 13 Nov 2015 12:30 PM PST...with information supplied in the last two NRs.1) Read this (IKN highlights): "Minera would like to confirm that Eric Olson, Chief Operating Officer, has not had permission to enter Peru revoked by the Peruvian immigration authorities as speculated, nor has he broken any immigration rules. In common with most expatriates who work in the global mining industry, Mr. Olson works on a rotation system which includes 6 weeks in Peru, and 2 weeks outside Peru"2) Ring the number and talk to the COO, Eric Olson:Minera IRLEric Olson (COO)[phone]) Ask him his current location (answer: Dominican Republic)4) Ask him when he was last in Peru (answer: "Middle of October")5) Ask him when he plans to return to Peru (answer: November 16th)Funny how Team Hodges says one thing at one point but then the facts behind their statements turn out to be different, innit guv? And IKN can assure you that if he answers any of those questions in a substantially different manner to the prompts above, he's a COO that's guilty of dissemination of false and misleading information. Oh, and before you ring off you might like to ask him if he's feeling nervous about going through immigrations at Lima airport on the 16th. Y'know, just to have something to chat about.

[investment dave] 13/11/2015 15:39

Linkhttp://incakolanews.blogspot.co.uk/2015/09/the-latest-bs-lie-from-minera-irls.html?m=1

[investment dave] 13/11/2015 15:38

Minera IRL (IRL.to) (MIRL.L): Team Hodges shows its desperationToday's NR from Minera IRL Ltd (Team Hodges) shows the utter desperation in their camp with just eleven days to go before the cut-off of voting and thirteen before the EGM. The tactics are now to try and make out the Ollachea community is divided (it's not), to pretend that its CFO resignation on September 28th didn't happen (it did) and to try and gag anyone and everyone that dares to speak the truth about this band of usurpers.It's a seriously impressive Hail Mary, go read it all here.PS: After re-reading it, I just started laughing. They're seriously going to try and tell the world that they have support in Ollachea? After everything the community has already said and pronounced regarding the project and its opinions of Diego Benavides compared to those of the Team Hodges scumbags? That's just downright crazy, but the thing about the truth is that it just has this habit of coming back to haunt liars. PPS: Here's what Ollachea really thinks of Team Hodges:Sr. Daryl HodgesThe rural community of Ollachea is very proud of its territory and its riches and because of that, we have always defended them against anyone who has wanted to deceive us in order to appropriate that which we consider our principal resource and the most valuable asset from our previous generations for our children.When the company (IRL) first came (to Ollachea) we conversed with them and reached agreements based on trust with the people who came as representatives of the company such as Mr. Courtney Chamberlain, who we always remember with much appreciation and Dr. Benavides, who we named an Honorary Member of the Community due to his laudable social leadership and who we elected as the only person authorized for agreements between the community and the company.This good relationship of trust has lasted over eight years, with total respect for our customs and particularly our territory, which is why we gave our territory as guarantee via a contract and the our support to the company so that it could obtain financing with COFIDE.However, we now see that nothing is being respected, which is why the General Assembly which took place yesterday agreed on the necessity to get a clear answer regarding the announcements of changes in the company that you, in an arrogant manner, spoke of in the Assembly of July 15th.Our territory and agreements are to be respected and with you we have no trust that this will occur because we feel that you have lied to us and that you do not respect the relationship that the community and the company have built.You said that you had worked in the company for the last eleven years and that you had achieved the deal for the credit agreement with COFIDE. We have never seen you before, nor do we agree with you.You have treated us badly because you have taken Mr. Courtney's position, we don't know how, and you have ignored he who we named honorary community member, which represents a direct affront to us.You mocked us when we said that you (i.e. the company) should give the position to Dr. Benavides, who deserves to occupy the main position at the company and not to be an interim.You said that there will be a new company, ignoring the good relationship forged between community and company for eight years.Until we have your answer, we will not grant any permission for the development of the drilling campaign or any activity (at the Ollachea project). If not, we will have to take further action. We await your immediate answer.Sincerely,Juan Luis Valeriano GutierrezPresident of the Ollachea Rural Community DirectiveOr maybe Team Hodges thinks this letter is a fake?Share

[investment dave] 12/11/2015 17:19

There are a whole bunch of accusations and serious charges of misrepresentation and cover-ups made in the Minera IRL SA (i.e. by Team Benavides) news releases today, all of which support their call to kick out the current board of directors (i.e. Team Hodges).

In the end it gets to the point where you wonder how many lies you need to hear from Team Hodges before you realize the simple truth, that they're liars? Me personally, my BS meter is set on sensitive these days and I only need to catch a management team in one lie just once to walk away from them forever, but here you have a whole catalogue of BS to choose from.

But on due consideration, taking them all and weighing them against each other, the one that shouts loudest to me is this one from the Spanish language NR (translated into English by your author here):
It is FALSE that the information to publish the Financial Statements was not submitted. Minera IRL S.A. sent the documents on August 06, 2015 to the CFO, Brad Boland, who resigned his post on September 28, 2015, irrevocably and immediately, leaving the Company without the signature requested by the TSX for its publication. MIRL Board changed the facts. It informed on September 29 that there was a delay in the publication because the documents were not received, and on October 01 it informed on the CFO resignation, three days after the date it happened.
Now Team Benavides says it has documentation to back up that statement. If so, there's no more damning indictment of Team Hodges possible than to say they've lied directly into the faces of the TSX and AIM by saying, time and time again, that they couldn't file their financials due to that "compromise of control" in the subsidiaries. According to that statement above it's pure BS and if that's true, Hodges and his friends are going to be in a LOT of trouble in Canada and London, not just in Peru.

hxxp://incakolanews.blogspot.co.uk/2015/11/on-due-consideration.html