Minera Share Discussion Threads

[bit coin] 28/3/2016 17:36

Dave, can u post it here

[investment dave] 28/3/2016 17:10

News out and it's good (for once)

[boadicea] 21/3/2016 08:41

The auditors were effectively pushed to resign because their quote for certifying the accounts as they felt necessary was not accepted.
The whole situation remains too unclear to make any predictions imo.

[pottermagic2310] 18/3/2016 17:40

There has actually been a formal RNS too today, which highlights Production figures for Gold at the old Mine (all +ve) and that missing Financials are underway.

I personally sense that our BoD are doing everything possible to make sure the Company is re-listed (somewhere) and that the Project at Ollachea can re-commence.

I'm a little happier now, compared to the past 9 months, with how things might work out.

[andy] 18/3/2016 11:49

Dave,

The length of time this has been 'known' is irrelevant, IMO, auditors resigning is never a good sign IMO

Interesting that you never mentioned it until now then! And where did you hear of it in advance of this RNS?


The suspicion is the new people will agree to sign something off the others didn't.

[bit coin] 18/3/2016 10:58

always look on the brighttttttttt side of life.....................Bo Bomm

[investment dave] 18/3/2016 09:52

This information was known for a week or so. The positive is the accounts will be complete

[andy] 18/3/2016 08:58

Doesn't read too well.

Adds to my suspicion this will never relist on any proper exchange.

[the stigologist] 18/3/2016 07:23

oops


Letter from BDO to the board of directors

March 8, 2016

The Directors
Minera IRL Limited

Dear Sirs

Resignation as auditors of Minera IRL Limited

In accordance with Section 113B(7) of the Companies (Jersey) Law 1991, we give notice that we are resigning as
auditors of Minera IRL Limited, registered number 94923 ("the Company") with effect from the date of this
letter.

In accordance with Section 113B(9) of the Companies (Jersey) Law 1991, we set out below the circumstances
connected with our resignation that we consider should be brought to the attention of the members or creditors
of the Company.

Based on information made public through various channels in the period running up to the conclusion of the
Company's Extraordinary General Meeting on 16 December 2015 and from subsequent discussions with the directors
of the Company and the review of documents made available to us by the directors, we became aware of various
allegations of impropriety made against certain senior employees of the Company. As a consequence, in
considering the scope of the audit of the Company's financial statements for the year ended 31 December 2015,
we set out a plan of work which included those additional procedures we considered necessary to obtain
reasonable assurance that the financial statements as a whole would be free from material misstatement due to
fraud related to the allegations made. The directors of the Company have indicated to us that our fee proposal
is unacceptable. In these circumstances, the directors have asked us to resign as auditors to the Company and
we have agreed to do so.

Yours faithfully

Jason Homewood
Partner
For and on behalf of BDO LLP

[pottermagic2310] 16/3/2016 21:19

I suspect re-listing on a Canadian Stock Exchange may be the first +ve step forwards and any re-listing can only realistically coincide with completion & filing of the delayed Financials from last year.
I envisage that only a re-listing and revelation of actual Financials, maybe brought up-to-date for the past 6 months, will provide PIs (and other Shareholders) with a realistic re-evaluation of the Share Price and insight into current/recent mining Operations and Ollachea Project development progress.
I don't hold out any hope of an AIM re-listing this Month... and who knows... maybe that won't happen at all and we'll end up with an equivalent holding quoted in another Market ?
I'm expecting nothing more than a re-listing somewhere, an update on Company Finances and maybe some up-to-date insight into a revised Business Plan... hopefully by April... time will tell?

[garrymorrow] 16/3/2016 19:44

Minera IRL said that to date has failed to appoint a new financial advisor (Nominated Adviser) on the London Stock Exchange after the departure of the consulting firm Canaccord Genuity.
The company is in talks with several IRL interesados.Minera also hopes to restart its listing on the London Stock Exchange on 22 March. And it is in talks with Canadian securities regulatory authorities to re-list operations in stock exchanges in Canada, and that the suspension of trading on the Lima Stock Exchange rises. The company states that are moving their operations normally Corihuarmi (Lima) and Ollachea (Puno).

[investment dave] 16/3/2016 19:16

Have you got the translation for that

[worrier] 16/3/2016 18:59

Something's cooking....

hxxp://www.equipo-minero.com/noticias/1998-minera-irl-quiere-volver-a-listar-en-bolsas-peru.html#.VumskB-nxJ8

[investment dave] 16/3/2016 18:50

Why a bit more research are you saying it's false information

[worrier] 16/3/2016 18:47

Here's the relevant snippet translated:

¿Ollachea finally?

Minera IRL , a company developing gold project Ollachea in Puno, have solved their internal problems and expected to start mid-year construction phase, said Deputy Minister of Mines Ing. Guillermo Shinno.

Time to do a bit more research I think!

[andy] 16/3/2016 14:59

Gracias amigo!

[andy] 16/3/2016 14:29

Source please?

[investment dave] 16/3/2016 14:06

roomers regarding the commencement of operations on Ollachea.

[pottermagic2310] 10/3/2016 19:07

With the very sticky situation this Company managed to get itself into and considering just how much time has been lost in terms of transforming Ollachea into a modern, efficient, profitable Gold producing Mine... which I'm fairly confident hasn't happened at all... I think I'd be happy to see 3.5p per Share for my holding and write it off as a bad experience

[investment dave] 09/3/2016 17:37

So shareholders will be offered 3.5p even though the gold price has risen considerably

[haydock] 09/3/2016 15:53

I expect that we shall be offered CDN traded shares @ the suspended rate.
Had a similar experience after the dot com, shares re-issued as US traded.
A real pain as they keep losing track of whose they are & selling is expensive.

[andy] 09/3/2016 14:20

Dave,

Yes possibly the CSE, but little liquidity there,just like the ISDX,easy to buy, incredibly hard to sell.

I fear Hodges and Pinto are still pulling all the strings here in the background, they have their claws into this and won't be letting go any time soon.

Even the blog is quiet, maybe to protect his sources, or maybe because it isn't going too well?

[investment dave] 08/3/2016 18:07

Maybe not on aim but could well commence trading on another exchange

[andy] 08/3/2016 13:06

Dave,

I fear this will not trade again personally.