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Minera IRL (TSX:IRL) is a Latin American precious metals mining, development and exploration company born in 2000. For a fairly small company, Minera is teeming with high-potential projects and has deep pockets, thanks to its three-year-old Corihuarmi Gold Mine in Peru, which continues to generate serious cash flow. In this interview, Executive Chairman Courtney Charles Chamberlain discusses why investors should have Minera on their radar.
Resource Intelligence: Which are Minera IRL's major projects?
Courtney Chamberlain: The Ollachea project in southern Peru is the driver of the company in terms of new projects. Then there is the operating Corihuarmi Gold Mine, also in Peru, which continues to generate cash flow for the business. Last year it generated over $40 million in sales.
RI: At what stage is the Ollachea project now?
CC: We're more than mid-way through pre-feasibility studies there. We announced updated resource estimates on November 30, 2010, which is about 1.7million ounces. That is the cornerstone of the pre-feasibility study at Ollachea. We are now working on other aspects of the project, such as the capital and operating costs estimates.
RI: What is the mine life of the Ollachea property and production target?
CC: Based on the scoping michael kora hand bags outlet (http://michaelkorahand.blogspot.com) study we published in November 2009, it has a nine-year mine life, but we continue to drill so it will likely be substantially longer than Michakors Outlet (http://michakorsoutlet12.tumblr.com/) that. We had average production at 117 ounces per annum. We have now done more drilling and upgraded that resource.
RI: What do you think makes Minera attractive to investors?
CC: We have an operating mine and two development projects in the pipeline that we expect to be at mining stage in 2012 and 2014. We're spending $10 million on exploration per annum, which is a lot of money for a fairly small company. We've got a new discovery at Escondido in Argentina. So it's a well-rounded company with a cash flow, production, 500 employees and two new development projects and a pipeline of exploration projects. michael kore purse (http://michaelkorepurse.snack.ws/) We are an emerging mining company that has been in production for a few years already.
RI: Could you tell us about the management and its investment in the company?
CC: We are generally from backgrounds of operating and development of mines. We're also significant shareholders. We started this company with money from our own pockets for the first 2.5 years before we started bringing private equity. I've even gone on meetings with people that I haven't met before in London and Toronto and New York and the first thing they ask is how much ?hurt money' I have into this. Hurt money means money out of your own pocket. I say substantially; it's my single largest investment in this company that I'm running. And they say, "in Michal Khors (http://michalkhors6.tumblr.com/) that case, it's good enough for me, we'll participate."
RI: Is Peru a politically stable country?
CC: Peru, I think, is one of the most stable mining countries in the world. We are very happy and very comfortable here. Argentina is emerging as a mining country and although it's still way behind Peru and Chile in terms of the maturity of a mining country, it's getting there. In Argentina it's very important that you select which state you are working in because the state laws vary. We are in Santa Cruz, which is a mining-friendly mchael kors outlet (http://mchaelkorsoutlet.snack.ws/) state.
RI: What are your priorities this year?
CC: Our priorities are to get a successful pre-feasibility study for Ollachea, full feasibility study at Don Nicolas, and to have further exploration success.
RI: Could you briefly update us on the Don Nicolas project in Argentina?
CC: We had a good 2010. We drilled around 25,000 metres altogether in the project, of which around 17,000 was on resource drill-outs that form the basis of the ongoing feasibility study. We expect to announce new resource estimates sometime February 2011 and we expect the FS to be completed by the end of June.
The other aspect of Michael Kors Bag With Studs (http://michaelkorsbag1.tumblr.com/) our Argentina project is exploration. We announced a discovery at Escondido in September. We've done some additional drilling before Christmas but we have not yet seen the results of that round of drilling. We have a big budget and a big program planned for this year. We're anticipating about $4 million on exploration for Patagonia for this year, up from the $1.5- million budget we had in 2010.
RI: How is the company financially?
CC: We raised $37 million in November mainly in the UK and Canada. We have $34 million in cash in the bank as of January 1, 2011. We're well set to pursue our goals for this year.
RI: Is there any other info that you think investors should know about?
CC: If investors look at the fundamentals of the company, they will see that it's a well-established strong company with cash flow. I think that we still have value to unlock in the company. Our market cap is around $170 million at the moment whereas some of our peers are two or three times that amount. If you look at our market cap per ounce in the ground at about $80 per ounce you'll find that a lot of our peers have a much higher market cap than that so I think there's some good upside in share price and the opportunity to add value to the company.
Investor Highlights:
With over 2 million ounces in resources, Minera's market cap of $80 per ounce is under-valued
Two development projects: Don Nicolas in Argentina and the Ollachea gold property in Peru, are expected to put Minera on 180,000- to 200,000-ounce-per-year footing by 2014 and sales of well over $200 million per year
As part owners of the company, the management is highly determined to make Minera a success
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