JohnyCash
20 Nov 2015
Update on Developments [link]
zombynation
16 Nov 2015
Team Hodges tries and fails to cause problems in the community [link]
zombynation
13 Nov 2015
Why Consolidation then!!!!! MIRL does not need its shares consolidating as there are only ~200m in issue. If the current BOD are concerned about share holder value there is certainly no need for consolidation. The bridge loan has been secured for 70m or do we need a placing for hodges and co salaries. If the current BOD is set on company success, amend current wage agreements till the full 262m has been agreed!!!!!!!!!!!!!!
zombynation
13 Nov 2015
Come back rns Minera IRL Limited Provides Corporate Update LIMA, PERU--(Marketwired - Nov. 13, 2015) - Minera IRL Limited ("Minera IRL" or the "Company"
(TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) provides a further update regarding a number of issues which are facing the Company. Developments concerning Ollachea Community Comuneros (persons with voting privileges) from within the Ollachea community recently met with the Company and the Company's external community relations consultant in Lima. During this meeting the Comuneros informed the Company of their concern about the events which led up to the suspension of support for the Ollachea project from the President of the Ollachea community, as announced in a press release on August 17, 2015. Additionally, the Company understands that a community information meeting took place in Ollachea on 7 November at which this matter was discussed in front of representatives of Minera IRL SA (Minera IRL Ltd's 99.99% percent owned subsidiary in Peru) and the providers of the bridge loan, COFIDE. The Minera IRL Limited board (the "Board" is discussing these developments with the Company's community relations consultant and is awaiting detailed minutes of the meeting. The Board expects to be in a position to provide further information on community support for the Ollachea project next week. Extraordinary General Meeting ("EGM" of Minera IRL. S.A. In a press release on November 9th 2015 the Company, as 99.99% owner of Minera IRL S.A, announced that it had requested, through a letter that was delivered through notarized certification on October 27, 2015, that a shareholder EGM of Minera IRL S.A. be convened by no later than November 11, 2015, as required by Peruvian Corporations Law. A notice of the meeting has not been included in the Official Gazette, Diario "El Peruano" by November 11th 2015 as legally required. However, Minera IRL S.A. has issued a press release, unauthorized by the Company, stating that the EGM will be held on December 3rd 2015. This date, however, exceeds the maximum 15-day period established by Peruvian Law for the meeting to be held. The Company will immediately follow established Peruvian legal procedures to require that the EGM is held. Response to false media speculation concerning June 30, 2015 interim financial statements Certain media reports have suggested that the Board was in a position to issue June 30, 2015 interim financial statements in a timely manner, as Minera IRL S.A. had provided "the completed documents," but chose not to do so. These reports are false. Two of the critical issues the Company needed to consider in preparing its June 30, 2015 financial statements were the potential impairment of the carrying value in the balance sheet of the Corihuarmi mine, and an up to date estimate of environmental remediation costs and reclamation costs to be provided in the balance sheet in relation to the closure of the mine at the end of its life. The information necessary to address these and certain other issues was not included in the documents provided by the Company's Peruvian subsidiaries. Furthermore, due to the limitations imposed on the Company's Chief Operating Officer and Vice-President Administration and Finance in carrying out their duties in Peru, as reported in the press release on October 23, 2015, the Company is unable to complete its work on these two critical issues necessary to complete the preparation of the financial statements. During this time, Minera IRL SA commenced proceedings to dismiss four key employees, one of whom is the Minera IRL SA environmental manager who was working with the Company to determine closure costs for Corihuarmi mine. Legal Action The Board is aware of the requirements for all material information released by the Company and its subsidiaries to be not misleading, false or deceptive and to be notified via a Regulato
zombynation
12 Nov 2015
Preston So what do you think now or are you part of the hogdes scam?
zombynation
12 Nov 2015
More falsities by BOD Hodges will end up behind bars at this rateStatements 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.It is FALSE that Minera IRL S.A. and its directors failed to convene a Shareholders Meeting. Minera IRL Ltd presented its request for a meeting on October 27th after complying with the necessary accreditation. The EGM of the Peruvian subsidiary will take place on December 3rd 2015.It is FALSE that Mr. Armando Lema, proposed as Director by the shareholders has any debt with SUNAT, which is the Peruvian tax authority. Mr. Lema ceased to be a partner of Estudio Lema, Solari, & Santivañez a few years ago, and therefore such firm is in charge of fulfilling the obligations with SUNAT. Mentioning this subject is unethical and evidences the interest of the Non-Executive President, Jaime Pinto, who was also partner of said Firm from 2008 to 2010, to discredit Mr. Lema.It is FALSE that COFIDE declined a meeting with the Company. The Deputy Minister of Economy and President of COFIDE, Mr. Enzo Defillipi answered the meeting request stating the COFIDE management issued were responsibility of the CEO Jorge Ramos, who had a meeting with Mr. Pinto on August 21, 2015, after he submitted his letter stating he was appointed as Director on August 19, 2015 by Mr. Hodges. According to the press release, Mr. Pinto was "announced" as Director on August 27, and "appointed" on September 03. Mr. Pinto had access to confidential information and represented the Company before his official appointment as Director.It is FALSE that Mr. Jorge Ramos is not qualified to be member of the Board or there is any conflict of interests. Mr. Pinto's interpretation of the Peruvian Corporate Law is not appropriate since COFIDE is a development bank; therefore it has no direct connection with the economic sector (mining) in which Minera IRL operates. Moreover, Mr. Ramos will participate as Director on a personal basis, not as a representative of COFIDE. It is FALSE and biased to alert about a situation of permanent de-listing of AIM shares if the nominated adviser (NOMAD) resigns. The company and/or its newly elected directors after the EGM are in position to replace the NOMAD before the 30 day period indicated by AIM lapses.Other statements from the Circular will be responded in the Community Statement and Chronology of events.Ollachea Community StatementOllachea Community Board of Directors informed the subsidiary, Compañia Minera Kuri Kullu S.A., that they consider the manipulation allusions, made by the Board in the EGM Circular,
zombynation
12 Nov 2015
From lse Finacial report lie 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.
Kenj2
11 Nov 2015
Re: Here is the Plan....Looks brilliant Zombynation, which market were you proposing to buy on?
zombynation
11 Nov 2015
Here is the Plan....Looks brilliant Minera IRL SA 11 November 2015 Shareholders recommend to VOTE FOR ALL the resolutions to be proposed at the Requisitioned Extraordinary General Meeting on November 26, 2015. Support a new Board proposed by shareholders to help the recovery of Minera IRL Limited. The new Board proposed by shareholders will resume the financing process with COFIDE to develop Ollachea, helping unlock value in the Company London, November 11: A group of concerned shareholders in Minera IRL, representing 10.9% are have convened an Extraordinary General Meeting (EGM), to be held on November 26. These shareholders, have chosen to intervene in Minera IRL Ltd to help address serious concerns about the governance of the Company, which are seen as affecting financial and key stakeholder relationships. They recommend their fellow shareholders to VOTE FOR change by appointing 6 new Directors and removing the 3 current incumbent Directors. This vote for positive change by ensuring an independent and experienced governance structure is put in place is for the following key reasons: ü We need a winning business plan to repair the Company's value ü A fresh independent Board is needed to implement this change ü To resume the good relationship with stakeholders ü There is a need to improve Corporate Governance Standards We need a winning business plan to repair the Company's value for shareholders -- Corihuarmi Gold Mine has a life of mine (LOM) until mid-2017, with strong potential to increase the LOM to 2019, through a minor investment in a drilling programme, which the new Board will promote; and -- The development of the flagship Ollachea project was jeopardized by the actions of the former Executive Chairman Daryl Hodges and by recent comments made by current Non Executive Chairman Jaime Pinto. A new Board is required to repair links with the Ollachea community and provide continuity and effective management going forward. The Way Forward - The Requisitionist shareholders' business case is seen as providing better value for shareholders; key elements are: -- Under a stable and effective new Board, the Company will be much better placed to secure necessary funding. COFIDE, Peru's state-owned development bank, will structure a debt facility of up to $240m under which Jorge Ramos will sit on the otherwise predominantly independent Minera Board; -- The resuming of this financing will help build the Ollachea gold Project in the South of Peru, and to extend the lifespan of the Corihuarmi mine; and -- Bringing a halt to costly remuneration practices that has seen the former Executive Chairman potentially receiving US$1,035,000 for a seven month period from March to December 2015. This include a 'Golden parachute' termination clause of USD500,000 being provided for the former Executive Chairman in the advent of a change-in-control, and a payment to him each month of USD15,000 since his removal from the Board. A fresh independent Board is needed to implement this change A new Board will: be more independent; help improve corporate governance at the Company; and mean a reduction in the reputational risk profile of the Company. The Board proposed by the shareholders includes: Jorge Luis Ramos, CEO of COFIDE; Julian Bavin, former CEO of the Americas of Rio Tinto; Leonard Harris, former CEO of Minera Yanacocha (Newmont); Frank O'Kelly, former member of JP Morgan; Armando Lema, Partner in Estudio Thorne, Echeandia & Lema; and Diego Benavides, Company co-founder and President of Minera IRL S.A. and Compañia Minera Kuri Kullu S.A. The present Board is too small and lacks the sufficient direction to tackle the Company's problems which include: a) recent mismanagement of the Company; b) the lack of confidence from shareholders and stakeholders and c) potentially jeopardising the flagship Ollachea project. When the former Executive Chairman was voted off the Board the Company was left
zombynation
11 Nov 2015
News out on minera irl can anyone post the link
zombynation
11 Nov 2015
I'm voting hodges out and hold a good sum of shares here
Kempseyman
10 Nov 2015
Re: Benavides influence in Peru I hope you are right and there are no criminal charges upheld against BD. He gets my vote.
Kenj2
10 Nov 2015
Re: Benavides influence in Peru Personally I do not see any room for compromise here. Both sides are so deeply dug in, this will be a battle to the death. As regards the statement: "If DG wins he will have some serious corporate governance issues not least that TSX might not accept him with the reported criminal investigation in process."This is just a red herring thrown out by the company. Diego has been charged with nothing. The company have not even made clear what he is supposed to have done. There was no reported internal investigation, instead he was sacked immediately. Just days before Hodges was kicked out at the August AGM. Coincidence, or had the BoD (Team Hodges) counted up early postal votes and realizing that Hodges was toast, decided to remove Diego as well?Despite the original company statement below they still have given no details."Minera IRL Limited announces that the Board has unanimously voted to remove Diego Benavides from the position of Interim CEO of Minera IRL.""The Company is also investigating allegations of impropriety received through its recently implemented and independently managed Whistleblower hotline. The investigation will be overseen by the Company's independent members of the board, Doug Jones and Robin Fryer. Additional detail will be provided as it becomes available."Is it not usual to suspend someone until the charges have been investigated by the company? To sack him before an investigation, suggests that there is no need for any further investigation; he has already been found guilty.I for one do not want a compromise. The current BoD is rotten to the core as far as I am concerned. The local Peruvians will not work for them and neither will the Peruvian bank support them. They must go, or this company dies.
Kempseyman
10 Nov 2015
Benavides influence in Peru I feel that the existing board are underestimating the degree of influence that DG has over the communities where MIRL has operations. Unfortunately both sides have adopted quite extreme positions and the end scenarios could be that if the current board win, then actions taken on the ground in Peru such as blockades and loss of community goodwill may effectively block production.If DG wins he will have some serious corporate governance issues not least that TSX might not accept him with the reported criminal investigation in process.I met DG a few years ago at Mines and Money in London (the sp at the time was c.45p and I bought some more shortly afterwards!) Spoke to him for 10 minutes or so and all the time he was impressing upon me how important the mining was to the local community and his personal pride with being connected to a company which had the potential to grow massively and improve the lives of his countrymen. I would urge the board to find an accomodation and work with him. It just seems to be 'my board is better than your board!' Well why don't you consider splitting your differences and move on with a mixed board? Keep DG in charge of operations on the ground but a board position might be difficult with the TSX at the moment.Any thoughts?
zombynation
10 Nov 2015
Re: RNS 6/11/2015.... Preston - I cant understand your stance can you clarify why we should vote for Hodges? What is your opinion on his massive salary using SHAREHOLDERS cash??? Diego founded the company and arrange the fantastic finance deal for Mineras maiden project. Why would you not want Diego in charge?
