Minera IRL closes US$33.1 million offering

Minera IRL Limited ("Minera"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL), a Latin America gold mining company, has closed its previously announced best efforts offering of ordinary shares (the "Offering") at a price of $1.13 per share, with gross proceeds totalling $33.1 million. The company filed a final short form prospectus with the securities regulatory authorities in each Canadian province, except Québec, in connection with the Offering on February 28, 2012. Minera intends to use the net proceeds of the Offering, together with its existing cash resources to complete the exploration and development tunnel, feasibility study and further exploration programmes at Ollachea, to undertake brownfield exploration, permitting and detail engineering at Don Nicolas and conduct exploration programmes in the wider Patagonia region with the remainder for working capital and general corporate purposes. The Offering was completed by a syndicate of investment dealers led by RBC Capital Markets as sole global bookrunner and Jennings Capital Inc. and Haywood Securities Inc. with Collins Stewart Europe Limited and FinnCap Limited as special selling agents in the United Kingdom only (collectively, the "Agents"). Minera was advised in this transaction by a team of Fasken Martineau lawyers that included Chuck Higgins, Georges Dubé, Martin Fisher-Haydis, Laura Fetter, Jennifer Butcher and Jesse Harper in Toronto, Mitch McCormick in Vancouver, Greg Powers in Calgary, and Mark Camilleri and Liana Uzoziri in London.