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Minera IRL ups revenue in Peru, advances Ollachea project

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(Kitco News) - Minera IRL (BVL:MIRL) (CSE:MIRL) announced today that during the year ended December 31, 2020, the company's sales revenue was $39,082,000 compared with sales revenue of $31,754,000 during the previous year, an increase of $7,328,000.00.

During the fourth quarter of 2020, the company reported an after-tax gain of $29,918,000 compared with an after-tax loss of $6,241,000 during the fourth quarter of 2019. The $36,159,000 higher profit was mainly the result of the settlement agreement reached with COFIDE resulting in the recognition of the Arbitration Award of $34,213,000.

Minera IRL added that it is beginning to assemble the Ollachea construction team and is preparing the Project Execution Plan and a master schedule that should serve as a guideline throughout construction and development.

Chairman Gerardo Perez said, "The end of calendar year 2020 was a significant turning point for Minera. We are excited to be refocusing our energies on securing the financing to fund our planned expansion at Ollachea and bringing value to our shareholders."

Minera IRL operates the Corihuarmi gold mine high in the Andean Mountains of central Peru. The company's flagship project is Ollachea, an advanced gold project located in the Puno region of southern Peru.

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