Minera IRL Board Concludes Investigation in Anticipation of EGM Resumption

LIMA, PERU–(Marketwired – Dec. 12, 2015) –
Minera IRL Limited (“Minera IRL” or the “Company”)
(AIM:MIRL)(BVLAC:MIRL) announces that it has been advised that the
Company’s registrar has received a proxy revocation in respect of the
votes whose validity came into question at the Company’s Extraordinary
General Meeting of shareholders (the “EGM”) on November 26, 2015,
resulting in the adjournment of the EGM and the commencement by the
board of directors of Minera (the “Board”) of an investigation into the
validity of such votes. In light of such proxy revocation, the Board has
determined that any potential issue with such votes has been resolved
to its satisfaction and therefore the investigation has terminated. In
his capacity as Chair of the EGM, Mr. Jaime Pinto confirms that,
following such proxy revocation, he presently knows of no reason that
any proxies submitted for the EGM cannot be validated.

The adjourned EGM will
be re-convened on the 24th Floor at 333 Bay Street, Toronto, Ontario M5H
2T6, on December 16, 2015 at 10:00 a.m. EST (3:00 p.m. GMT).