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May 23, 2016

Minera IRL Reports the Transfer of Shares in its Peruvian Subsidiaries, and Announces Board and Management Changes

LIMA, PERU–(Marketwired – May 23, 2016) –
Minera IRL Limited (“Minera IRL” or the “Company”) (BVLAC:MIRL) reports
that the one share in each of its two Peruvian subsidiaries, Minera IRL
S.A. and Minera Kuri Kullu S.A., which were not registered in the name
of the Company, have been transferred into the name of a nominee of the
Company, thereby consolidating control over the two subsidiaries with
immediate effect.

As a result, the boards of the two subsidiaries will be reconstituted as follows:

Diego Benavides

Cecilia Gonzales

Francis O’Kelly

Mr. Benavides is General Manager of Minera IRL S.A., Ms.
Gonzales is a corporate lawyer in practice in Lima, Peru and Mr. O’Kelly
is a Director of the company,

The Company is
also pleased to announce the appointment of Mr. Gerardo Perez Delgado as
a Non-Executive Director of the Company with immediate effect.

Mr. Perez is a
lawyer and a partner in the firm of Barrios Fuentes in Lima, Peru. His
areas of expertise include Administrative Law, Regulation,
Infrastructure and Concessions. Previously he was General Manager of the
National Port Authority of Peru for six years where he was responsible
for the planning, organization, direction, control and management of the
institution in charge of the Peruvian Port System. He was involved in
the concession of the Ports of Callao, Paita, Yurimaguas among others,
and of the deepening and widening of the entrance to the port of Callao
project, the implementation of the Single Window Port (VUP) by which the
formalities concerning the export and import of goods through the ports
is simplified, and overall planning and execution of actions to achieve
the competitiveness of Peruvian ports.

In addition,
Minera IRL announces that Mr. Francis O’Kelly has been appointed as
Chairman and Interim Chief Executive Officer of the Company and Mr.
Carlos Ruiz de Castilla has been appointed Interim Chief Financial


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