What there is:
News that the scumbag Hodges has trumped-up charges against Diego Benavides (that won’t stick, mark these words).
That conveniently, he’ll be able to keep sucking his $15,000/month consultancy fee from the company for months while the case goes on. Yes indeed folks, the person who was voted down to the tune of 91.7% by the shareholders of the company is still drawing $15,000 per month from Minera IRL.
That despite the low gold prices mentioned, Corihuarmi is still profitable for the company and the real reason Hodges and his band of crooks want to close the mine down is to cover their tracks on their own criminal behaviour, i.e. destroying all drill core from the mine recently by dumping it in a landfill without getting a single permits to do so. Yes Virginia, that’s very illegal. That and Corihuarmi is controlled by the local subsidiaries mentioned in the NR, which they can’t usurp as easily as they did the corporate entity.
What there isn’t:
That Daryl Hodges and Carlos Yrigoyen (the company controller, word used very loosely) also have criminal charges against their names in Peru and the moment Hodges steps onto Peruvian soil he’s going to be arrested (which is going to make it fun when he has to appear in a Peruvian courtroom in order to press his claims against Benavides).
No wonder he wants to gag free speech, what with it interfering with his criminal activities and shining the light on the truth of the matter. Anyway, here’s the NR:
LIMA, PERU–(Marketwired – Sep 21, 2015) – Minera IRL Limited (“Minera IRL” or the “Company”) (IRL.TO)(MIRL.L)(MIRL.L)
announces that the Company has advanced the independent investigation
as described in the 24 August 2015 Press Release and, as a result, has
started the process of dismissing Mr. Diego Benavides, the former
interim CEO of the Company, from his role as President and General
Manager of the Company’s two Peruvian operating subsidiaries, Minera IRL
S.A. and Compañía Minera Kuri Kullu S.A. Further, on the advice of
Peruvian counsel, criminal proceedings against Mr. Benavides have
commenced. Under Peruvian corporate law, the process of removing Mr.
Benavides from his controlling position with the Peruvian subsidiaries
may take several months; however, in the interim, to the extent
possible, the Company is taking steps to safeguard its assets in Peru.
Following
this temporary compromise of control within the Peruvian subsidiaries
the Company requested a precautionary suspension from trading on AIM.
The suspension will remain in place until such time the Board is
satisfied that appropriate control has been re-established. The Company
will provide updates on the management of the two Peruvian subsidiaries
as they become available.
Corihuarmi Update
The
lower gold price in 2015 has adversely affected the profitability of
the Company’s low-grade Corihuarmi mine, which has been in operation
since 2008, but is nearing the end of its mine life and has imposed
further stress on the Company’s financial situation, particularly its
working capital position. The board is currently evaluating alternative
scenarios for the mine in advance of discussions with its lenders. The
Company expects to make a further announcement in the near future.
About Minera IRL Limited
UPDATE: Or in the words of one unsolicited Canada-dwelling mailer this evening:
What this says to me is, “don’t ever invest any money with anyone even
vaguely associated with these people ever again, because they will hold
your money hostage while they sack the company and try to jail its
respected local manager.”
Quite right.