FOR: MINERA IRL LIMITED

TSX SYMBOL: IRL
AIM, LMA SYMBOL: MIRL

December 23, 2014

Minera IRL Provides Update on Ollachea Financing Negotiations

LIMA, PERU--(Marketwired - Dec. 23, 2014) - Minera IRL Limited ("Minera IRL" or the "Company")
(TSX:IRL)(AIM:MIRL)(BVL:MIRL), the Latin America gold mining company, provides an update on its activities relating to
ongoing financing discussions for the development of the Ollachea Gold Mine in southern Peru.

"The Ollachea Gold Project has all the key permits in place to commence development. Project financing discussions are
at an advanced stage and we look forward to bringing these discussions to conclusion during the first quarter of 2015,"
stated Courtney Chamberlain, Executive Chairman.

As at 30 September 2014, the Company had a cash balance of $5.4 million and, as announced on 12 November 2014, the
Company has sufficient funds together with the expected cash flows from Corihuarmi to meet its cash requirements to the
end of the first quarter of 2015 by which time the Company expects to have project financing in place for its flagship
Ollachea Gold Project.

With project financing in place during the first quarter of 2015, the Company expects production to commence at Ollachea
during the fourth quarter of 2016.

The Ollachea Gold Project

The Ollachea orogenic gold deposit, located in southern Peru, was discovered by Minera IRL in late 2008 after acquiring
the property from Rio Tinto in 2006. Since that time, the Company has completed more than 81,000 metres of surface
diamond drilling in 208 holes, resulting in the delineation of significant gold mineral resources and reserves at
Ollachea. The project has strong community support, as evidenced by a 30-year surface rights agreement.

In November 2012, the Company completed a Definitive Feasibility Study on the Minapampa deposit. The results of a
subsequent optimization process were announced on 4 June 2014. These studies reported the details of a robust
underground mining operation with Probable Mineral Reserves of 9.2 million tonnes grading 3.4 grams of gold per tonne of
material ("g/t Au") containing 1.0 million ounces.

The Ollachea Gold Mine has scheduled production of 930,000 ounces over an initial nine-year mine life at an average site
cash operating cost of $507 per ounce of gold produced.

The up-front capital cost is estimated at $177 million (including IGV, which is recoverable) with a total life-of-mine
capital cost estimate of $220.0 million.

The following table reports the key performance measures of the Ollachea Project over a range of gold prices on a total
project basis that is equity financed:


----------------------------------------------------------------------------
$1,100 $1,200 $1,300 $1,400 $1,500
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0% 231 289 344 399 453
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5% 135 177 218 259 299
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7% 107 144 181 217 253
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10% 72 104 135 166 197
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IRR (post-tax) 20.3% 24.4% 28.2% 31.9% 35.4%
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Payback (years) 4.0 3.4 3.1 2.7 2.4
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Exploration and resource infill drilling has defined Indicated Mineral Resources of 10.1 million tonnes grading 4.0 g/t
Au containing 1.3 million ounces at a 2.0 g/t Au cut-off, plus Inferred Mineral Resources totalling 12.1 million tonnes
grading 3.0 g/t Au containing 1.1 million ounces at a 2.0 g/t Au cut-off. Significant open-ended potential exists to
increase mineral resources both along strike and at depth as evidenced by underground drilling results along the eastern
extension of the Minapampa deposit (reported in the Press Release dated 2 April 2013).

Minera IRL Limited is an AIM, TSX and BVL listed precious metals mining and exploration company with operations in Latin
America. Minera IRL is led by a management team with extensive operating experience in South America. In Peru, the
Company operates the Corihuarmi Gold Mine and is advancing its flagship Ollachea Gold Project towards production. For
more information, please visit www.minera-irl.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about the Company's financial or operating performance
and other statements expressing management's expectations or estimates of future events, performance and exploration and
development programs or plans constitute "forward-looking statements". Forward-looking statements often, but not always,
are identified by words such as "seek", "believe", "expect", "do not expect", "will", "will not", "intend", "estimate",
"anticipate", "plan", "schedule" and similar expressions of a conditional or future oriented nature identify forward-
looking statements. Forward-looking statements are, necessarily, based upon a number of estimates and assumptions. While
considered, by management, to be reasonable in the context in which they are made forward-looking statements are
inherently subject to political, legal, regulatory, business and economic risks and competitive uncertainties and
contingencies.

The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause Minera IRL's actual financial results, future performance and results of exploration and
development programs and plans to be materially different than those expected or estimated future results, performance
or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.

Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation, except as
may be required by law, to update or revise them to reflect new events or circumstances. Risks, uncertainties and
contingencies and other factors that might cause actual performance to differ from forward-looking statements include,
but are not limited to, changes in the price of precious metals and commodities, changes in the relative exchange rates
of the US dollar against the Peruvian nuevo sol and the Argentinean peso, interest rates, legislative, political, social
or economic developments both within the countries in which the Company operates and in general, contests over title to
property, the speculative nature of mineral exploration and development, operating or technical difficulties in
connection with the Company's development or exploration programs, increasing costs as a result of inflation or scarcity
of human resources and input materials or equipment. Known and unknown risks inherent in the mining business include
potential uncertainties related to the title of mineral claims, the accuracy of mineral reserve and resource estimates,
metallurgical recoveries, capital and operating costs and the future demand for minerals. For additional information,
please consult the Company's most recently filed MD&A and Annual Information Form.

Qualified Persons

The preparation of the technical information contained herein was supervised by Courtney Chamberlain, Executive
Chairman, BSc and MSc Metallurgical Engineering, a Fellow of the Australian Institute of Mining and Metallurgy
(FAusIMM), who is recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed
and approved the technical information in this press release.

The preparation of geological and resource information contained herein was supervised by Donald McIver, VP Exploration
of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy
(FAusIMM), as well as the Society of Economic Geologists (FSEG), who is recognized as a Qualified Person for the
purposes of National Instrument 43-101, and who has reviewed and approved the resource information in this press
release.

Non-IFRS Measures

"Site operating cash costs" and "total cash costs" are non-IFRS measures that do not have a standardized meaning
prescribed by GAAP or IFRS and may not be comparable to other similarly titled measures of other gold mining companies.

"Site operating cash costs" include costs such as mining, processing and administration, but are exclusive of royalties,
workers' profit participation cost, depreciation, amortization, reclamation, capital, development, exploration and other
non-site costs (transport and refining of metals, and community and environmental). These costs are then divided by
ounces produced to arrive at "site cash operating costs per ounce".

This measure may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore
processed and gold recovery rates in the period.

Management believes this information is useful to investors because this measure is considered to be a key indicator of
a company's ability to generate operating earnings and cash flow from its mining operations. This data is furnished to
provide additional information and is a non-GAAP and non-IFRS measure that does not have any standardized meaning
prescribed by GAAP or IFRS. It should not be considered in isolation as a substitute for measures of performance
prepared in accordance with IFRS, and is not necessarily indicative of operating costs presented under IFRS.


FOR FURTHER INFORMATION PLEASE CONTACT:

Minera IRL Limited
Jeremy Link
Business Development
+1 (647) 692-5460
www.minera-irl.com

OR

Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Neil Elliot
Emma Gabriel
+ 44 (0)20 7523 8000

OR

finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
+ 44 (0)20 7600 1658

OR

Buchanan (Financial PR, London)
Bobby Morse
Gordon Poole
Louise Mason
+44 (0)20 7466 5000


Contact Information:
Minera IRL Limited


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