FOR: MINERA IRL LIMITED

TSX SYMBOL: IRL
AIM, LMA SYMBOL: MIRL

August 17, 2015

Minera IRL Limited: Community Suspension of Development Activity on the Ollachea Gold Project

LIMA, PERU--(Marketwired - Aug. 17, 2015) - Minera IRL Limited ("Minera IRL" or the "Company")
(TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) announces that it has received communication from Senor Juan Luis Valeriano Gutierrez,
President of the Ollachea Community (the "Community"), which encompasses the Company's Ollachea Gold Project, stating
that the Community is suspending its support of the project development activities at Ollachea until certain concerns of
the Community are addressed. The Community has raised concerns about the status of the Company's plans to reorganize its
management structure to better serve the stakeholders, and the specific role of certain individuals within the Company.
This situation was also reported by the Community to the Puno press on 14 August 2015.

The Company has responded directly to Senor Valeriano reiterating its solid commitment to the Community moving forward
and that the Company will honour all previous commitments. The Company is endeavouring to work with the Ollachea
Community to address the other concerns being raised. There was a general meeting of the Community of Ollachea on 15
August 2015 and a follow up meeting on 16 August 2015, where this matter is under discussion internally and the Company
is awaiting the outcome of this assembly.

Until these Community issues are resolved, the Company cannot advance the project, and therefore the expected August
start-up of a 5,000 metre exploration drill program, and final negotiation of the EPCM contract, are on hold. This
embargo increases the risk of completing the previously announced project financing.

Daryl Hodges, the Executive Chairman of the Company, commented, "We understand that the loss of Courtney Chamberlain and
the transformation of the Ollachea project from exploration to a significant mine development project has created
uncertainty with the Community. I would like to emphasize my previous message that the Company and Board of Directors
are committed to a long-lasting and positive relationship with the Community as we move together as partners into the
next phase."

The Company feels it has developed a strong working relationship with the Ollachea Community over the past eight years.
This includes having spent over $100 million to date advancing the Ollachea Gold Project, including over $25 million in
the Ollachea Community, and entering into a long-term agreement by offering to the Community a 5% carried interest in
the Company's subsidiary that holds the Ollachea Gold Project. While the Company expects to arrive at a favourable
resolution of the current situation the outcome of these discussions remains uncertain.

About Minera IRL Limited

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, any failure to obtain or complete project financing for the Ollachea Gold Project (including the
Senior Debt Facility),changes in the price of precious metals and commodities, changes in the relative exchange rates of
the US dollar against the Peruvian nuevo sol, 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.




FOR FURTHER INFORMATION PLEASE CONTACT:

Minera IRL
Daryl Hodges
Executive Chairman
+1 (647) 271-3817

OR

Minera IRL
Diego Benavides
Interim CEO
+ (511) 418-1230

OR

Minera IRL
Brad Boland
CFO
+1 (416) 907-7363

OR

Canaccord Genuity Limited
Nominated Adviser & Broker, London
Henry Fitzgerald-O'Connor
+ 44 (0)20 7523 8000

OR

Canaccord Genuity Limited
Nominated Adviser & Broker, London
Oliver Donaldson
+ 44 (0)20 7523 8000

OR

Buchanan
Financial PR, London
Bobby Morse
+44 (0)20 7466 5000

OR

Buchanan
Financial PR, London
Gordon Poole
+44 (0)20 7466 5000

Contact Information:
Minera IRL Limited


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