Minera IRL Limited announce that Mining Plus (“Mining Plus”) is currently completing a Preliminary Economic Assessment (“PEA”) detailing the Company’s revised plans for its Ollachea Gold Project (“Ollachea” or the “Project”) located in the Department of Puno, Southern Peru. Strong Project Economics with low CAPEX. At a base case gold price of $1,600/oz: Pre-Tax Net Present Value discounted at 7% (“NPV7%”) of $327 million and 54% Internal Rate of Return (“IRR”), and after-tax NPV7% of $189 million and 38% IRR. At a gold price of $1,800/oz: Pre-Tax NPV7% of $430 million and 68% IRR, and after-tax NPV7% of $253 million and 47% IRR. Start-up CAPEX estimated at $89 million (including 25% contingency), with an after-tax payback period of 2.5 years. Indicated Mineral Resource Estimate of 10.7 million tonnes at 3.28 grams per tonne (“g/t”) containing 1.13 million ounces of gold. Inferred Mineral Resource Estimate of 7.3 million tonnes at 2.7 g/t containing 0.6 million ounces of gold. Total Mineral Resource Estimate includes results from the Minapampa Far East drilling program completed in 2016, which demonstrates that the mineralization remains open to the east and at depth. 11-year life of mine (“LOM”) projecting 876,200 recovered ounces. Average annual production over a four-year ramp-up period of approximately 66,000 ounces of gold at 1,500 tpd, with an estimated peak of 111,000 ounces in year five following an expansion to 3,000 tpd. Average recovery of 90.3% during the first three years, with average recovery of 86.2% over the remaining LOM. Simplified process flowsheet demonstrating improved gold extraction through gravity concentration and carbon rejection, and high gold recoveries from leaching of gravity concentrate through a CIL plant. Efficient use of available space with the inclusion of co-disposal of tailings and waste rock. 30-year surface rights agreement from 2012 creates strong local ties and grants a 5% interest in Minera’s operating subsidiary to the community of Ollachea upon commencement of commercial production. Long-lead and key construction permits and mining approvals already in hand, including an Environmental and Social Impact Assessment. Mine tunnel extending 1.2 kilometers and project site access roads completed in 2013 that compress development timeframe. The PEA for the Ollachea Gold Project is being prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.