Positive Drilling Update Minapampa East, Ollachea Project 

TORONTO, ON - Minera IRL Limited reported an update on the in-fill drilling program, Minapampa East Zone, Ollachea Project, Peru.

The highlights are:  Consistently good grade gold results are being received from the in-fill drilling program at the Minapampa East zone at Ollachea. Drill hole DDH11-142 intersected 15 meters grading 4.02g/t gold, DDH11-146 intersected 15 meters grading 4.04g/t and 11 meters at 10.45g/t gold, and DDH11-148 intersected 7 meters grading 20.7g/t gold. Good grade intersections have been obtained to the easternmost extent of the drilling as illustrated by DDH11-148. Beyond this the steep terrain precludes further drilling from surface and the open-ended eastern strike extension of the mineralization will be drilled from underground at a later date from the proposed exploration drive. In-fill drilling and an updated resource estimate is scheduled for completion by the end of May.

"We are very pleased with the results of the in-fill drilling at Minapampa East, with a number of the new intersections easily the best thus far obtained from this zone." said Courtney Chamberlain, Executive Chairman. "Our objective is to convert a significant amount of the 200,000 plus ounces of Inferred Resource reported in late 2010 from Minapampa East into the Indicated category. This better defined resource can then be included into the Pre-feasibility Study scheduled for completion by mid-year."

The NI43-101 compliant resource announced in late 2010 for Minapampa and Minapampa East, using a 2g/t bottom cut, totalled 9.2 million tonnes grading 3.9g/t gold containing 1.2 million ounces in the Indicated category plus 4.9 million tonnes grading 3.1g/t gold containing 0.5 million ounces in the Inferred category. Of the latter, more than 0.2 million ounces is at Minapampa East. The current drilling program is designed to in-fill the spacing between intersections to approximately 30 meters which is expected to be adequate to re-estimate the resource to the Indicated category.

Minapampa East continues east along strike from the Minapampa zone and has a drill defined strike of approximately 200 meters. Further east the mountain becomes too steep to position a drill rig. Strong gold mineralization extends to this eastern limit as illustrated in DDH11-148 which intersected 7 meters grading 20.7g/t. The Company believes that this is a very positive indication for further exploration potential to the east which will be drilled at a later date from an underground exploration drive currently being permitted.

An interesting feature of the main gold bearing lens at Minapampa East is a persistent high grade hanging wall contact (ie, the interface between the mineralized lens and the barren rock above it). One meter interval gold assays on this contact have been recorded to as high as 121g/t.

It should be noted that the effective true width of mineralized intersections are expected to range between 71% to 97% of the width reported, with the majority of the drill holes reporting around 90% true width. The true width is dependent upon the variation of the angle of incidence between the trace of the Minapampa East in-fill drill-hole(s) and the dip of the drilled mineralized horizons.

An Inferred Resource estimate is scheduled in the third quarter for Concurayoc, the new gold mineralized zone discovered in 2010 to the west of Minapampa in 2010 (which will not be included in the Pre-feasibility Study but represents further upside) where exploration drilling has been continuing.