Minera IRL Announces Closing of Approximately C$15.5 Million Offering

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION
MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.


Minera IRL Limited ("Minera" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL)
the Latin America gold mining company, is pleased to report that it has closed
the previously announced best efforts offering of ordinary shares ("Shares") of
the Company (the "Offering") at a price of C$0.71 per Share (GBP 0.45 per
ordinary share, converted at the Bank of Canada daily noon rate on 31 January
2013 and rounded to the nearest penny). The Company filed a prospectus
supplement ("Prospectus Supplement") with the securities regulatory authorities
in each of the provinces of Canada, except Quebec, in connection with the
Offering on 31 January 2012. Concurrent with the closing of the Offering, the
Agents partially exercised their over-allotment option of 225,000 Shares.
Including the Shares issued as a result of the exercise of the over-allotment, a
total of 21,775,000 Shares were issued, raising gross proceeds of C$15,460,250. 


Application for admission of 21,775,000 shares has been made to AIM
("Admission"), and Admission is expected to occur at 14:30 (GMT) today.  


The Offering was completed by a syndicate of investment dealers led by RBC
Capital Markets as sole global bookrunner and including Jennings Capital Inc.,
Fraser Mackenzie Limited and Desjardins Securities Inc. (collectively, the
"Agents"). The Agents engaged Canaccord Genuity Limited and finnCap Limited to
act as special selling agents solely in connection with the Offering in the
United Kingdom and KALLPA Securities Sociedad Agente de Bolsa S.A. to act as
special selling agent solely in connection with the Offering in South America
and the Caribbean.


The net proceeds from the Offering will largely be directed toward funding early
development costs of the Ollachea Project in Peru which, following a successful
definitive feasibility study announced in late 2012, is currently in the
permitting stage. The Company intends to use the proceeds as set out in the
table below.




  Use of Proceeds                                                         
                                                              (C$millions)
   Ollachea Project                                                       
    MKK G&A, Permitting, Community, Archaeology & Land                 3.1
  Acquisition                                                             
    Tunnel Advance to 1,200m                                           4.3
    Owner Development Management, Detailed Engineering                 1.9
    Cash Component of Rio Second Payment                               1.5
   Exploration                                                            
    Underground exploration drilling & assaying                        1.0
    Patagonia Basic Exploration & G&A                                  2.4
   Raising Costs                                                       1.3
  TOTAL                                                               15.5



These securities have not been and will not be registered under the United
States Securities Act of 1933 (the "U.S. Securities Act"), as amended, or the
securities laws of any state, and may not be offered or sold in the United
States unless an exemption is available under the U.S. Securities Act and
applicable state securities law. This press release does not constitute an offer
to sell or a solicitation of an offer to buy these securities in the United
States or in any jurisdiction in South America. 


Minera IRL Limited is the AIM traded, TSX and BVL listed holding company of
precious metals mining and exploration companies focused in Latin America.
Minera IRL is led by an experienced senior management team with extensive
industry experience, particularly operating in South America. The Group operates
the Corihuarmi Gold Mine and the advanced gold projects Ollachea in Peru and Don
Nicolas in Argentina. For more information, please visit www.minera-irl.com.


Some of the statements contained in this release are forward-looking statements,
such as estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties.


While these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggestions herein. Except as required by applicable law or
regulation, Minera IRL does not intend to update any forward-looking statements
to conform these statements to actual results.


The offering of the Shares commenced on January 28, 2013 and is subject to
General Rule 336 of the Chilean Securities and Insurance Superintendency
(Superintendencia de Valores y Seguros de Chile, or the "SVS"). Neither the
Company nor the Shares offered are registered in the Securities Registry
maintained by the SVS pursuant to the Chilean Securities Market Law 18,045, as
amended and restated, and supplemental rules enacted thereunder. Accordingly,
the Shares will not be subject to the supervision of the SVS, the Company is not
be obliged to provide public information in Chile related to the Shares and they
may not be publicly offered in Chile unless registered with the SVS. This news
release does not constitute an offer to the general public in Chile or to any
other person to acquire the Shares.


La oferta de las acciones ordinarias comenzo el dia 28 de enero, 2013 y se
encuentra sujeta a la Norma de Caracter General 336 de la Superintendencia de
Valores y Seguros de Chile ("SVS"). Ni la Compania ni las acciones ordinarias se
encuentran inscritas en el Registro de Valores que lleva la SVS de conformidad
con la Ley No18.045 de Mercado de Valores y sus modificaciones posteriores. En
virtud de lo anterior, las acciones ordinarias no estaran sujetas a la
fiscalizacion de la SVS, la Compania no estara obligada a entregar en Chile
informacion publica de estos valores, y estos no podran ser objeto de oferta
publica mientras no sean inscritos en el Registro de Valores de la SVS. El
presente comunicado de prensa no constituye de modo alguno una oferta en Chile
al publico general ni a ninguna otra persona para adquirir las acciones
ordinarias.


In Peru the Offering constitutes a private offering directed exclusively to
"institutional investors" (as such term is defined under the Seventh Final
Disposition of the Regulations for the Primary and Secondary Offering of
Securities, approved by Conasev Resolution No. 141-98-EF/94.10, as amended).
Accordingly no Shares will be subject to a public invitation for subscription,
acquisition, or purchase on Peruvian territory and the offering will not be
marketed through means of mass media or other means likely to percolate
information outside the group of targeted institutional investors.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Minera IRL
Trish Kent
Vice President, Corporate Relations
+511 418 1230
www.minera-irl.com


RBC Capital Markets (Global Bookrunner & Co-broker, London)
Stephen Foss
+44 (0)20 7653 4000


RBC Capital Markets (Global Bookrunner & Co-broker, London)
Martin Eales
+44 (0)20 7653 4000


RBC Capital Markets (Global Bookrunner & Co-broker, London)
Richard Hughes
+44 (0)20 7653 4000


Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Andrew Chubb
+ 44 (0)20 7523 8300


Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Sebastian Jones
+ 44 (0)20 7523 8300


Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Tim Redfern
+ 44 (0)20 7523 8300


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


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


finnCap (Co-broker, London)
Elizabeth Johnson (Corporate Broking)
+ 44 (0)20 7600 1658


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


Buchanan (Financial PR, London)
Louise Mason
+44 (0)20 7466 5000


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


Hill+Knowlton Strategies (PR, Toronto)
Rick Harari
+1 416 413 4766
Solarvest BioEnergy (TSXV:SVS)
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