During the final week of February 2008, Minera IRL S.A. (MIRL), signed a Letter of Intent (“LOI”) for entering into a Joint Venture (JV) with Minera Alturas Corp. (“MALT”), thereby forming the “Huaquirca Joint Venture Project” in Southern Peru.

The Joint Venture will see the combination of the contiguous MIRL Chapi-Chapi  (formerly “Chama”) and MALT Utupara projects.  The JV properties, totaling 9934 ha, are situated approximately 125km south west of the Andean city of Cuzco at an average elevation of approximately 4,000 m.  MALT will have the opportunity to earn an 80% equity interest by drilling 20,000 m and completing a scoping study. 

Both companies have already encountered significant exploration encouragement in the search for porphyry style copper-gold deposits in this Eocene-Oligocene porphyry-skarn mineralized belt, which is known to host several large copper-gold deposits (Tintaya, Las Bambas, Los Chancas, etc).

On the MALT Utupara property, mineralised copper-gold porphyry-skarn, breccia and vein occurrences are identified on surface, some of which have been exploited in the past over a significant area by small scale mining methods.  Additionally, gold in vein structures has been exploited in the past.

Previous exploration activities on the MIRL Chapi-Chapi property have included detailed geological mapping, 357 line-km of ground magnetic geophysical survey, shallow geochemical studies and drilling.  Three important mineralized gold and/or copper-gold exploration targets have been identified.  Gold and copper skarn mineralization has been encountered both on and near to surface.  This has been interpreted to represent the upper extension of a possible “Las Bambas” style copper-gold porphyry stock within the host intrusive body, the monzonitic Chicorone stock.  At Las Bambas, located some 55 km towards the north east of the Huaquirca JV property, mineralized copper-gold skarn is also identified on surface, overlying important copper-gold porphyry style mineralization.

Based on the results of earlier geological mapping, geochemistry and geophysical studies, MALT, in the search for the discovery of a giant “Las Bambas” style copper-gold porphyry deposit, is currently conducting a 5,000 m Phase 1 exploration drilling study on the Utupara property.  A number of combined geochemical and geophysical targets remain to be tested.

The “Huaquirca Joint Venture” is currently advancing under the management of JV partner Alturas Minerals.  An exploration program including diamond drilling is anticipated for 2008.

MALT, in order to retain its interest, must finance and complete 20,000 m of drilling on the JV property and conduct a scoping study at its own expense. Thereafter both parties will contribute in accordance with their respective percentage interests, subject to the usual dilution clauses applicable in agreements of this nature within the mining and exploration industry. In the event that MIRL dilutes to 5% or less, a 2% NSR clause may be applied.