Minera IRL to Raise Up to C$32 Million Pursuant to Prospectus Supplement to Its Base Shelf Prospectus

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.

LONDON, UNITED KINGDOM and TORONTO, ONTARIO -- (Marketwire - Jan. 28, 2013) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVLAC:MIRL) the Latin America gold mining company, announces that it intends to file a Prospectus Supplement to the Base Shelf Prospectus dated July 12, 2012 with the securities regulatory authorities in each of the Provinces of Canada, other than Quebec, in relation to a marketed offering (the "Offering") of ordinary shares in the capital of the Company ("Ordinary Shares"). The Offering will also be marketed in the United Kingdom, the United States and in certain jurisdictions in South America on a private placement basis. The Offering is expected to raise gross proceeds of up to C$32 million. The Company will also grant the Agents an over-allotment option to purchase up to that number of additional Ordinary Shares equal to 15% of the number of Ordinary Shares sold pursuant to the Offering. The option will be exercisable for a period of 30 days following closing.

The Offering will be conducted on a marketed basis through 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 propose to engage 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.

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. Assuming gross proceeds of the Offering of C$32 million, the Company intends to use the proceeds as set out in the table below.

Use of Proceeds 		(C$millions)
  Ollachea Project
    G&A, Permitting, Community, Archaeology & Land Acquisition     4.2
    Owner Team, Tunnel Advance to 1,200m, Detailed Engineering     6.9
    Tunnel Extension to 1,560m, Development Vent Rises             5.5
    Rio Second Payment                                             1.5
  Don Nicolas Project 		
    Owner Development Team                                         0.4
    Detailed Engineering                                           1.1
  Exploration 		
    Ollachea Underground Drilling & Assaying                       2.7
    Patagonia Exploration                                          3.6
  Working Capital, General Corporate Purposes and Fees             6.2
TOTAL                                                             32.0

A copy of the Base Shelf Prospectus may be obtained upon request by contacting RBC Capital Markets, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax: 416-313-6066), or from the Company's Corporate Secretary by emailing minera@irl.com.pe or directing a request to Minera IRL at Av. Santa Cruz 826-830, Piso 4, Miraflores, Lima 18, Peru, Telephone +51 1 418 1230, Attn: Corporate Secretary, or can be found on SEDAR under the Company's profile at www.sedar.com.

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 ordinary shares will commence 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 ordinary shares to be 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 ordinary 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 ordinary 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 ordinary shares.

La oferta de las acciones ordinarias comenzará el día 28 de enero, 2013 y se encuentra sujeta a la Norma de Carácter General 336 de la Superintendencia de Valores y Seguros de Chile ("SVS"). Ni la Compañía 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 estarán sujetas a la fiscalización de la SVS, la Compañía no estará obligada a entregar en Chile información pública de estos valores, y éstos no podrán ser objeto de oferta pública 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 público general ni a ninguna otra persona para adquirir las acciones ordinarias.

The Toronto Stock Exchange or the Lima Stock Exchange neither approves nor disapproves the information contained in this News Release.



Contact

Minera IRL
Trish Kent, Vice President, Corporate Relations
+511 418 1230

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

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

finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Elizabeth Johnson (Corporate Broking)
+ 44 (0)20 7600 1658

Buchanan (Financial PR, London)
Bobby Morse, Louise Mason, Gordon Poole
+44 (0)20 7466 5000

Hill+Knowlton Strategies (PR, Toronto)
Rick Harari
+1 416 413 4766