Minera IRL Announces Disclosure Update

TORONTO, ONTARIO--(Marketwire - July 8, 2011) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) the Latin American focused gold mining, development and exploration company, announces that, as a result of a review by staff of the Ontario Securities Commission, we are issuing the following news release to clarify our disclosure in respect of our mineral resources and information on our website. Technical information inconsistent with National Instrument 43-101 appeared in some analyst reports, newsletters and other third party information linked to the Company's website, and in corporate presentations and other comments made by the Company. The Company has subsequently amended its website.



1. Corihuarmi & Ollachea Mineral Resource prepared by Coffey Mining Pty Ltd. For calculation parameters refer to NI 43-101 Technical reports on SEDAR. Ollachea Mineral Resource as at June 14, 2011
2. Don Nicolas Mineral Resource as at April 1, 2010 prepared by Runge Limited and Coffey Mining Pty Ltd. For calculation parameters refer to NI 43-101 Technical report on SEDAR.
3. Corihuarmi Mineral Resource based on Mineral Resource as at 31 December 2009 less 2010 depletion. Corihuarmi inferred Resource is based on scree deposit as at 28 February 2010.

Competent Persons Statement

The preparation of the technical information contained herein was supervised by Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM), who is recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed and approved the technical information in this press release.

Minera IRL Limited is the TSX, AIM and BVL, Lima 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 in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru as well as the Don Nicolas Project in Argentina.

Some of the statements contained in this release may be forward-looking statements, such as 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, Minera IRL Limited does not intend to update any forward-looking statements to conform these statements to actual results.

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

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