Minera IRL Limited Reports on Ollachea Community Announcement and Responds to Unauthorised Press Release

LIMA, PERU--(Marketwired - Nov. 21, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (AIM:MIRL)(BVLAC:MIRL)(TSX:IRL) provides information on an announcement by the Ollachea Community and an unauthorised press release made by Minera IRL SA.

Formal Announcement by Ollachea Community concerning its President

On November 20, 2015 Mineral IRL Ltd. (the "Company") received a letter titled "Legitimate Announcement by the Comunidad Campesina (Rural Community) of Ollachea 001-2015" dated November 19, 2015 (the "Legitimate Announcement"). This letter is the result of a public community meeting held with a significant number of Comuneros (persons with voting privileges) in attendance and was debated and modified freely before being signed by those in attendance. The original letter (Comunicado Legitimo de la Comunidad de Ollachea) and a non-certified translation is available on www.irlmining.com.

At the request of the Comuneros who signed the Legitimate Announcement, the Company is releasing pertinent details of its contents. Specifically, the Legitimate Announcement contains the following statements which were discussed and agreed by the those present during the meeting:

1. The Community categorically rejects all recent publications, announcements, letters, press releases and other commentary made by third parties issued using their name.

2. Specifically, the declarations made the Community President, Mr. Juan Luis Valeriano Guitierrez during his recent trip to Lima, which was paid for by Minera Kuri Kullu SA, a subsidiary of Minera IRL S.A. currently controlled by Mr. Diego Benavides, and published in the local media on November 16, 2015 favoring certain individuals, was done without the consent of the Community. The Community expects to sanction the individuals involved in accordance with the General Law on Communities and the By-Laws of the Rural Community of Ollachea.

3. The Community has recently received copies of two letters signed by the President of the Community and no one else. The first letter, dated August 10, 2015, relates to the demand that Diego Benavides be made CEO of the Company and that all work on the project is stopped until the Community receives a favorable response from the Company. The second letter, dated August 16, 2015, states that Daryl Hodges, the former Executive Chairman of the Company, had disrespected the Community and consequently was declared "persona non-grata." Both letters were purportedly supported by the Community General Assembly held on July 7, 2015. The Legitimate Announcement clarifies that these letters were signed by the President behind closed doors, the Community had never seen these letters previously, and rejects all that is contained in those letters as the statements made by the President were never agreed to by the Community.

4. The Comuneros reserve the right to enter into discussions with any legitimate representative of the Company without prejudice to nationality, sex, race, religion or political concerns.

The Minera IRL Limited board (the "Board") believe, this Legitimate Announcement demonstrates that management of the Company's subsidiary, Minera IRL S.A. has tried to divide the Company and the Community for reasons which are obvious. The issues raised about the current Board and the former Executive Chairman, who was not re-elected at the Annual General Meeting held eleven days after the unauthorised letter declaring him persona non grata was released, are not, the Board believes, about the Community, but rather part of the overall strategy to influence control of the Company.