HENDERSON, Nev.--(BUSINESS WIRE)--Ireland Inc. (OTCBB: IRLD) last week filed its Form 10-Q for the quarter ended September 30, 2015 including an update on the technical program on its TPAC gold extraction process at the Columbus Project, located in Esmeralda County, Nevada. After hundreds of laboratory tests conducted over the last six months to optimize parameters of the TPAC extraction process, the results have improved enough, and have been consistent enough, to warrant larger scale testing. The gold extraction program has now moved from the lab to the onsite pilot plant.
Onsite Pilot Plant Operations
Successful laboratory test results have led the Company to take the next step in proving the extraction process. Ireland has commenced large scale (1/2 ton – 1 ton) extraction tests in its onsite pilot plant. The purpose of the pilot plant tests is to demonstrate gold extraction consistency on a large scale and prove the effectiveness and commercial viability of the full extraction process.
The Company intends to provide regular progress reports on the pilot plant extraction process as work progresses. Timing of the updates will be based on when results become available to the Company, with the first update expected in mid-December.
Final Steps to Commercialization
“Our goal has been to achieve commercial gold and silver extraction rates at the Columbus Project. The last reported results (in February 2105) achieved markedly higher extractions (±0.26 opt Au),” stated Douglas D.G. Birnie, President of Ireland Inc. “Our goal is to demonstrate consistent gold recovery on large scale extraction tests in our onsite pilot plant. We are now one step closer to determining commercial extraction viability. Upon successful completion of several larger onsite plant trials, we expect to engage third party metallurgists/assayers to validate our results.”
Ireland expects that its scheduled technical program for the next twelve months will cost approximately $2,800,000. The Company will need to obtain additional financing in order to complete its planned technical program.
About Ireland Inc.
Based in Henderson, Nevada, Ireland Inc. (www.irelandminerals.com) is a minerals exploration and development company that targets properties containing large-scale deposits of precious metals in the southwestern United States. Ireland is currently involved with two mining projects, both of which are prospective for gold and silver. In early 2008, Ireland completed the acquisition of the Columbus Project located in Esmeralda County, NV, near Tonopah.
This document may include statements that constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect,” “plans” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Ireland’s limited operating history, future trends in mineral prices, the availability of capital, geological or mechanical difficulties affecting Ireland’s planned geological work programs, and uncertainties surrounding estimates of mineralized material. Extraction rates and mineralization grades from test results on individual samples may not be representative of extraction rates or grades that can be obtained from other samples or from commercial scale extraction efforts. Additional exploration work will be required to fully define the extent of the Columbus Project’s mineralized areas and before proved or probable mineral reserves can be established. There is no assurance that the results of Ireland’s exploration of pre-feasibility programs will result in a decision to enter into commercial production. Ireland undertakes no obligation to update the forward looking statements in this document.
The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies to disclose in their filings with the SEC only “reserve estimates,” which are those parts of a mineral deposit that the company can economically and legally extract or produce at the time the estimate is made. Ireland may use certain terms in this press release such as “measured,” “indicated,” and “inferred” “resources.” SEC guidelines strictly prohibit U.S. registered companies from including these terms in their filings with the SEC. Further, inferred resource estimates generally may not be used as the basis for pre-feasibility or feasibility studies. There are no assurances that any resource estimates can be economically or legally extracted or produced or that any of these resource estimates will ever be converted to reserves. There are also no assurances that any inferred resource estimates will be converted into indicated or measured resources. The mineralization estimates provided in this release are based on internal calculations and have not been independently confirmed.
Investors are advised to carefully review the reports and documents that Ireland Inc. files from time to time with the SEC, particularly its Annual, Quarterly and Current Reports, which may be obtained from the SEC’s website at http://www.sec.gov/edgar.shtml.