Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

December 23, 2009 09:00 ET

Iberian Minerals Agrees to Purchase Raul Lease and Royalty at Condestable Mine

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that an agreement has been entered into with Corianta S.A., a subsidiary of Cementos Pacasmayo S.A.A., member of Hochschilds Group to purchase all remaining interest in the Raul Mine. The purchase price is US$ 28 million, and is to close by March 31, 2010.

The Condestable Mine is comprised of two mines – Condestable and Raul. Consisting of 6,600 hectares, the Raul Mine is located south-west of the Condestable Mine, and also has 364 hectares of surface rights and buildings. Raul has been under lease with a term ending February 2011 with an option to renew to February 2014, subject to monthly royalty payments being made comprised of base, production and price components, which currently are annualized at approximately US$ 6 million.

The transaction is subject to financing, regulatory approval, and other usual conditions.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals company with interests in Spain and Peru. The Condestable Mine, located in Peru approximately 90 km south of Lima, operates at 2.2 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville and operates a 1.7 million tonnes per year underground mine and concentrator that produces copper, zinc and bulk copper/lead concentrates that also contain gold and silver.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "except", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that all required third party regulatory and governmental approvals will be obtained. Many of these assumptions are based on factors and events that are not within the control of Iberian and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the annual Management's Discussion and Analysis and Annual Information Form for Iberian filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Iberian has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Iberian undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Laura Sandilands
    Investor Relations and Corporate Communications
    416-815-8558