Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

August 11, 2009 09:00 ET

Iberian Minerals Announces High Grade Karina Vein Extension at Condestable

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that deep underground drilling on a portion of the Mine known as the Karina Vein has indicated a high-grade zone extending to depth. The contribution of veins, with their generally higher grade mineralization, is important as a head grade regulator.

Results of a diamond drill campaign have confirmed continuity up to 265 meters below sea level, or 90 meters below Level -175, and are summarized in the following table:

Hole ID
From
(m)
To
(m)
Length
of Intercept
(m)
True  width
(m)
Cu (%)
Azimuth
Dip
(degrees)
Depth (m*)
Lithology
UDH-3836
78.45
83.30
4.85
3.70
13.27
N174°
-29
-210
Vein
UDH-3850
114.85
118.75
3.90
2.10
7.63
N170°
-54
-265
Vein
UDH-3858
129.40
137.85
8.40
4.90
2.33
N154°
-30
-225
Vein
UDH-3863
38.48
43.18
4.70
3.70
6.63
N40°
-41
-205
Vein
UDH-3865
36.30
41.65
5.35
4.00
6.50
N64°
-29
-190
Vein
UDH-3870
35.12
41.96
6.84
3.40
3.79
N30°
-24
-185
Vein
UDH-3871
30.60
47.75
8.62
5.90
4.16
N03°
-33
-195
Vein
UDH-3878
73.15
78.10
4.95
4.50
2.19
N04°
-23
-210
Vein
UDH-3885
83.95
87.90
3.95
3.30
1.24
N346°
-20
-210
Vein
         

(*) Referenced to sea level.

The onsite supervision of the diamond drill program was done by Carlos Rodriguez, Superintendent of Geology at Condestable (since 2005) under the supervision of Mike Newbury, P.Eng. as Qualified Person. The diamond drill program produced 71 core samples of 4.0 meters long on average. The cores were cut by saw and 50% sent for assay to the secure Condestable lab onsite for analysis. The assay procedure was Atomic Absortion Spectometry (Aqua Regia Digestion).The lab undertakes batch duplicates and replicates for quality control in their analytical procedures. Check samples were sent to ALS Chemex Laboratory Group.

A cross-section of the Karina Vein Extension will be posted on our website at www.iberianminerals.com at the link entitled "Karina Vein Extension".

The Company plans to access this high-grade zone for processing during 2010 and 2011 A capital expenditure of approximately US$1.2 million has been approved in addition to the existing 2009 capex budget funded from operations, to extend the ramp to depth. Work on the project started in July, and will provide access, development, preparation and proper infrastructure for the resource blocks from Level -175 to -255. The current design criteria for mining also requires the development of an intermediate level, so the Level -215 will be developed from the descending ramp.

Daniel Vanin commented: "Condestable has traditionally replaced reserves year to year on a consistent basis, and this high-grade zone discovery supports our long term outlook for Condestable. Drilling at depth and horizontally will continue to be part of our program."

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. Ramp-up continues on a 1.7 million tonnes per year underground mine and concentrator that will produce copper, zinc and lead concentrates that also contain gold and silver.

All technical information in this press release has been reviewed and approved by Mike Newbury, P.Eng., who acts as Qualified Person ("QP") for Iberian.

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 management information circular of Iberian dated November 20, 2007 and in the annual Management's Discussion and Analysis 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