Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

September 21, 2009 09:00 ET

Iberian Minerals Announces Stock Options and Issues Update on Aguas Tenidas Hedging

TORONTO, ONTARIO--(Marketwire - Sept. 21, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) announced today that 100,000 options to acquire commons shares of the Company have been issued to an employee of a subsidiary company at a exercise price of $0.55 per common share. The options are non-assignable and have a five-year term and vest over three years as to one-third each year, commencing one year after the date of grant.

There are now a total of 10,070,000 options to acquire common shares outstanding pursuant to the Company's Stock Option Plan.

Hedging Update - Aguas Tenidas Mine

The Company has completed a refinement of its short-term hedge position. To summarize, on existing copper hedges:

  • Rolled September positions of 4,750 mt @ $4,943 to Feb. 2010
  • Fixed current QPs as follows:
  • Sep. '09 – 425 mt @ $6,012
  • Nov. '09 – 525 mt @ $6,111
  • Nov. "09 – 275 mt @ $6,270

with an overall impact to reduce net copper hedges in 2009 by 3,525 mt. For the balance of 2009, the Company has 1,725 mt of copper from the Aguas Tenidas Mine hedged at an average of $6,208. Consequently the 2010 positions have increased by 4,750 mt. Total hedgeable copper production in 2010 is 20,100 mt at an average of $4,116 which is now 78% of budgeted hedgeable copper production for 2010.

As noted previously, the Company will continue to monitor and adjust its hedge book as is considered expedient from time to time.

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.

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