Iberian Minerals Corp.

Iberian Minerals Corp.

April 29, 2008 14:59 ET

Iberian Minerals Corp.: Update on Aguas Tenidas Stockworks Drilling

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") - Iberian is pleased to announce it has received the assay results from the first six holes in its 2008 copper stockworks drilling program at the Aguas Tenidas Project. The results, shown below, detail the copper and other metal mineralisation in the assay results.

Section 690860E

Hole # From To Length Cu (%) Pb (%) Zn (%) Ag Au Comment
(g/t) (g/t)

ATSW-15 0.0 54.5 54.5 0.24% 1.90% 8.15% 59.0 0.4 Polymetallic
Inc. 7.4 26.7 19.3 0.24% 3.34% 12.14% 91.9 0.7 Polymetallic
And 54.5 62.5 7.8 2.31% 0.29% 2.21% 23.6 0.8 Copper MS
And 69.7 82.2 12.5 2.10% 0.28% 1.73% 14.7 0.0 Stockwork

ATSW-15B 2.9 58.0 55.1 0.29% 2.33% 8.98% 65.2 0.7 Polymetallic
Inc. 8.4 34.0 25.6 0.22% 3.47% 11.88% 90.8 0.1 Polymetallic
And 59.5 82.0 22.5 2.66% 0.45% 1.88% 23.7 0.0 Copper MS
And 121.0 205.0 84.0 2.21% 0.01% 0.03% 1.5 0.0 Stockwork

ATSW-36 6.0 60.0 54.0 0.27% 3.79% 9.49% 69.1 1.0 Polymetallic
Inc. 18.0 30.0 12.0 0.26% 8.34% 15.36% 121.6 1.1 Polymetallic
And 75.8 84.1 8.3 1.17% 0.08% 0.21% 2.4 0.0 Stockwork

Section 690840E

Hole # From To Length Cu (%) Pb (%) Zn (%) Ag Au Comment
(g/t) (g/t)

ATSW-17 0.0 30.0 30.0 0.40% 2.10% 6.30% 44.3 na Polymetallic
And 61.0 83.7 22.7 1.69% 0.09% 0.31% 6.4 na Stockwork
Inc 65.2 77.7 12.5 2.14% 0.07% 0.03% 9.1 na Stockwork

ATSW-19 0.0 20.6 20.6 0.70% 2.50% 7.70% 50.1 na Polymetallic
And 47.9 117.5 69.6 4.30% 0.00% 0.10% 6.0 na Stockwork

ATSW-53 121.6 181.2 56.8 1.94% 0.30% 0.79% 12.3 na Stockwork
Inc. 139.3 153.4 16.1 3.08% 0.32% 1.09% 22.5 na Stockwork

Note 1: The dips on the above holes were as follows: ATSW-15 90 degrees,
ATSW-15B 90 degrees, ATSW-36 78 degrees N, ATSW-17 37 degrees N, ATSW-19 70
degrees N and ATSW-53 40 degrees N.

Note 2: The approximate distances of the top of the copper stockwork
mineralisation below the Aguas Tenidas polymetallic massive sulphide
mineralisation are as follows: ATSW-15 8m, ATSW-15B 35m, ATSW-36 15m ,
ATSW-17 30m, ATSW-19 25m and ATSW-53 na.

Note 3: The drill intercepts reported above are linear measurements of the
drill core, the true widths have not yet been determined.

There are now a total of five drills operating underground at the Aguas Tenidas Project and two drills operating on the surface.

The drill core from this program was examined and logged, and samples selected, by Jose Malave B.Sc, EurGeol, chief geologist for the Aguas Tenidas project. The selected samples were split, bagged and tagged under the supervision of the qualified person, and sent by bonded air courier to Omac Laboratories (Ireland) for analysis by 19 element Agua-Regia ICP-ORE assay and fire assay for gold. QA/QC procedures were designed under the guidance of Mike O'Neill B.Sc, P.Geo, EurGeol (an Independent Qualified Person), which included the submission of systematic duplicates, blanks and both low and high grade standard samples within the batches submitted to Omac Laboratories. In conjunction with this, 10% of all samples were submitted to ALS Chemex in Vancouver for external laboratory check assays.

The 2008 stockworks drilling program has been undertaken beneath the eastern shallow part of the Aguas Tenidas deposit. Although copper stockworks mineralisation has been encountered further to the west, there is no assurance that the intensity and continuity of this type mineralisation will continue over the entire 2,500 metre length of the Aguas Tenidas deposit.

Mr. Michael Newbury P.Eng., consultant to Iberian, is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and verified the technical information contained in this press release and approved the contents of this press release.

Detailed technical information in respect of the Aguas Tenidas Project including geological information, assumptions, qualifications and procedures are set out in the technical report entitled "Technical Report on Aguas Tenidas Mine Project, Spain" dated June 29, 2007, (the "Aguas Tenidas Technical Report") prepared by Adam Wheeler, C. Eng as an independent mining consultant and Rodney Smith, principal consultant for RSG Global Consulting Pty Ltd. Certain information in the Aguas Tenidas Technical Report was derived from the "Aguas Tenidas Feasibility Study, Executive Summary" dated January 2006 prepared by SRK and the "Technical Report for Aguas Tenidas Este Mine" dated July 25, 2004 prepared by James M. Franklin P. Geo of Franklin Geosciences Ltd. to the extent they are cross-referenced in the Aguas Tenidas Technical Report.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in both Spain, the Aguas Tenidas Project and Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in it's largest shareholder, Trafigura Beheer B.V.

This press release does not constitute an offer of securities in the United States, Canada or elsewhere. The securities of Iberian have not been registered under the United States Securities Act of 1933, as emended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.


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. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Norman Brewster
    (416) 815-8558