Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

September 14, 2009 09:27 ET

Iberian Minerals Issues Update on Aguas Tenidas Polymetallic Circuit

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) today confirmed that after extensive metallurgical testing and study, the Company is in the process of modifying the polymetallic process circuit which, among other modifications will include the installation of a new modular copper and lead separation circuit within the existing polymetallic flotation circuit at the Aguas Tenidas process plant. The modular flotation separation circuit will further process bulk copper and lead concentrates (bulk concentrate) which are now being produced in the polymetallic circuit. As previously reported, modifications to the polymetallic circuit for a bulk flotation circuit were completed and the bulk flotation circuit has been fully operational since August producing saleable bulk concentrates.

After review, it was concluded that the existing polymetallic circuit, which was designed initially as a sequential flotation circuit, was unable to either consistently produce saleable copper and lead concentrates or achieve stated metallurgical recoveries within the original feasibility study parameters. To address this situation extensive metallurgical testwork was conducted at Aguas Tenidas with the assistance of independent metallurgical consultants.

The construction of the modular flotation separation circuit has been contracted to Westpro Machinery of Vernon, BC, and is scheduled for installation in Q4 with a view to being fully operational by December 2009. The modular circuit will be installed in an open space area within the existing plant, so requiring minimal modification or down time at the process plant.

In conjunction with the process plant modification, the Company is requesting from the relevant government authorities a modification to the process plant permit which would include the use of additional flotation reagents to be used in both the bulk flotation, and copper and lead flotation separation circuits. The use of these reagents is considered essential; while there can be no guarantee of the fact of, or exact timing of such issuance, the Company has reviewed the matter in detail and is confident that such modification will be granted in due course.

Daniel Vanin, President & CEO of Iberian stated: "With the help of our independent metallurgical consultants, our team has now addressed metallurgy and recovery challenges which have impacted the polymetallic circuit performance. We were not satisfied with our technical and financial results as a result of the poor performance of the sequential flotation design, and we are now implementing a plan that is expected to move us to feasibility study metal recoveries from polymetallic ores. With these planned modifications which are well underway, we will retain flexibility for the future in terms of process capacity and metalurgical performance, and at the same time, enhance the polymetallic process circuit to meet our expectations for performance."

The planned modification is expected to cost 1.725 million Euros which has already been included as part of the capex budget for the Aguas Tenidas Mine for 2009.

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