Iberian Minerals Corp.

Iberian Minerals Corp.

December 14, 2007 12:54 ET

Iberian to Amend Quorum Threshold Requirements in Proposed New By-Law

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2007) - Iberian Minerals Corp. (TSX VENTURE:IZN) (the "Company") announced today a change to the proposed By-Laws to be voted upon at the upcoming Special Meeting of Shareholders to be held on December 19th, 2007 at 10:00 am EST.

After discussions with Institutional Shareholder Services Canada Corp. (ISS), Canada's leading independent authority on proxy voting and corporate governance, the Company has undertaken to amend the quorum requirement under the proposed new By-Laws to provide that quorum for a shareholders meeting shall be at least 2 shareholders present in person or represented by proxy representing a minimum of 25% (up from 10%) of the common shares of the Company eligible to vote at the meeting. This undertaking from the Company has resulted in ISS recommending that shareholders vote "FOR" the approval of the adoption of the new By-Laws as set forth in the management information circular of the Company dated November 20, 2007.

As a result of the undertaking, ISS is now recommending that shareholders vote in favor of all three resolutions to be put before shareholders at the upcoming special meeting.

About Iberian Minerals Corp.

Iberian Minerals Corp., through its wholly owned subsidiary MATSA, is currently proceeding with the re-opening of the Aguas Tenidas copper/zinc project located in the Region of Andalucia, SW Spain. In January 2006, a feasibility report on the project was prepared by SRK Consulting of Cardiff UK, which demonstrated the technical feasibility and economic viability of the project (press release January 20, 2006). Elements of this feasibility report have been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press release of May 22, 2007), which is available at www.sedar.com. In addition to the purchase of approximately 92% of the issued and outstanding shares of Compania Minera Condestable ("CMC") from Tafigura Beheer B.V. Amsterdam ("Trafigura") the Company has also signed a long-term offtake agreement with Trafigura for the sale of all its metal concentrates from Aguas Tenidas.

In addition to the Aguas Tenidas project the Company, through MATSA, holds an extensive land position of exploration properties within the Iberian Pyrite Belt.

FORWARD LOOKING STATEMENTS: This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws concerning Iberian's transactions with Trafigura. 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 transactions will be completed, that all required third party regulatory, governmental and shareholder approvals for transactions will be obtained and all other conditions to completion of the transactions will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Iberian or Trafigura 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 the Iberian shareholders failing to obtain minority shareholder approval in respect of the Condestable Acquisition, failure to reach definitive agreements in respect of the contemplated transactions, as well as changes in market conditions and other risk factors discussed or referred to 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.
    Peter Miller or Norm Brewster
    (416) 815-8558