Iberian Minerals Corp.

Iberian Minerals Corp.

December 05, 2006 14:05 ET

Iberian Appoints New Director to the Board

TORONTO, ONTARIO--(CCNMatthews - Dec. 5, 2006) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

The Company is pleased to announce the appointment of Jeremy Weir (42), a senior executive of Trafigura Beheer B.V., to the board of Iberian. Iberian's board now consists of three executive and six non-executive directors.

Jeremy Weir heads the Investment Management company, Galena Asset Management Limited. He joined the Trafigura Group in January 2001 as head of metals derivatives trading, structured products and risk management and has 19 years of experience in the metals and metal derivative markets.

Prior to joining Trafigura, Mr. Weir spent almost nine years with N M Rothschild. Initially based in Australia, he was responsible for the establishment of the group's non-ferrous metals derivatives business and the development of structured products relating to this business in conjunction with the group resource banking activities. In 1996, he was relocated to London and promoted to the main board of NM Rothschild where his responsibilities encompassed the company's worldwide metal trading activities and structured finance business. He was also a member of the group's treasury and banking executive management team.

Mr Weir's background also includes three years spent at Pasminco Metals Limited, establishing and controlling the group's metal hedging and risk team; and prior to this appointment he was involved in marketing and trading lead and zinc metal and concentrates for North Ltd.

Mr Weir holds a Bachelor of Sciences degree and is a Geology major from the University of Melbourne, Australia.

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). The project has sufficient reserves for a 13 year operating life at a production rate of 1.60 million tonnes annually. The Company has also signed a long-term offtake agreement with Trafigura Beheer AG for the sale of all its metal concentrates from Aguas Tenidas.

The Company is in the process of arranging a financing package for the project through a combination of project bank debt, subordinated debt, and equity. Site clearance, in preparation for the start up of construction, began in the fourth quarter of 2006.

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

Iberian Minerals Corp. trades on the TSX-V under the symbol IZN. As of November 20th, 2006 there were 160,447,614 shares issued and outstanding.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.

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

Contact Information

  • Iberian Minerals Corp.
    Peter Miller
    (416) 815-8558
    Iberian Minerals Corp.
    Norm Brewster
    (416) 815-8558