Iberian Minerals Corp.

Iberian Minerals Corp.

January 03, 2007 15:13 ET

Iberian Appoints New Directors to Board of MATSA

TORONTO, ONTARIO--(CCNMatthews - Jan. 3, 2007) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

The Company is pleased to announce the appointments of Augusto Martinez Gonzalez (64) and Jesus Fernandez Lopez (30) to the board of its wholly owned operating subsidiary in Spain, Minas de Aguas Tenidas SAU ("MATSA").

Sr. Martinez has over 35 years experience in the mining industry, primarily in Spain, where he has been the President of Rio Tinto Rocas SA, Camara Minera de Huelva and Union Nacional de Industrias del Cobre (Unicobre). Sr. Martinez was also the commercial director general for 8 years for Atlantic Copper S.A., the owner of the 310,000tpy copper smelter located at the Port of Huelva, approximately 80kms south of the Aguas Tenidas Mine. Sr. Martinez brings with him a wealth of practical experience in Spain's mining and associated industries.

Sr. Fernandez is a senior member of the Trafigura Beheer AG ("Trafigura") corporate finance team with special responsibility for South America. Sr. Fernandez is responsible for the structuring of financing packages and solutions for many of Trafigura's clients worldwide. Trafigura is an independent commodities trading group with mining assets in Peru and Mexico; turnover in 2006 was approximately US$46 billion and the company has a net worth of around US$1.0 billion.

The six members of MATSA's board of directors are as follows:

Peter Miller British Jose Arnau Spanish
Norman Brewster Canadian Augusto Martinez Spanish
Americo Villafuerte Peruvian Jesus Fernandez Spanish

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 January 2nd, 2007 there were 163,013,614 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