Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

December 15, 2006 16:26 ET

Iberian Extends Special Warrant Term

TORONTO, ONTARIO--(CCNMatthews - Dec. 15, 2006) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

The Company is pleased to announce that application has been made to the TSX Venture Exchange to extend the term of the special warrants held by Dundee Resources Limited and Trafigura Beheer B.V. to April 30th 2007 from December 31st, 2006. Further details of these special warrants can be found in the press release of October 20th, 2006.

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 December 6th, 2006 there were 160,974,948 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
    or
    Iberian Minerals Corp.
    Norm Brewster
    (416) 815-8558