Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

March 15, 2007 15:36 ET

Iberian (IZN) Reports Continued Progress at Its Aguas Tenidas Mine

TORONTO, ONTARIO--(CCNMatthews - March 15, 2007) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

President's Letter

Work is progressing well at the Aguas Tenidas mine site:

1. The new #2 ramp, which commenced in January 2007, has now advanced 140 metres. Now that it is in fresh, unweathered rock, the rate of advance has increased to an average rate of seven metres per day. 2,500 metres of the 3,800 metre long ramp is planned to be excavated from surface, with the balance from underground. Completion of the new ramp is currently anticipated in late February 2008. The new ramp will be used solely as a production ramp, for hauling ore to surface. The ITC loader, which replaces conventional scoop trams, has been working above expectations and is capable of moving approximately 500 tonnes of broken rock per hour.

2. The previously existing #1 ramp has now advanced 325 metres, out of a total additional planned length of 700 metres. The average monthly advance is approximately 100 metres. This ramp will ultimately connect underground to the #2 ramp, the #1 ramp will be used for personnel and materials.

3. The investigation gallery, which will be used for infill and final definition drilling, has now advanced 320 metres out of a planned 400 metres. Drill stations are established every 40 metres for infill drilling, which will commence shortly, once the preliminary investigation program on the copper stockwork zones underlying the massive sulphides is completed.

4. The new canteens and offices at the mine site are now fully operational.

5. Site clearance has been completed and earth moving is well underway for the plant and tailings dam sites.

6. A new tarred access road to the plant site will be completed shortly.

7. All the additional reports requested by the authorities to date, required in connection with the issuance of operating permits for the plant and tailings dam, have now been delivered. These permits are only required by the Company prior to beginning commercial production. As reported previously, all environmental and construction approvals are in place, allowing the mine construction process to proceed as planned.

8. The Company continues to add steadily to its workforce. Once fully operational, the Aguas Tenidas Mine will have around 150 employees and 130 contractors working on site.

The Company remains gratified by the strong support it continues to receive from all levels of local society.

Iberian Minerals Corp. trades on the TSX-V under the symbol IZN. As of March 6th, 2007 there were 164,736,188 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 or Norm Brewster
    (416) 815-8558