Iberian Minerals Corp.

Iberian Minerals Corp.

April 24, 2007 11:22 ET

Iberian (IZN) Reports Receipt of Plant Operating Permit

TORONTO, ONTARIO--(CCNMatthews - April 24, 2007) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

Minas de Aguas Tenidas SAU ("MATSA"), Iberian Minerals' wholly owned Spanish operating subsidiary, announces that today it received the permit to operate its ore processing plant (Autorization de la Planta de Mineral) from the Director de Industria, Energia y Minas de la Junta de la Andalucia. This permit is subject to conditions typical of a European Union mining permit, including the posting of EUR 7.02 million in bonds.

MATSA is still waiting to receive the permit required to operate the tailings deposit, which it hopes to receive shortly. MATSA believes it has now provided the relevant authorities with all the information, data, procedures and plans that have been requested.

The Aguas Tenidas Mine permitting process began approximately 12 months ago. MATSA believes it has now received all the material permits and licences, other than the one required for the tailings deposit, which are needed to commence commercial mining operations.

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 March 27th, 2007 there were 164,911,188 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