Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

November 28, 2006 15:00 ET

Iberian Minerals Corp.: Additional Licences Acquired

TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

Minas de Aguas Tenidas SAU ("MATSA"), IZN's wholly owned Spanish subsidiary, is pleased to announce it has acquired several additional exploration and investigation licences hosting the La Romanera, Sierrecilla-Infanta and Vuelta Falsa prospects. These prospects are located 30-40kms west of the Aguas Tenidas mine project currently under development by MATSA, close to the Portuguese border and are easily accessible by road.

These prospects have been explored previously and have geological and technical studies that are publicly available and detail the mineralisation at these three prospects, however they are historical and do not meet the requirements of National Instrument 43-101.

La Romanera

A total of 45 drill holes, totalling approximately 10,000 metres were drilled on the property by Asturianas de Zinc S.A., Riotinto Minera S.A. and Phelps Dodge. The drill holes intercepted zones of mineralization at depths of 60-500 metres over a strike length of approximately 800 metres. Publicly available historical information from exploration by previous property owners delineated resources of 11.21 million tonnes containing 0.40% Cu, 2.47% Pb, 5.6% Zn and 64 g/t Ag.(i) The Company is planning a minimum 15,000 metre drill program on this property to commence in early in 2007.

Sierrecilla/Infanta

A total of 136 drill holes, totalling 16,500 metres, were drilled on the property by Phelps Dodge, Riotinto Minera S.A. and Riomin Iberica S.A. and Atlantic Copper. The drill holes intercepted zones of mineralization at depths of 40-200 metres over a strike length of approximately 1,000 metres. Publicly available historical information from exploration by previous property owners delineated resources of 1 million tones containing 1.5% Cu, 5% Pb, 12% Zn and 500 g/t Ag.(i)

Vuelta Falsa

While there is little information available on this prospect publicly available historical information from exploration by previous property owners delineated resources of 1 million tonnes grading 1.27% Cu, 8.8% Pb, 20.7% Zn and 307 g/t Ag.(i)

The above resources statements are based upon historical publicly published resource material that does not meet the requirements of NI 43-101. The Company has retained James Burns P.Eng., a Qualified Person to prepare a report that meets the regulatory requirements of NI 43-101.

Mike Newbury, P.Eng., is the Qualified Person who has reviewed the technical
information in this news release on behalf of the company.

(i) References made to historical resources were taken from a report entitled "The volcanic-hosted massive sulphide deposits of the Iberian Pyrite Belt" authored by J.M. Leistal et. al and published in the Mineralium Deposita Volume 33, 1998 by the International Journal of Geology, Mineralogy, and Geochemistry of Mineral Deposits.

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 Jan. 20th, 2006). The project has sufficient reserves for a 13 year operating life at a production rate of 1.60 million tones 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.

Mike Newbury, P.Eng., is the Qualified Person who has reviewed the technical
information in this news release on behalf of the company.

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 or Norm Brewster
    (416) 815-8558