Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

November 11, 2008 09:36 ET

Iberian Minerals Corp.: Aguas Tenidas Progress Update

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Iberian Minerals Corp. (TSX VENTURE:IZN) Iberian Minerals Corp. ("Iberian") announces that construction by its wholly owned subsidiary Minas de Aguas Tenidas ("MATSA") of the 1.7 million tonne per year copper/polymetallic Agua Tenidas mining project is nearing completion.

Overall construction of the project is approximately 89% complete and engineering is 96% complete. Outstanding items are minor and are not anticipated to impact achieving the start-up target.

The construction progress has included completion of the 66kv power line to the project and the main substation has been energised.

The copper circuit has been completed and is now being tested with no load pre-commissioning. Early December the project will commence processing approximately 25,000 tonnes of copper mineralization with an average grade of 1.94% stockpiled for the concentrator start-up.

The polymetallic circuit is being completed and no load pre-commissioning is expected to commence in early December.

Iberian is continuing to add to its team of experienced professionals along with the project manager Aker Solutions for the commissioning. On September 15th, 2008, Ken Norris, officially joined the company as Chief Operating Officer for the Aguas Tenidas Project. Mr. Norris has a B.Sc. in Mineral Process Engineering from the University of British Columbia and over 19 years of mining industry experience in both open pit and underground operations. He has over 10 years of international experience and has been involved in the permitting, development and operation of a number of large gold and copper projects. Mr. Norris speaks several languages including French and Spanish.

Iberian is hiring and conducting training programs to assure that it has adequate competent plant operators. MATSA now has approximately 170 employees that are supported by approximately 650 contractor construction workers on site.

Underground development of the main Santa Barbara ramp is continuing and completion including surfacing is expected by mid December. Connecting the new ramp with the underground workings and the old ramp will improve ventilation and allow mineralized material to be delivered directly to the concentrator. Drilling, stope development and a major ventilation raise continues to progress in preparation for full production. The mine contractor has approximately 150 employees underground.

Management expects to publish an updated development and production schedule and operating and capital budget for the Mine during the first quarter of 2009.

In addition, exploration drilling on surface has been suspended pending assays. Two underground drill rigs are currently completing geotechnical work to provide information for better stope planning. Two additional underground drills are continuing the definition drilling for reserves and stope planning and also continuing to delineate the copper stockwork mineralization (See Press Release November 5, 2008).

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

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in Spain and Peru. The Company operates the 6,000 tonnes per day Condestable mine in Peru approximately 90 km south of Lima that produces copper and associated silver and gold in a concentrate. The Aguas Tenidas mine is a major copper-zinc project in the Iberian Pyrite Belt in Andalucia region of Spain approximately 110 km west of Seville. Construction is nearing completion on a 1.7 million tonne per annum underground mine and concentrator that will produce copper and zinc concentrates that also contain gold, silver and lead. Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that transactions will be completed, that all required third party regulatory and governmental approvals for transactions will be obtained. Many of these assumptions are based on factors and events that are not within the control of Iberian and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the management information circular of Iberian dated November 20, 2007 and in the annual Management's Discussion and Analysis for Iberian filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Iberian has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Iberian undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Victoria Vargas
    Vice President Investor Relations and
    Corporate Communications
    (416) 815-8558