Iberian Minerals Corp.

Iberian Minerals Corp.

October 16, 2007 11:42 ET

Iberian Minerals Corp.: Aguas Tenidas Update and Announcement of Mine Re-Opening Ceremony

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - Iberian Minerals Corp. ("Iberian") (TSX VENTURE:IZN) is pleased to announce that November 7th will be the date of the official mine-reopening ceremony for its Aguas Tenidas project in SW Spain. Attending the event will be Manuel Chavez, the President of the Spanish state of Andalucia and representatives of the Company's major shareholders.

Update on Stockwork Drilling - 99 metres of 2.0% Cu intersected

An additional nine holes have been completed since the last assay results were released on July 25th. The assay results from four holes are shown below, samples from the remaining five holes are in for assay. Drill hole ATSW-15 is currently in progress and is designed to test the vertical component of the copper stockwork mineralisation. ATSW-15 on Section 690860E is a vertical drill hole, located five metres south of the Northern Fault (the northern boundary of the Aguas Tenidas massive sulphide deposit) - it is currently 183 metres deep in well developed, coarse, chalcopyrite (copper) mineralisation, which was first encountered at 119 metres. A further 11 holes are planned in the current program.

Section 690920E
Cu Pb Zn Ag Au
Hole # From To Length (%) (%) (%) (g/t) (g/t) Comment

ATSW-6 26.6m 56.2m 29.6m 1.62 2.13 6.36 76.2 1.5 Polymetallic
85.5m 93.5m 8.0m 2.11 0.10 0.23 12.8 1.2 Stockwork

Section 690900E
Cu Pb Zn Ag Au
Hole # From To Length (%) (%) (%) (g/t) (g/t) Comment

ATSW-8 22.0m 46.5m 24.5m 0.98 2.81 8.46 90.0 2.3 Polymetallic
70.7m 108.7m 38.0m 1.82 0.01 0.08 7.5 0.1 Stockwork

ATSW-9 20.4m 43.5m 23.1m 0.72 2.88 8.57 74.5 1.6 Polymetallic
81.0m 87.1m 6.0m 2.40 0.04 0.02 12.0 0.3 Stockwork

ATSW-10 33.3m 55.3m 22.0m 1.03 2.35 6.59 78.4 1.1 Polymetallic
62.6m 162.0m 99.4m 1.99 0.12 0.44 4.5 0.0 Stockwork

Note 1: The dips on the above holes were as follows: ATSW-6 20degreesS,
ATSW-8 43degreesS, ATSW-9 21degreesS and ATSW-10 70degreesS.

Note 2: The approximate distances of the top of the copper stockwork
mineralisation below the Aguas Tenidas polymetallic massive
sulphide mineralisation are as follows: ATSW-6 39m, ATSW-8 38m,
ATSW-9 38m and ATSW-10 9m.

Note 3: The drill intercepts reported above are linear measurements of the
drill core, the true widths have not yet been determined.

From drilling undertaken to date on the copper stockwork mineralisation, the Company's geologists have determined that the system has a minimum strike length of 200 metres and a vertical component of at least 150 metres. Widths are variable, usually 20-50 metres, depending on the distance from the E-W trending Northern Fault. A more detailed description of the copper stockwork mineralisation is provided in the Company's press release of July 25th this year.

The drill core from this program was examined and logged, and samples selected, by Jose Malave B.Sc, P.Geol, chief geologist for the Aguas Tenidas project, as qualified person on site for Iberian. The selected samples were split, bagged and tagged under the supervision of the qualified person, and sent by bonded air courier to Omac Laboratories (Ireland) for analysis by 19 element Agua-Regia ICP-ORE assay and fire assay for gold. QA/QC procedures were designed under the guidance of Mike O'Neill B.Sc, P.Geo, EurGeol (Independent qualified person), which included the submission of systematic duplicates, blanks and both low and high grade standard samples within the batches submitted to Omac Laboratories. In conjunction with this, 10% of all samples were submitted to ALS Chemex in Vancouver for external laboratory check assays.

Plant Site

The Company has recently been informed by Aker Kvaerner, its EPCM project engineer, that:

1. Mechanical completion of both the copper and polymetallic circuits is currently forecast for the latter half of the third quarter of 2008.

2. Manufacture of all critical equipment has now been completed or is in the final stages of fabrication.

Underground Development

As had been anticipated, the Santa Barbara production ramp recently encountered a tuffaceous shale horizon (approximately 40 metres thick), which has highly sheared contacts with the competent volcanic rocks on either side. This zone requires considerable support and although ground conditions are now improving, it is expected that it will take around another week for the new ramp to fully pass through. The remainder of this ramp is expected to be developed in competent rhyolites.

Ventilation in the deeper development areas of the mine is now much improved. This has resulted in a significant improvement in the working conditions underground, with a consequential improvement in performance and productivity over the levels in August and September.

Mr. Michael Newbury, who is a director of the Company and is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and verified the technical information contained in this press release and has approved the contents of this press release.

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). Elements of this feasibility report have been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press release of May 22, 2007), which is available at www.sedar.com. In addition to the purchase of approximately 92% of the issued and outstanding shares of Compania Minera Condestable ("CMC") from Tafigura Beheer B.V. Amsterdam ("Trafigura") the Company has also signed a long-term offtake agreement with Trafigura for the sale of all its metal concentrates from Aguas Tenidas.

In addition to the Aguas Tenidas project the Company, through MATSA, holds an extensive land position of exploration properties within the Iberian Pyrite Belt.


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", "except", "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 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 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.
    Peter Miller or Norm Brewster
    (416) 815-8558