Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

August 24, 2007 10:51 ET

Iberian Minerals Corp. Confirms Payment of Interest to Dundee Resources Limited

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

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.

Pursuant to the convertible subordinated debenture (the "Debenture") in the amount of $25,000,000 issued to Dundee Resources Limited ("Dundee") on July 26, 2006, Iberian Minerals Corp. ("Iberian") paid the July 26, 2007 interest payment of $743,835.62 owing to Dundee by the issuance to Dundee of 473,780 common shares in the capital of Iberian (the "Common Shares") as provided for in the Debenture. The Debenture bears interest at a rate of 6% per annum, payable semi-annually on January 26th and July 26th in each year. The number of Common Shares was calculated by dividing the $743,835.62 payment owed by the market price of the Common Shares. The Common Shares are subject to a four-month and one day hold period under securities laws and are not freely tradable until the hold period expires on December 9, 2007.

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. 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.

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.

These securities have not been registered under the United States Securities Act of 1933, as emended, 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.

This press release may include 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 of accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Peter Miller
    (416) 815-8558
    or
    Iberian Minerals Corp.
    Norm Brewster
    (416) 815-8558