Iberian Minerals Corp.

Iberian Minerals Corp.

November 15, 2006 15:48 ET

Iberian Minerals Corp.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2006) - Iberian Minerals Corp. (TSX VENTURE:IZN) - Pursuant to the ongoing continuous disclosure review by the Ontario Securities Commission, Iberian Minerals Corp. ("Iberian" or the "Company") has re-filed the following documents and related certificates:

- MD&A for the period ended December 31, 2004;

- MD&A for the quarter ended March 31, 2005;

- MD&A for the quarter ended June 30, 2005;

- MD&A for the quarter ended September 30, 2005;

- MD&A for the period ended December 31, 2005;

- unaudited financial statements for the quarter ended June 30, 2005; and

- unaudited financial statements for the quarter ended September 30, 2005.

While readers are advised to read the above-mentioned refiled documents in their entirety, the principal amendments reflected in the documents are as follows:

- clarification of the nature and type of interest held by the Company in various properties; together with additional background information concerning the same;

- clarification of certain related party transactions;

- amendments to the accounting treatment of Iberian s disposition of its minority interest in Simberi Gold Corporation and its acquisition of minority interest is now wholly-owned subsidiary in Spain, Minas de Aguas Tenidas, S.A.U.

The majority of the amendments represent clarifications to historical disclosure, which arose during the Ontario Securities Commission s continuous disclosure review of the Company. The above-noted documents are being refiled in order to comply with NI 51-102.

About Iberian Minerals Corp.

Iberian Minerals Corp. through its wholly owned subsidiary Minas de Aguas Tenidas S.A.U. ("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 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. Construction is expected to begin in the fourth quarter of 2006, with initial commercial production of metal concentrates commencing in 2008.

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 November 14, 2006 there were 148,006,614 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