Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

February 26, 2008 14:02 ET

Iberian Minerals Corp. Provides Aguas Tenidas Permit Update

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2008) -

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.

Iberian Minerals Corp. ("Iberian")(TSX VENTURE:IZN) announces that the Aguas Tenidas Project has recently received a 30 year consolidation of 22 Mining Rights Licenses (the "Consolidated Mining License"), formally known as the "Consolidacion de Derechos de Concesiones de Explotacion minera", as well as a 15 year fresh water supply permit, better known as the "Concesion de Aguas Publicas Superficiales del Embalse de la presa del Olivargas con destino a usos industriales mineros en la mina de aguas tenidas, en el T.M Almonaster la Real (Huelva)".

The Consolidated Mining License affects 22 previously granted licenses encompassing the area of the Aguas Tenidas project. The effect of this license is to consolidate the disparate licenses with varying expiry dates into one consolidated license which will run for 30 years, and is thereafter renewable for up to an additional 90 years.

The fresh water supply permit secures the water rights required for the short and long term development of the project. The water will be taken from the Olivargas Damn, 28 hectometres in capacity, approximately 8 km distant and pumped directly to the site. The permit allows a maximum flow rate of 30,00l/sec and a maximum yearly volume of 762.500m3 for 15 years.

Iberian is encouraged by the strong support of the local community and local government in receiving these permits.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in both Spain, the Aguas Tenidas Project and Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.

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.

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", "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 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.
    Norm Brewster
    (416) 815-8558