Iberian Minerals Corp.

Iberian Minerals Corp.

March 05, 2008 16:33 ET

Iberian Minerals Corp. Provides Condestable Production Update

TORONTO, ONTARIO--(Marketwire - March 5, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

Iberian Minerals Corp. ("Iberian") is pleased to announce that between September 30, 2007, being the effective date of the acquisition of Compania Minera Condestable S.A. ("CMC"), and December 31, 2007, the Raul mine has produced 22,160 dmt of copper concentrates containing 5,295 mt of copper, 3,814oz of gold fines and 57,160oz of silver fines.

Iberian has retained SRK Consulting (Chile) to provide an update on the Reserve and Resource Statement for CMC in order to include additional material that was not included in the technical report prepared for Iberian regarding the Condestable and Raul deposits dated October 29, 2007 available at www.sedar.com.

Ore Throughput Increase

The ore throughput of the processing plant has increased significantly to 5,991t/d in January 2008, close to the design level of 6,000t/d. The capacity of the plant has expanded annually since 2004, as follows:

Description Units 2004 2005 2006 2007 Total/Avg.
Processed Ore t-ore 1,006,435 1,319,704 1,500,154 1,686,476 5,512,769

Processed Ore t/d 2,757 3,616 4,110 5,049 3,883

Ore Grade %Cu 1.415 1.353 1.327 1.272 1.342

Copper Recovery % 88.4 89.3 90.8 89.5 89.5

Concentrate t-conc 48,254 60,815 69,082 75,569 253,720

Concentrate %Cu 25.9 26.1 26.1 25.3 25.9

Payable Cu
Cu Conc) t-Cu 12,300 15,064 17,105 18,262 62,731

Payable Cu
(oxide heap
leach) t-Cu 0 0 0 305 305

Payable Silver
(Sulphide Cu
Conc) oz-Ag 113,173 133,397 150,209 180,352 577,131

Payable Gold
(Sulphide Cu
Conc) oz-Au 8,384 10,992 13,306 13,228 45,910

Payable Silver
(Sulphide Cu oz-Ag/t
Conc) Cu Conc 2.345 2.193 2.174 2.387 2.275

Payable Gold
(Sulphide Cu oz-Au/t
Conc) Cu Conc 0.174 0.181 0.193 0.175 0.181

Operational Optimization

As part of the increase in the processing plant capacity CMC has implemented other optimization measures as follow:

New Crusher - a new Sandvick 700 t/h capacity crusher, (model CJ 615 43" x 59", 200 Kw engine), has been ordered and is expected to be onsite and operational by August 1st, 2008. This will provide an additional 50% increase in the crushing capacity which will facilitate stockpiling of crushed ore.

Raul Workings - the planned 4,190 meters of drifting on the current operating level of the Raul Mine (-165) and the opening up of the deeper (-215) level has been advanced from 2009 to 2008 in order to develop ore resources to fully utilize operational capacity.

New Truck Purchases - to guarantee the transport of concentrates as required to the port in a tightening transportation market, and reduce environmental impact, CMC has ordered 10 new self unloading covered transport trucks at a total cost of $1,370,000.

The technical information disclosed in this press release was prepared by Thomas Savage, General Manager of CMC, and reviewed by Michael Newbury P.Eng, a provider of consulting services to Iberian, and who is a "qualified person" as such term is defined under National Instrument 43-101 and has approved the content of this news release.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in the Aguas Tenidas Project in Spain and the Condestable Mine in Peru. 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 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 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