Iberian Minerals Corp.

Iberian Minerals Corp.

November 22, 2007 15:47 ET

Iberian Minerals Corp.: Update on Aguas Tenidas Stockworks Drilling-67 Metres of 3.24% Cu Intersected

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2007) - Iberian Minerals Corp. (TSX VENTURE:IZN) -

Iberian is pleased to announce assay results from an additional four drill holes as part of its 2007 copper stockworks drilling program. These drill holes, along with the drill holes previously reported (Press Releases dated July 25th and October 16th 2007) in this exploration program have delineated a zone of copper stockwork mineralization 200m long and between 10 and 50 m in thickness, that underlies the Aguas Tenidas mineralization. The Company is continuing its exploration program in order to determine the extents and true widths of the stockwork mineralization.

Section 690880E
Ag Au
Hole # From To Length Cu(%) Pb(%) Zn(%) (g/t) (g/t) Comment

ATSW-11 14.7m 46.5m 31.7m 0.29 2.98 8.15 65.9 0.9 Polymetallic
58.2m 97.8m 39.6m 1.64 0.13 0.65 11.4 0.1 Copper MS

ATSW-12 28.4m 55.7m 27.3m 0.84 3.43 9.52 105.3 1.8 Polymetallic
101.8m 143.5m 41.7m 2.32 - 0.01 0.9 - Stockwork
Incl. 131.5m 143.5m 12.0m 3.24 - 0.02 - - Stockwork

Section 690860E
Ag Au
Hole # From To Length Cu(%) Pb(%) Zn(%) (g/t) (g/t) Comment

ATSW-13 1.3m 21.0m 19.7m 0.24 3.82 11.65 77.7 0.7 Polymetallic
51.0m 118.0m 67.0m 3.24 0.03 0.04 6.3 0.1 Stockwork
Incl. 58.1m 84.2m 26.1m 5.04 0.03 0.07 9.5 0.1 Stockwork

ATSW-14 0.0m 15.9m 15.9m 0.18 3.60 9.94 62.5 0.5 Polymetallic
22.1m 78.3m 56.2m 1.32 0.25 1.21 19.0 0.3 Copper MS
58.1m 76.3m 18.2m 2.34 0.26 0.68 20.0 0.3 Copper MS

Note 1: The dips on the above holes were as follows: ATSW-11 -32 degrees S, ATSW-12 -70 degrees S, ATSW-13 -70 degrees S and ATSW-14 -45 degrees S.

Note 2: The approximate distances to the top of the copper stockwork mineralisation below the Aguas Tenidas polymetallic massive sulphide mineralisation are as follows: ATSW-11 25m, ATSW-12 75m, ATSW-13 31m and ATSW-14 69m.

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

The results of the current drill program are now being re-assessed to determine the value of increasing the resources directed towards exploring and evaluating the copper stockworks at Aguas Tenidas.

The Company's geologists and management have determined that:

1. The limited amount of drilling completed so far, indicates that the copper grades in the stockwork (high angle holes) appears to increase towards the E-W trending Northern Fault, that marks the northern boundary of the 2,500 metre long Aguas Tenidas massive sulphide deposit.

2. The known stockwork zones have: i) an irregular crescent shape, ii) a minimum strike length of 200 metres, and iii) a vertical component of at least 150 metres. True widths vary from 20-50 metres, depending on the distance from the Northern Fault.

3. It is has not yet been determined if the stockworks are continuous beneath the entire length of the Aguas Tenidas deposit.

4. The copper mineralisation (chalcopyrite) is coarse and primarily found in partially silicified near vertical veins or vein swarms within the stockworks. Gold and silver values are generally lower than other sections of the Aguas Tenidas deposit.

A summary of the stockworks' investigation drilling program undertaken to date, including results released today and previously on July 25th and October 16th, are:

2007 Copper Stockwork Drilling Program (From East to West)

Ag Au
Hole # From To Length Cu(%) (g/t) (g/t) Dip Section
ATSW-2 71.3m 91.3m 20.0m 0.89 7.7 - 14 degrees S 690960E

ATSW-3 51.5m 82.0m 30.5m 0.88 11.7 0.1 33 degrees S 690960E
Incl. 51.5m 68.5m 17.0m 1.19 19.8 0.1 33 degrees S 690960E

ATSW-4 59.7m 137.8m 78.1m 1.15 5.7 0.1 46 degrees S E 690960E
Incl. 101.8m 117.8m 16.0m 1.61 2.3 0.1 46 degrees S E 690960E

ATSW-5 84.5m 102.6m 18.1m 1.35 3.4 0.1 24 degrees S 690940E

ATSW-6 85.5m 93.5m 8.0m 2.11 12.8 1.2 14 degrees S 690920E

ATSW-7 71.5m 125.5m 54.0m 2.03 4.4 0.1 50 degrees S 690920E
Incl. 79.5m 101.5m 22.0m 3.26 7.5 0.1 50 degrees S 690920E
ATSW-8 70.7m 108.7m 38.0m 1.82 7.5 0.1 43 degrees S 690900E
Incl. 76.6m 100.6m 24.0m 2.17 8.7 0.1 43 degrees S 690900E

ATSW-9 81.0m 81.7m 6.0m 2.40 12.0 0.3 21 degrees S 690900E

ATSW-10 62.6m 162.0m 99.4m 1.99 4.5 - 70 degrees S 690900E
Incl. 132.0m 154.0m 22.0m 3.65 1.9 - 70 degrees S 690900E

ATSW-11 58.2m 97.8m 39.6m 1.64 Massive Sulphide 32 degrees S 690880E
Incl. 80.2m 96.1m 15.9m 2.13 Massive Sulphide 32 degrees S 690880E

ATSW-12 101.8m 143.5m 41.7m 2.32 0.9 - 70 degrees S 690880E
Incl. 131.5m 143.5m 12.0m 3.24 - - 70 degrees S 690880E

ATSW-13 51.0m 118.0m 67.0m 3.24 6.3 0.1 70 degrees S 690860E
Incl. 58.1m 84.2m 26.1m 5.04 9.5 0.1 70 degrees S 690860E

ATSW-14 22.1m 78.3m 56.2m 1.32 Massive Sulphide 45 degrees S 690860E
Incl. 58.1m 78.3m 18.2m 2.34 Massive Sulphide 45 degrees S 690860E

Note1: The drill intercepts reported above are linear measurements of the drill core, the true widths have not yet been determined

The drill core from this program was examined, logged, and samples selected, by Jose Malave B.Sc, P.Geol, chief geologist for the Aguas Tenidas project. 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.

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 proposed 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 life of mine 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
    (416) 815-8558
    Iberian Minerals Corp.
    Norm Brewster
    (416) 815-8558