Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

April 07, 2009 08:30 ET

Iberian Minerals-Issuance of Common Shares to Trafigura

TORONTO, ONTARIO--(Marketwire - April 7, 2009) - (Marketwire - April 7, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian" or the "Corporation") announces that pursuant to a contractual pre-emptive right granted to Trafigura Beheer B.V. ("Trafigura"), Iberian has issued an aggregate of 1,706,472 common shares (the "Common Shares") to Trafigura in consideration of payment of $0.32 per share, for a total of $546,071.04 (the "Share Issuance"). The pre-emptive right was exercised by Trafigura with reference to the recent issuance of shares to Dundee Resources Limited in satisfaction of an interest payment due on January 26, 2009 (see press release dated February 3, 2009).

The Share Issuance has closed. After the Share Issuance, Trafigura will hold 107,084,163 Common Shares representing approximately 41.2% of the issued and outstanding common shares of the Corporation. No commission or fee was paid in connection with the Share Issuance.

The Common Shares will be subject to a four-month and one day hold period under securities laws and are not freely tradable until the hold period expires on August 4, 2009.

Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the entering into of the Share Issuance is a "related party transaction" as Trafigura currently holds 105,377,691 Common Shares representing approximately 40.8% of the issued and outstanding shares of the Corporation. Iberian is exempt from the formal valuation requirement of MI 61-101 in connection with entering into of the Share Issuance in reliance on section 5.5(b) of MI 61-101 as no securities of the Corporation are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock market or a stock exchange outside of Canada and the United States. Additionally the Corporation is exempt from obtaining minority shareholder approval in connection with entering into of the Share Issuance in reliance on section 5.7(b) of MI 61-101 as the conditions set out therein have been met.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with interests in Spain and Peru. The Condestable mine, located in Peru approximately 90 km south of Lima operates at 2.2 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas mine is a copper-zinc project in the Andalucia region of Spain approximately 110 km north-west of Seville. Commissioning is underway on a 1.7 million tonnes per year underground mine and concentrator (1.5 million tonnes during ramp up) that will produce copper and zinc concentrates that also contain gold, silver and lead.

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 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    David Poynton, Senior Vice President,
    General Council and Corporate Secretary
    (416) 815-8558