Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

August 22, 2011 09:09 ET

Iberian Minerals Provides Aguas Tenidas Labour Update

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2011) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that, following prolonged wage negotiations with trade unions at Aguas Tenidas, the unions have elected to engage in a work stoppage.

The two unions involved in negotiations have mandated a two day per week rolling strike action which began at 6 a.m. (local time) on Sunday, August 20, 2011. Both the mine and plant were shut down with operations expected to resume by 6 a.m. (local time) Tuesday. In the absence of a new labour contract settlement it is expected that the next work stoppage would occur on the same days next week and beyond. Expenditures during the shut downs will be kept at a minimum, with the plant and mine on care and maintenance.

Daniel Vanin, President & CEO of Iberian said today "In the current economic climate, the unions' demand for what amounts to a 37% agregate increase in salaries and benefits is both unfair and entirely unrealistic. Unions have failed to recognise the above average nature of our existing wage offering, or the harsh economic realities that we face in the region and as a nation".

Robert Byrd, Operations Manager at Aguas Tenidas went on to say "We deeply regret that Unionised employees have chosen to strike rather than seek a solution through constructive dialogue. We are known to recruit and retain the best talent. Our employees are highly skilled, are compensated competitively against industry peers and are respected in the local community. We believe that, if their views are aligned, the two unions concerned can play a positive role in future operations at Aguas Tenidas and, as such, we invite them to return to the negotiating table".

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals 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 in the Andalucia region of Spain approximately 110 km north-west of Seville and operates a 2.2 million tonnes per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain gold and silver.

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", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. 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. Many of these assumptions are based on factors and events that are not within the control of the Corporation 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 section entitled "Risk Factors" in the Corporation's annual information form dated March 29, 2010. Although the Corporation 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. The Corporation 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.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

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.
    Laura Sandilands
    Investor Relations and Corporate Communications
    416-815-8558