EDMONTON, ALBERTA--(Marketwired - Oct. 18, 2016) - Iberian Minerals Ltd. (the "Company" or "Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) is updating the status on its announcement of May 26, 2016 regarding the Operational Agreement with Vulture Peak Gold Inc. and its 100% wholly owned subsidiary, Mineworx USA Inc.
Following the execution of Iberian's Operational Agreement with Vulture Peak Gold Inc., the project's Prime Lender initiated foreclosure proceedings. The foreclosure auction was held on September 29th in Phoenix, AZ with the Prime Lender obtaining ownership of the Property.
Iberian has been in negotiations with the Prime Lender and its principles in an effort to secure a Conditional Sales Agreement for the purchase of the property and assets. The Prime Lender is considering Iberian's Conditional Offer to Purchase and has commissioned a detailed appraisal of the property and assets in an effort to determine fair market value and explore its options with respect to the sale of the property.
Over the last 90 days Iberian has been continuing its testing, bulk sampling and conducting its due diligence on the Property. Further updates will be given on the status of the transaction.
Mineworx is an innovative heavy mineral development and processing company focused on increasing value within the mining sector with its patent pending HM X-tract environmentally friendly, portable, heavy mineral extraction technologies. Mineworx's unique business model is to seek out advanced stage mineral deposits on which to employ its portable processing technologies and partner with the existing owners/operators by advancing these deposits in an accelerated manner attaining profitable production in a timely, cost effective and environmentally friendly manner. The unique, integrated and portable processes and technologies lower economic risk and reduce environmental impact.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth through the partnership of advanced cash flow mining opportunities utilizing the Mineworx environmentally friendly toll processing technologies. In addition the Company is undertaking strategic alliances with its Spanish minerals assets.
For further information, go to www.iberianminerals.ca
Neither the 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.
This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding Iberian's business and the Acquisition. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Iberian's and Mineworx's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Iberian believes that the expectations in the forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Iberian does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.