Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

December 22, 2008 08:36 ET

Iberian Starts Up Copper Concentrate Production at Minas De Aguas Tenidas

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2008) - Iberian Minerals Corp. ("Iberian" or the "Corporation") (TSX VENTURE:IZN) and its wholly owned subsidiary Minas Aguas Tenidas S.A. ("MATSA") are pleased to announce that the first copper concentrates have been produced at the Aguas Tenidas mine on December 21st, 2008. The Aguas Tenidas mine is located in the Andalucia region of Spain. The copper concentrate was produced out of the copper flotation circuit that has a design process capacity of 850,000 tonnes of ore annually.

The polymetallic circuit, which is designed to produce copper, zinc and lead concentrates, that also has a design process capacity of 850,000 tonnes of ore annually and is expected to be commissioned at the end of January 2009. MATSA has received process plant permits and approvals required to operate the concentrator and surface tailings disposal facility.

The first copper concentrates are expected to be shipped in January with zinc and lead concentrates expected to follow in February. Development of the underground mine is well advanced with completion in early December of the new primary haulage ramp. Approximately 55,000 tonnes of ore from mine development has been stockpiled in advance of the commissioning phase of the project. Underground exploration is continuing to upgrade inferred resources to measured and indicated categories for inclusion in the mine plan as well as delineation of the copper stockworks resources.

In commenting on this landmark occasion, Daniel Vanin, President and CEO of Iberian stated: "The operating and management team at Aguas Tenidas are to be commended for an excellent mine construction program, and successful mine start-up. We look forward to successful ramp up to full production levels. This mine is a significant accomplishment for Iberian and the Andalucia Region, and I would like to take this opportunity to thank the Aguas Tenidas management and construction teams, together with the Spanish and European contractors assisting in the mine construction, for their hard work, as well as the Autonomous Government of the Andalucia Region, and the Government of Spain for their support in helping make the Aguas Tenidas Mine a reality. I would like to also thank all the people of Iberian, past and present, and in particular, our directors and shareholders for their continuing support of the Company and its efforts."

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing 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. Construction is nearing completion 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Victoria Vargas, Vice President Investor Relations and
    Corporate Communications
    (416) 815-8558