Iberian Minerals Corp.

Iberian Minerals Corp.

June 25, 2008 07:00 ET

RETRANSMISSION: Iberian Minerals Corp. Updates Project Financing

TORONTO, ONTARIO--(Marketwire - June 25, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") is pleased to announce that, as required pursuant to the terms of the US$210 million Aguas Tenidas Project Financing (see release dated June 2, 2008) a portion of the planned future production of Aguas Tenidas has been hedged for the years 2009 to 2013. The realized hedge prices are in all instances substantially higher than the baseline metal prices used in the bankable feasibility study prepared by SRK Consulting Cardiff UK, for the Aguas Tenidas Project in April, 2006. This document is available in Iberian's documents on www.sedar.com.

The hedge program consists of forward hedge contracts with expiry dates ramping up from January 2009 to June 2013. The terms of these contracts are summarized as follows.

- The copper quantities hedged under these contracts are for an aggregate of 61,625 metric tonnes covering the period from January 2009 to June 2013.

- The Zinc quantities hedged under these contracts are for an aggregate of 59,275 metric tonnes during the period January 2009 to December 2011.

- The Silver quantities hedged under these contracts are for an aggregate of 4,014,750 ounces during the period January 2009 to June 2013.

The appendix table shows the deliveries amounts and prices achieved for the above noted hedges. The hedge program was a condition precedent for the draw down under the Aguas Tenidas Project Financing.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in both Spain, the Aguas Tenidas Project and Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in it's largest shareholder, Trafigura Beheer B.V.

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as emended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.


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 for transactions 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.


Average hedged price
Copper Quantity of Metal hedged (mT)(i) (US$ per mT)
First half of 2009 5,150 6,968
Second half of 2009 6,625 6,784
First half of 2010 5,600 6,581
Second half of 2010 5,600 6,390
First half of 2011 7,800 6,208
Second half of 2011 7,625 6,208
First half of 2012 7,775 6,058
Second half of 2012 7,950 6,058
First half of 2013 7,500 6,058

Average hedged price
Zinc Quantity of Metal hedged (mT) (US$ per mT)
First half of 2009 9,175 2,474
Second half of 2009 9,600 2,463
First half of 2010 10,050 2,433
Second half of 2010 10,050 2,433
First half of 2011 10,200 2,244
Second half of 2011 10,200 2,244

Average hedged price
Silver Quantity of Metal hedged (oz) (US$ per oz)
First half of 2009 278,646 18.1
Second half of 2009 358,956 18.0
First half of 2010 313,056 18.1
Second half of 2010 313,056 18.0
First half of 2011 573,696 18.1
Second half of 2011 573,696 18.0
First half of 2012 523,368 17.9
Second half of 2012 523,368 17.8
First half of 2013 556,908 17.8

(i) Metric Tonnes

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

Contact Information

  • Iberian Minerals Corp.
    Norm Brewster
    (416) 815-8558