TORONTO, ONTARIO -
Iberian is pleased to announce assay results from an additional
four drill holes as part of its 2007 copper stockworks drilling
program. These drill holes, along with the drill holes previously
reported (Press Releases dated July 25th and October 16th 2007) in
this exploration program have delineated a zone of copper stockwork
mineralization 200m long and between 10 and 50 m in thickness, that
underlies the Aguas Tenidas mineralization. The Company is
continuing its exploration program in order to determine the
extents and true widths of the stockwork mineralization.
Section 690880E
Ag Au
Hole # From To Length Cu(%) Pb(%) Zn(%) (g/t) (g/t) Comment
ATSW-11 14.7m 46.5m 31.7m 0.29 2.98 8.15 65.9 0.9 Polymetallic
58.2m 97.8m 39.6m 1.64 0.13 0.65 11.4 0.1 Copper MS
ATSW-12 28.4m 55.7m 27.3m 0.84 3.43 9.52 105.3 1.8 Polymetallic
101.8m 143.5m 41.7m 2.32 - 0.01 0.9 - Stockwork
Incl. 131.5m 143.5m 12.0m 3.24 - 0.02 - - Stockwork
Section 690860E
Ag Au
Hole # From To Length Cu(%) Pb(%) Zn(%) (g/t) (g/t) Comment
ATSW-13 1.3m 21.0m 19.7m 0.24 3.82 11.65 77.7 0.7 Polymetallic
51.0m 118.0m 67.0m 3.24 0.03 0.04 6.3 0.1 Stockwork
Incl. 58.1m 84.2m 26.1m 5.04 0.03 0.07 9.5 0.1 Stockwork
ATSW-14 0.0m 15.9m 15.9m 0.18 3.60 9.94 62.5 0.5 Polymetallic
22.1m 78.3m 56.2m 1.32 0.25 1.21 19.0 0.3 Copper MS
58.1m 76.3m 18.2m 2.34 0.26 0.68 20.0 0.3 Copper MS
Note 1: The dips on the above holes were as follows: ATSW-11 -32
degrees S, ATSW-12 -70 degrees S, ATSW-13 -70 degrees S and ATSW-14
-45 degrees S.
Note 2: The approximate distances to the top of the copper
stockwork mineralisation below the Aguas Tenidas polymetallic
massive sulphide mineralisation are as follows: ATSW-11 25m,
ATSW-12 75m, ATSW-13 31m and ATSW-14 69m.
Note 3: The drill intercepts reported above are linear
measurements of the drill core, the true widths have not yet been
determined.
The results of the current drill program are now being
re-assessed to determine the value of increasing the resources
directed towards exploring and evaluating the copper stockworks at
Aguas Tenidas.
The Company's geologists and management have determined
that:
1. The limited amount of drilling completed so far, indicates
that the copper grades in the stockwork (high angle holes) appears
to increase towards the E-W trending Northern Fault, that marks the
northern boundary of the 2,500 metre long Aguas Tenidas massive
sulphide deposit.
2. The known stockwork zones have: i) an irregular crescent
shape, ii) a minimum strike length of 200 metres, and iii) a
vertical component of at least 150 metres. True widths vary from
20-50 metres, depending on the distance from the Northern
Fault.
3. It is has not yet been determined if the stockworks are
continuous beneath the entire length of the Aguas Tenidas
deposit.
4. The copper mineralisation (chalcopyrite) is coarse and
primarily found in partially silicified near vertical veins or vein
swarms within the stockworks. Gold and silver values are generally
lower than other sections of the Aguas Tenidas deposit.
A summary of the stockworks' investigation drilling program
undertaken to date, including results released today and previously
on July 25th and October 16th, are:
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2007 Copper Stockwork Drilling Program (From East to West)
Ag Au
Hole # From To Length Cu(%) (g/t) (g/t) Dip Section
---------------------------------------------------------------------------
ATSW-2 71.3m 91.3m 20.0m 0.89 7.7 - 14 degrees S 690960E
ATSW-3 51.5m 82.0m 30.5m 0.88 11.7 0.1 33 degrees S 690960E
Incl. 51.5m 68.5m 17.0m 1.19 19.8 0.1 33 degrees S 690960E
ATSW-4 59.7m 137.8m 78.1m 1.15 5.7 0.1 46 degrees S E 690960E
Incl. 101.8m 117.8m 16.0m 1.61 2.3 0.1 46 degrees S E 690960E
---------------------------------------------------------------------------
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ATSW-5 84.5m 102.6m 18.1m 1.35 3.4 0.1 24 degrees S 690940E
---------------------------------------------------------------------------
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ATSW-6 85.5m 93.5m 8.0m 2.11 12.8 1.2 14 degrees S 690920E
ATSW-7 71.5m 125.5m 54.0m 2.03 4.4 0.1 50 degrees S 690920E
Incl. 79.5m 101.5m 22.0m 3.26 7.5 0.1 50 degrees S 690920E
---------------------------------------------------------------------------
ATSW-8 70.7m 108.7m 38.0m 1.82 7.5 0.1 43 degrees S 690900E
Incl. 76.6m 100.6m 24.0m 2.17 8.7 0.1 43 degrees S 690900E
ATSW-9 81.0m 81.7m 6.0m 2.40 12.0 0.3 21 degrees S 690900E
ATSW-10 62.6m 162.0m 99.4m 1.99 4.5 - 70 degrees S 690900E
Incl. 132.0m 154.0m 22.0m 3.65 1.9 - 70 degrees S 690900E
---------------------------------------------------------------------------
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ATSW-11 58.2m 97.8m 39.6m 1.64 Massive Sulphide 32 degrees S 690880E
Incl. 80.2m 96.1m 15.9m 2.13 Massive Sulphide 32 degrees S 690880E
ATSW-12 101.8m 143.5m 41.7m 2.32 0.9 - 70 degrees S 690880E
Incl. 131.5m 143.5m 12.0m 3.24 - - 70 degrees S 690880E
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ATSW-13 51.0m 118.0m 67.0m 3.24 6.3 0.1 70 degrees S 690860E
Incl. 58.1m 84.2m 26.1m 5.04 9.5 0.1 70 degrees S 690860E
ATSW-14 22.1m 78.3m 56.2m 1.32 Massive Sulphide 45 degrees S 690860E
Incl. 58.1m 78.3m 18.2m 2.34 Massive Sulphide 45 degrees S 690860E
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Note1: The drill intercepts reported above are linear
measurements of the drill core, the true widths have not yet been
determined
The drill core from this program was examined, logged, and
samples selected, by Jose Malave B.Sc, P.Geol, chief geologist for
the Aguas Tenidas project. The selected samples were split, bagged
and tagged under the supervision of the qualified person, and sent
by bonded air courier to Omac Laboratories (Ireland) for analysis
by 19 element Agua-Regia ICP-ORE assay and fire assay for gold.
QA/QC procedures were designed under the guidance of Mike O'Neill
B.Sc, P.Geo, EurGeol (Independent qualified person), which included
the submission of systematic duplicates, blanks and both low and
high grade standard samples within the batches submitted to Omac
Laboratories. In conjunction with this, 10% of all samples were
submitted to ALS Chemex in Vancouver for external laboratory check
assays.
Mr. Michael Newbury, who is a director of the Company and is a
"qualified person" as such term is defined under National
Instrument 43-101, has reviewed and verified the technical
information contained in this press release and has approved the
contents of this press release.
About Iberian Minerals Corp.
Iberian Minerals Corp., through its wholly owned subsidiary
MATSA, is currently proceeding with the re-opening of the Aguas
Tenidas copper/zinc project located in the Region of Andalucia, SW
Spain. In January 2006, a feasibility report on the project was
prepared by SRK Consulting of Cardiff UK, which demonstrated the
technical feasibility and economic viability of the project (press
release January 20, 2006). Elements of this feasibility report have
been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press
release of May 22, 2007), which is available at www.sedar.com. In
addition to the proposed purchase of approximately 92% of the
issued and outstanding shares of Compania Minera Condestable
("CMC") from Tafigura Beheer B.V. Amsterdam ("Trafigura") the
Company has also signed a life of mine offtake agreement with
Trafigura for the sale of all its metal concentrates from Aguas
Tenidas.
In addition to the Aguas Tenidas project the Company, through
MATSA, holds an extensive land position of exploration properties
within the Iberian Pyrite Belt.
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 transactions
will be completed, 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 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.
Contacts: Iberian Minerals Corp. Peter Miller (416) 815-8558
Iberian Minerals Corp. Norm Brewster (416) 815-8558
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