TORONTO, ONTARIO -
Iberian Minerals Corp. ("Iberian") is pleased to announce that
between September 30, 2007, being the effective date of the
acquisition of Compania Minera Condestable S.A. ("CMC"), and
December 31, 2007, the Raul mine has produced 22,160 dmt of copper
concentrates containing 5,295 mt of copper, 3,814oz of gold fines
and 57,160oz of silver fines.
Iberian has retained SRK Consulting (Chile) to provide an update
on the Reserve and Resource Statement for CMC in order to include
additional material that was not included in the technical report
prepared for Iberian regarding the Condestable and Raul deposits
dated October 29, 2007 available at www.sedar.com.
Ore Throughput Increase
The ore throughput of the processing plant has increased
significantly to 5,991t/d in January 2008, close to the design
level of 6,000t/d. The capacity of the plant has expanded annually
since 2004, as follows:
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Description Units 2004 2005 2006 2007 Total/Avg.
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Processed Ore t-ore 1,006,435 1,319,704 1,500,154 1,686,476 5,512,769
Processed Ore t/d 2,757 3,616 4,110 5,049 3,883
Ore Grade %Cu 1.415 1.353 1.327 1.272 1.342
Copper Recovery % 88.4 89.3 90.8 89.5 89.5
Copper
Concentrate t-conc 48,254 60,815 69,082 75,569 253,720
Copper
Concentrate %Cu 25.9 26.1 26.1 25.3 25.9
Payable Cu
(Sulphide
Cu Conc) t-Cu 12,300 15,064 17,105 18,262 62,731
Payable Cu
(oxide heap
leach) t-Cu 0 0 0 305 305
Payable Silver
(Sulphide Cu
Conc) oz-Ag 113,173 133,397 150,209 180,352 577,131
Payable Gold
(Sulphide Cu
Conc) oz-Au 8,384 10,992 13,306 13,228 45,910
Payable Silver
(Sulphide Cu oz-Ag/t
Conc) Cu Conc 2.345 2.193 2.174 2.387 2.275
Payable Gold
(Sulphide Cu oz-Au/t
Conc) Cu Conc 0.174 0.181 0.193 0.175 0.181
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Operational Optimization
As part of the increase in the processing plant capacity CMC has
implemented other optimization measures as follow:
New Crusher - a new Sandvick 700 t/h capacity crusher, (model CJ
615 43" x 59", 200 Kw engine), has been ordered and is expected to
be onsite and operational by August 1st, 2008. This will provide an
additional 50% increase in the crushing capacity which will
facilitate stockpiling of crushed ore.
Raul Workings - the planned 4,190 meters of drifting on the
current operating level of the Raul Mine (-165) and the opening up
of the deeper (-215) level has been advanced from 2009 to 2008 in
order to develop ore resources to fully utilize operational
capacity.
New Truck Purchases - to guarantee the transport of concentrates
as required to the port in a tightening transportation market, and
reduce environmental impact, CMC has ordered 10 new self unloading
covered transport trucks at a total cost of $1,370,000.
The technical information disclosed in this press release was
prepared by Thomas Savage, General Manager of CMC, and reviewed by
Michael Newbury P.Eng, a provider of consulting services to
Iberian, and who is a "qualified person" as such term is defined
under National Instrument 43-101 and has approved the content of
this news release.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and
zinc company with developing and producing interests in the Aguas
Tenidas Project in Spain and the Condestable Mine in Peru. Iberian
Minerals Corp. is well-funded with a strong, experienced management
team and a significant partner in its 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.
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 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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Iberian Minerals Corp. Norm Brewster (416)
815-8558
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