Iberian Minerals Receives Aguas Tenidas Reagent Permits
02 2월 2010 - 11:00PM
Marketwired
Iberian Minerals Corp. (TSX VENTURE: IZN) is pleased to announce
that the relevant authority of the Junta de Andalucia has issued
the environmental authorization which will permit the use of six
new reagents for the operation of the new modular Cu/Pb flotation
separation circuit at the Aguas Tenidas Mine. The six permitted
flotation reagents are zinc cyanide, sodium dichromate, activated
carbon, cellulose, sodium hypophosphate, and sodium bisulphite. The
permitted use of zinc cyanide and sodium dichromate are considered
the key reagents required for the new copper and lead separation
circuit. With this authorization the Aguas Tenidas Mine is able to
proceed with ordering zinc cyanide and the other reagents to be
delivered to the site by mid-February.
As previously announced, the installation of the modular copper
and lead separation circuit is within the existing polymetallic
flotation circuit at the Aguas Tenidas processing plant. The
mechanical and electrical installation of this circuit is now
completed and the circuit is in the commissioning phase with water
testing of the circuit now underway. The modular Cu/Pb flotation
separation circuit will process bulk copper and lead concentrate
from the polymetallic circuit to produce separate copper and lead
concentrates, and is expected to be fully operational by the end of
February 2010.
The Company will either blend copper concentrate produced from
the modular Cu/Pb flotation separation circuit with copper
concentrate produced from processing copper ore, or ship each
copper concentrate separately with the objective to continually
maximize revenue from copper concentrate sales. Lead concentrate
produced from the separation circuit, which will contain important
quantities of silver, will be shipped by container to overseas
customers located primarily in Asia.
Daniel Vanin said: "This is another important step and milestone
achievement for Aguas Tenidas. We will now be producing our three
separate concentrates - copper, zinc and lead - in a manner that is
acceptable to us. Full environmental controls and safeguards are in
place for the use of the additional reagents."
Related Party Transaction
Iberian also announces that its wholly-owned subsidiary, Minas
de Aguas Tenidas S.A. ("MATSA"), has entered into an unsecured loan
agreement with Trafigura Beheer B.V. ("Trafigura") in the principal
amount of US$2.4 million. The loan is considered to be in the
ordinary course of business and intended to give MATSA immediate
access to cash while it awaits payment from the Spanish authorities
of a Spanish VAT receivable of approximately EUR1.9 million, which
payment is expected to occur on or before March 31, 2010. The loan
is consistent with past practice.
Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the
loan is a related party transaction with Trafigura. Iberian is
relying on the exemptions from the formal valuation and minority
approval requirements contained in sections 5.5(a) and 5.7(a) of MI
61-101 as neither the fair market value of the subject matter of,
nor the fair market value of the consideration for, the transaction
will exceed 25% of Iberian's market capitalization.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian listed global base metals
company with 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 in the Andalucia
region of Spain approximately 110 km north-west of Seville and
operates a 1.7 million tonnes per year underground mine and
concentrator that produces copper, zinc and bulk copper/lead
concentrates that also contain gold and silver.
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 annual Management's
Discussion and Analysis and Annual Information Form 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.
Neither 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.
Contacts: Iberian Minerals Corp. Laura Sandilands Investor
Relations and Corporate Communications 416-815-8558
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