Iberian Minerals Corp. (TSX VENTURE:IZN) today announced operating results for
2009 and mine updates, 2010 capex and exploration budgets, together with an
update on hedging positions and guidance for 2010.
2009 Condestable Mine Operating Results
Operations at the Condestable Mine remain in a steady state. Production for 2009
was slightly below plan, with 3% lower contained copper production, resulting
from lower copper grade (2% under plan) and lower throughput (1% under plan).
The following are the highlights for the Condestable Mine operation for the
period October 1, 2009 to December 31, 2009 (3 months), with total 2009 year
figures:
-- Revenues were approximately US$ 26.0 million (2009 year US$ 103.4
million).
-- Production was:
------------------------------------------------------------------------
Production Unit October November December Q4 2009 2009
------------------------------------------------------------------------
Ore processed t 182,103 180,118 181,863 544,084 2,159,549
------------------------------------------------------------------------
Concentrate DMT 7,781 7,789 7,859 23,429 95,339
Contained copper t 1,997 1,953 1,930 5,879 23,832
Fine gold oz 1,218 1,365 1,369 3,952 17,361
Fine silver oz 23,097 23,587 23,788 70,472 250,504
------------------------------------------------------------------------
-- An average head grade of approximately 1.21% Cu, and a recovery rate of
90% (1.22% and 91%, respectively, for 2009 year).
-- Operating costs for Q4 (C1 and C3) were US$ 0.94 and US$ 1.38 per
payable pound of copper.
-- Operating costs for 2009 year (C1 and C3) were US$ 0.90 and US$ 1.24 per
payable pound of copper.
During the quarter, all 2009 planned projects and mine investments were
completed. A new motor for ball mill No. 5 has been received and will replace
the existing motor during a planned maintenance shutdown in Q2 2010. The Karina
vein has been opened up and developed on the -215 level; it is expected that by
the end of Q1 development will reach the -255 level. Stoping from the higher
grade Karina vein will start in March 2010, ahead of plan. A second tailings
pipeline at the higher 260 elevation has been installed and will be in operation
in February, 2010. The pipeline at this elevation allows the tailings area to
operate for the life of mine.
The proposed purchase of the Raul lease and royalty, as previously announced, is
proceeding on plan. The Company is currently considering various options for
financing the acquisition which is due to close at the end of March, 2010.
For 2010 CAPEX and exploration at the Condestable Mine, the following budgets
have been approved, with exploration of US$ 1.7 million to generally consist of
surface sampling, geophysics and contracted surface diamond drilling at
Condestable 10 and San Marcos.
---------------------------------------------
Year 2010 (000s USD)
---------------------------------------------
CAPEX
---------------------------------------------
Sustaining 1,500
Plant Operation 466
Mine Operation 753
Others 281
Special Projects 1,540
Crushing Building extension 790
Courier Project 750
---------------------------------------------
Exploration 1,700
---------------------------------------------
Condestable 10 950
San Marcos 750
TOTAL 4,740
---------------------------------------------
In addition, the Company reports that it has approved an additional capex
project for 2010 relating to improvement in secondary crushing at a cost of US$
3.3 million, the bulk of which will be financed by leasing and otherwise from
cash flow.
2009 Aguas Tenidas Mine Operating Results
Commercial production was declared at Aguas Tenidas during Q4 2009 with effect
from October 1, 2009.
The following are the highlights for the Aguas Tenidas Mine operation for the
period October 1, 2009 to December 31, 2009 (3 months):
-- Revenues were approximately US$ 32.1 million.
-- Production was:
---------------------------------------------------
Unit Q4
---------------------------------------------------
Copper Ore
Ore processed t 321,951
Concentrate DMT 20,398
Contained copper t 4,800
Fine silver oz 51,536
Recovery rate % 82
Copper grade % 1.84
Polymetallic Ore
Ore processed t 38,507
Copper/lead bulk concentrate DMT 2,368
Zinc concentrate DMT 2,473
Contained Copper t 274
Contained zinc t 1,218
Fine silver oz 20,605
Copper recovery rate % 62
Copper grade % 1.20
Zinc recovery rate % 51
Zinc grade % 6.57
---------------------------------------------------
-- Operating costs for Q4 (C1 and C3) were US$ 2.61 and US$ 3.34 per
payable pound of copper.
C1 and C3 cost figures were higher than anticipated for steady state as the
production rate in Q4 was below nameplate capacity of 1.7 Mtpa at 85%. In
addition, grade and recovery were below targets. The Company is expecting
improved results in line with 2010 guidance below as the processing plant
continues operations, and further optimization of the processing plant circuits
is undertaken.
During the quarter, as reported, work continued on the modular bulk separation
circuit, and subsequent to year end, reagent authorizations were received and
commissioning of the circuit is underway. Plans for the proposed expansion of
30% at the processing plant continue. Mine development continued to improve
during the quarter, but 2010 will focus on improved stoping and faster
backfilling in order to meet planned production rates. Haulage using the Santa
Barbara ramp has worked well and is meeting requirements. Underground drilling
continued with one drill focused on definition and reserve replacement to the
west, and one drill focused on extending the copper stockwork to the east, and
at depth.
The Company will be continuing to focus on optimizing the Aguas Tenidas Mine and
the planned expansion of capacity to 2.2Mtpa by the end of 2010.
For 2010 CAPEX and exploration at the Aguas Tenidas Mine, the following budgets
have been approved, with exploration to consist of four surface drill holes in
the Cueva de la Mora area to the northeast of the Aguas Tenidas deposit.
--------------------------------------------------
Year 2010 (000s USD)
--------------------------------------------------
CAPEX
--------------------------------------------------
Sustaining 23,017
Plant Projects and equipment 10,187
Mine Development 6,549
Mine Equipment 2,339
Mine projects 480
Buildings 399
Communications infrastructure 336
Licenses 2,597
Other 131
Special - Expansion 14,730
Mine development 4,366
Mine equipment 1,842
Plant projects and equipment 8,522
--------------------------------------------------
Exploration 308
--------------------------------------------------
Surface diamond core drilling 308
TOTAL 38,055
--------------------------------------------------
In addition, the Company reports that it is entering into a contract for
additional underground development work totalling approximately 1600 metres of
drilling, which is expected to be completed by the fall of 2010. The additional
capex relating to this contract is US$ 2.2 million.
The Company also reports that the previously announced proposed senior debt
facility is being finalized with final drafting of documentation and negotiation
of outstanding business points currently in process. It is expected that the
facility will be completed by the end of February, 2010.
The Company also announces that Ken Norris, Mine Manager at MATSA, has resigned
for personal reasons and will be leaving the Company at the end of February. Mr
Norris will be returning with his family to his country of origin (Canada) to
pursue another opportunity in the mining industry. A search is underway for a
qualified candidate, and in the interim, Daniel Vanin will assume responsibility
at MATSA. Iberian thanks Mr. Norris for his contributions, and wishes him
success in his future endeavours.
Hedging Policy and Position
The cornerstone of Iberian's Hedging Policy is the protection of the Company's
assets. Management, reporting to the Hedging Committee, continually reviews the
markets in which the Company trades, and depending on circumstances, decides if
any additional or altered hedging is appropriate to enhance the future cash flow
of the Company's operations while respecting protection of the Company's assets.
Positions as at December 31, 2009 were unchanged for Condestable Mine, except as
a result of the passage of time.
As of December 31, 2009, copper production at the Condestable Mine has been
hedged as follows:
------------------------------------------------------------------------
Strike price per
Metal Period Contract type Volume Unit unit (U.S. $)
------------------------------------------------------------------------
Copper 2010 Forward 20,475 FMT 4,419
Copper 2011 Forward 20,625 FMT 3,494
Copper 2012 Forward 1,750 FMT 3,408
Gold 2010 Forward 2,400 Fine ounces 742
Gold 2011 Forward 2,400 Fine ounces 742
------------------------------------------------------------------------
The hedging program for Aguas Tenidas Mine is, as of December 31, 2009
is as follows:
---------------------------------------------------------------------
Strike price per
Metal Period Contract type Volume Unit unit (U.S. $)
Copper 2010 Forward 23,400 FMT 4,409
Copper 2010 Call options sold 5,175 FMT 4,200
Copper 2011 Call options sold 925 FMT 4,200
Zinc 2010 Forward 27,550 FMT 1,608
Zinc 2010 Call options sold 4,900 FMT 1,500
---------------------------------------------------------------------
The hedging program for Condestable Mine is fixed and in accordance with the
terms of its syndicated loan. Hedge positions for Aguas Tenidas are continually
reviewed and adjusted, to enhance alignment with evolving production schedules.
Aguas Tenidas is currently not limited by any external hedging requirements. As
part of the proposed senior debt facility, the Company expects that current 2010
hedging and call positions for Aguas Tenidas Mine will be adjusted as part of a
fixed hedging program under the proposed facility.
2010 Guidance
Iberian updates guidance for 2010 for the Condestable Mine, and issues guidance
for the Aguas Tenidas Mine.
At the Condestable Mine:
-- Production:
--------------------------------------
Production Unit 2010
--------------------------------------
Ore Processed t 2,200,000
Concentrate DMT 95,000
Contained copper t 24,500
Fine gold oz 16,800
Fine silver oz 200,000
--------------------------------------
-- Average head grade of approximately 1.23% Cu, and recovery rate of 91%
per year.
-- Operating costs per payable pound of copper (C1 and C3) of US$ 0.85 for
2010, and US$ 1.43 for 2010. The increase in C3 is due to mine deepening
costs and increased amortization due to purchase of Raul.
At the Aguas Tenidas Mine:
-- Production (all results based on 2.0 Mt ore processed):
----------------------------------------
Production Unit 2010
----------------------------------------
Ore Processed t 1.9-2.0
million
Copper concentrate DMT 107,000
Zinc concentrate DMT 73,000
Lead concentrate DMT 13,000
Bulk concentrate DMT 2,000
Contained copper t 25,000
Contained zinc t 36,000
Contained lead t 5,000
Fine silver oz 600,000
----------------------------------------
-- Average head grade (copper ore) of approximately 2.0% Cu, and recovery
rate of 82% per year.
-- Average head grade (polymetallic ore) of approximately 5.9% Zn and
recovery of 75%; head grade of approximately 1.0% Cu and recovery of
55%.
-- Operating costs per payable pound of copper (C1 and C3) of US$ 1.46 for
2010, and US$ 1.86 for 2010 (assuming receipt of grant of 10,093,472.70
Euros).
Conference Call
Iberian will host a conference call on February 22, 2010 at 10.30am E.T.
Conference Call Information:
Participant dial-in number(s): 416-695-7806 / 888-789-9572
Participant pass code: 4520216
Conference Call Replay:
Dial-in number(s): 416-695-5800 / 800-408-3053
Pass code: 2714125
The conference call replay will be available from 1:00 p.m. ET on February 22,
2010 until 11:59 p.m. EST on March 1, 2010.
For further information on the conference call, please contact the Investor
Relations Department, or visit our website, www.iberianminerals.com.
Financial Results
It is expected that financial results for the year ending December 31, 2009 will
be available on SEDAR on March 31, 2009 after 5pm.
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.
C1 costs are cash costs including mining, processing, site administration, and
refining and treatment charges, net of by product credits, and C3 costs are
total costs being C1 costs plus depreciation and amortization charges,
royalties, interest costs and financing charges.
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", "expect", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward looking information may
include, but is not limited to, statements with respect to the future financial
or operating performances of the Corporation, its subsidiaries and their
respective projects, the timing and amount of estimated future production,
estimated costs of future production, capital, operating and exploration
expenditures, the future price of copper, gold and zinc, the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the costs and timing of future exploration, requirements for additional capital,
government regulation of exploration, development and mining operations,
environmental risks, reclamation and rehabilitation expenses, title disputes or
claims, and limitations of insurance coverage. 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. Many
of these assumptions are based on factors and events that are not within the
control of the Corporation 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 section
entitled "Risk Factors" in the Corporation's annual information form dated April
30, 2009. Although the Corporation 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. The Corporation 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.
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