Thursday, January 20, 2011 - Iberian Minerals Corp. (TSX VENTURE:IZN) today
announced preliminary production results for 2010 and issued production guidance
for 2011.
Mr. Daniel Vanin, President and CEO, stated "We are pleased with the production
results at both Iberian operations in 2010. The Aguas Tenidas operation, having
been expanded and with enhancements to the polymetallic circuit, is now
delivering consistent production results while Condestable mine continues to
deliver reliable results."
Peruvian Operations:
Operations at the Condestable Mine remain in a steady state with tonnage of ore
processed slightly over plan in 2010. Copper production for 2010 was 98% of
previously issued guidance due to lower copper head grade. Silver production in
2010 exceeded plan by 45%. The average copper ore head grade for 2010 was 1.16%
versus a budgeted copper ore head grade of 1.23%.
The following are the preliminary production results for the Condestable Mine
operation for the year ended December 31, 2010:
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Production Unit Q1 Q2 Q3 Q4 2010
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Ore processed T 551,700 550,700 564,500 567,600 2,234,500
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Concentrate DMT 21,300 23,000 24,600 23,400 92,300
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Contained copper T 5,335 5,830 6,100 5,890 23,155
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Fine gold Oz 3,260 4,020 3,390 3,210 13,880
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Fine silver Oz 66,050 65,660 76,340 82,950 291,000
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Spanish Operations:
Operations at Aguas Tenidas realized significant achievements in 2010. A 30%
plant and mine expansion project was completed during the year which now allows
for daily operations at 6,000 t (equivalent of 2.2 Mtpa).
The following are the highlights for the Aguas Tenidas Mine operation for the
year ended December 31, 2010:
-- Preliminary production results:
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Production Unit Q1 Q2 Q3 Q4 2010
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Copper Ores
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Ore processed T 281,700 276,600 362,300 252,600 1,173,200
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Concentrate DMT 19,400 18,210 24,910 18,020 80,540
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Contained copper T 4,540 3,950 5,390 3,980 17,860
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Fine silver Oz 64,470 58,340 77,100 92,940 292,850
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Recovery rate % 86 82 82 81 83
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Copper grade % 1.88 1.79 1.82 1.94 1.84
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Polymetallic Ores
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Ore processed T 75,900 105,200 98,700 228,200 508,000
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Copper concentrate DMT - 2,340 1,850 4,270 8,460
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Bulk concentrate DMT 6,070 - - - 6,070
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Lead concentrate DMT - - - 1,180 1,180
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Zinc concentrate DMT 5,960 9,160 5,970 15,100 36,190
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Contained copper T 630 520 370 950 2,470
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Contained lead T - - - 220 220
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Contained zinc T 2,930 4,630 2,830 7,140 17,530
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Fine silver Oz 73,100 138,610 104,870 87,100 403,680
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Copper recovery rate % - 41 38 36 37
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Copper grade % 1.27 1.38 1.08 1.13 1.18
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Zinc recovery rate % 64 60 61 63 63
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Zinc grade % 6.11 7.02 4.91 4.97 5.51
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-- In Q4 the operation realized its best quarterly production results with
record combined throughput of processed ores and record production of
zinc.
-- The polymetallic circuit delivered metallurgical results in line with
targets.
-- A lead concentrate of saleable quality was produced for the first time
in Q4 with a concentrate grade of 19%. Work is on-going to improve the
grade to a target of 40% through the installation of new column cells in
Q1 of 2011.
-- Plant throughput on the copper circuit in Q4 was impacted by a breakdown
in the drive components of the copper SAG mill.
2011 Production Guidance
The Company is targeting the following guidance figures for the Condestable and
Aguas Tenidas mines in 2011:
Condestable Mine:
-- Production:
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Production Unit 2011
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Ore processed t 2,290,600
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Concentrate DMT 93,700
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Contained copper t 23,900
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Fine gold oz 15,500
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Fine silver oz 289,300
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-- Average head grade of approximately 1.15% Cu, and recovery rate of 90%
per year.
-- Cash operating costs of $1.15 per payable pound of copper.
Approved capital expenditure budget for Condestable Mine for 2011 is $10.2
million which includes the completion of a 10% plant expansion. Plant expansion
activities commenced in late 2010 with expected ramp-up to 6,600 tpd in Q3 of
2011. At a total budgeted cost of $11.7 million, the objective of the plant
expansion is to maintain current levels of copper metal production in light of
decreasing average copper ore head grade in the mine. The expansion is being
funded through leasing arrangements and operating cash flows.
Aguas Tenidas Mine:
-- Production:
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Production Unit 2011
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Ores processed (total) t 2,200,000
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- Copper Ores t 1,310,000
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- Polymetallic Ores t 890,000
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Copper concentrate DMT 115,000
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Zinc concentrate DMT 69,000
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Lead concentrate DMT 8,500
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Contained copper t 25,000
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Contained zinc t 33,900
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Contained lead t 3,700
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Fine silver oz 730,000
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-- Average head grade (copper ores) of approximately 2.0% Cu, and recovery
rate of 83% per year.
-- Average head grade (polymetallic ores) of approximately 5.8% Zn and
recovery of 66%; head grade of approximately 1.0% Cu and recovery of
42%.
-- Cash operating costs of $1.75 for 2011 per payable pound of copper.
Approved capital expenditure budget for Aguas Tenidas Mine for 2011 is $28
million with a focus on advancing mine development for the medium term mining
plan. Other major projects expected to be completed during 2011 are: lead
circuit upgrades, completion of phase two of the raising of the tailings dam,
new fleet of larger capacity ore/waste haulage trucks for the mine. These
capital expenditures are expected to be funded by cash flow from operations.
Cash Operating Cost per pound of payable copper includes cash operating costs,
including treatment and refining charges ("TC/RC"), freight and distribution
costs, and is net of by-product metal credits (zinc, gold and silver). The Cash
Operating Cost per pound of payable copper indicator is consistent with the
widely accepted industry standard established by Brook Hunt and is also known as
the C1 cash cost.
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 2.2 million tonnes per year underground mine and concentrator that
produces copper, zinc and 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", "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 March
29, 2010. 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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