Iberian Minerals Announces Closing of Purchase of Net Profit Interest

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has closed the
previously announced purchase from Trafigura Beheer B.V. ("Trafigura") of its
45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"),
which is the subsidiary through which Iberian holds its approximately 98.73%
interest in the Condestable Mine.


Pursuant to a share purchase agreement dated November 20, 2007 (the "CMC
Purchase Agreement") between Iberian and Trafigura, Iberian was obligated to pay
to Trafigura an amount equal to 45.96% of the after tax net operating profit of
Condestable (the "NPI") in respect of the period from January 1, 2011 through
December 31, 2014. In accordance with the terms of the CMC Purchase Agreement,
Iberian retained the option to purchase the NPI from Trafigura at any time until
June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI
Buy-out"). Iberian previously provided notice to Trafigura that it would
exercise such option to purchase the NPI and has completed payment of the
aggregate NPI Buy-out consideration comprised of a blend of cash and shares.


Related Party Transactions

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the NPI Buy-out is a "related
party transaction" as Trafigura currently holds 218,436,519 registered shares
representing approximately 48.27% of the issued and outstanding registered
shares of Iberian. Iberian is exempt from the formal valuation requirement of MI
61-101 in connection with the NPI Buy-out in reliance on section 5.5(b) of MI
61-101 as no securities of Iberian are listed or quoted for trading on the
Toronto Stock Exchange, the New York Stock Exchange, the American Stock
Exchange, the NASDAQ stock market or any other stock exchange outside of Canada
and the United States. Additionally the Corporation is exempt from obtaining
minority shareholder approval in connection with the NPI Buy-out in reliance on
section 5.7(1)(a) of MI 61-101 as the fair market value of the NPI Buy-out does
not 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 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.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares will not be
and have not been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
InZinc Mining (TSXV:IZN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024