Iberian Minerals Announces Extended Mine Life at Condestable Mine; Details Further Expansion
02 9월 2011 - 12:25AM
Marketwired Canada
Iberian Minerals Corp. (TSX VENTURE:IZN) today announces the receipt of a new
updated independent NI 43-101 Technical Report for the Condestable and Raul
deposits at its Condestable Mine in Peru. The report prepared by SRK Consulting
confirms resource replenishment year over year, and extends the current mine
life by 4 years.
Daniel Vanin, President & CEO of Iberian said "We are pleased to see
confirmation of our stated ability to replace Reserves year over year, and to
thereby extend our mine life by a further 4 years. We are looking forward to
additional results from exploration drill programs underway at Condestable
Norte, Vinchos Centro, Vinchos Sur which we expect in the coming months. The
additional planned expansion to the processing plant at Condestable has begun
and will allow continued metal production at the same levels while processing
lower headgrades in-line with the reserve of the mined mantos in the years to
come."
This new NI 43-101 report replaces the previous report, that was dated 2008 and
provides a new estimate of both the mineral reserves and resources at
Condestable.
CMC Mineral Reserve Statement, December 31, 2010(i)
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Reserve Classification Raul and Condestable Mines
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Tonnage (kt) Cu Grade (%)
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Proven 6,444 1.12
Probable 4,222 1.05
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Total proven and probable 10,666 1.10
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Reported at a cut-off of 0.9% copper. Mineral Reserves are included in
Mineral Resources
The Condestable Mine currently operates at 6,600 tonnes per day, and produces
approximately 52,000,000 pounds of copper per year. The Company undertook an
initial expansion to the processing plant at the end of 2010, which was
completed in June 2011. A second expansion is now underway, and as of January
2012 the plant is forecast to be operating at 7,000tpd, the rate used to
calculate the updated mine life.
The above mineral reserves are based on the following updated mineral resources:
Mineral Resource Statement(i) for the Condestable-Raul Copper Mine,
Department of Lima, Peru, December 31, 2010
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Resource Classification Tonnage (kt) Copper Grade (%)
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Raul Mine
Measured 3,805 1.87
Indicated 2,616 1.70
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Total Measured and Indicated 6,421 1.80
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Inferred 5,611 1.03
Condestable Mine
Measured 754 1.28
Indicated 532 1.18
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Total Measured and Indicated 1,286 1.24
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Inferred 172 1.34
Combined Raul and Condestable Mines
Measured 4,559 1.77
Indicated 3,148 1.61
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Total Measured and Indicated 7,707 1.71
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Inferred 5,783 1.04
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(i)Reported at a cut-off of 0.9% copper. Includes Mineral Reserves.
Classified according to the "CIM Standards on Mineral Resources and
Reserves: Definitions and Guidelines" (December, 2005). All figures rounded
to reflect the relative accuracy of the estimate. Mineral resources are not
mineral reserves and do not have demonstrated economic viability.
All technical information in this press release has been reviewed and approved
by Mike Newbury, P.Eng. who is a Qualified Person ("QP") under National
Instrument 43-101.
The 43-101 report was reviewed and approved by Jean-Francois Couture, P.Geo, PhD
and Neal Rigby, CEng, MIMMM, PhD who are Qualified Persons ("QP") under National
Instrument 43-101 and will be available on the Sedar website www.sedar.com
shortly.
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
30, 2011. 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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