Iberian Minerals Announces Proposed Sale of Alberta 1 Project
CALGARY, ALBERTA--(Marketwired - Mar 2, 2015) - Iberian Minerals Ltd., formerly Solid Resources Ltd., ("Company" or "Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) announced today that it has entered into a definitive purchase and sale agreement with an arm's length third party with respect to the Company's 100% interest in the Alberta 1 Project. The Company's Alberta 1 Project is a tin, tantalum and lithium exploration project located in the Region of Galicia, northwest Spain, which is the subject of an exploration permit covering 123 mining units.
Iberian will sell its 100% interest in the Alberta 1 Project, for a total purchase price of EUR5,000,000 or approximately Cdn. $7,000,000 cash, all of which is payable by closing. The completion of the Proposed Transaction is subject to certain limited conditions, including all applicable regulatory approvals. The closing of the sale is expected to occur no later than April 2015. In the unlikely event the purchaser, after using its best efforts and exhausting all legal and regulatory recourse, over a period of many years, is unable to obtain a mining permit for the project, the Company would be required to refund EUR1,000,000 to the purchaser.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south-eastern Spain and is in the process of evaluating a number of additional resource assets throughout Spain. For further information go to www.iberianminerals.ca.
Neither the 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.
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of the Proposed Transaction, and the business of Iberian. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Iberian's current beliefs and is based on information currently available to Iberian and on assumptions Iberian believes are reasonable. These assumptions include, but are not limited to, the ability of Iberian to fulfil conditions in the asset sale agreement, (including obtaining third party approvals). Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Iberian to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: difficulty in obtaining third party approvals for the Proposed Transaction, the early stage development of Iberian and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Iberian; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Iberian's disclosure documents on the SEDAR website at www.sedar.com. Iberian does not undertake to update any forward-looking information except in accordance with applicable securities laws.