Iberian Minerals Options to Acquire Advanced Wollastonite Project in Spain
CALGARY, ALBERTA--(Marketwired - Nov 10, 2015) - Iberian Minerals Ltd. (the "Company" or "Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) announced today that its 100% wholly owned Spanish subsidiary Solid Mines Espana, S.A. ("SME") has entered into a binding option agreement with Explotaciones Aroche, S.L. (the "Optionor") pursuant to which it acquired the option to purchase the mining rights of the Aroche Wollastonite Concession ("Aroche") consisting of five (5) mining grids totaling approximately 150 hectares or 370 acres, located 2 kms south of the town of Aroche in the province of Huelva, south western Spain.
Under the terms of the three-year option agreement, ending November 6, 2018, Iberian Minerals will be responsible to pay all exploration, G&A plus capital expenditures and governmental fees on Aroche. The Company will make a onetime cash payment of EUR100,000 to the Optionor once the exploitation permit for Aroche has been obtained. Iberian Minerals has the right to terminate the agreement at its discretion at any time with no penalties. The Optionor will maintain a 10% interest in Aroche. The option agreement allows for an extension of the three-year term in the event of unintentional causes of delay relating to Iberian completing its due diligence, investigation of mineral extensions, confirmation of historical estimates and exploitation permitting of the wollastonite.
Aroche was previously investigated by the National Mining Investigations Company Adaro, S.A. ("ENADIMSA") between 1983 - 1988, which included mechanical drillings, trenching, blasting and mineralogical studies determining the existence of an important marble quarry and wollastonite. At the time wollastonite was not a target mineral.
An Exploitation Permit for the marble resource was granted for Aroche on January 23, 1991 for a period of thirty (30) years that can be extended ninety (90) years until 2081. Marble was exploited on the property by the Optionor from 1991 to 2003. Recognizing the importance of the wollastonite deposit during this period, the Optionor designed and planned a conceptual concentration system and mineralogical plant for the processing of the wollastonite which included crushing, grinding, flotation, dense media and High Intensity Magnetic Separation ("HIMS").
Upon application to the local mining authorities, the current Aroche Exploitation Permit could be authorized to include wollastonite due to the previous extensive investigation, with an estimated cost of over EUR3 Million in relative value today, to prove the deposit.
About Wollasonite
Wollastonite can be used in various important industrial applications, its commercial value ranging from US$80 to US$1,900 per ton depending on the final commercial characteristics of the product pertaining to its various applications.
Commercial uses for wollasonite include:
- Glass and ceramics: 30%-40%, which is unique to Europe
- Polymers (plastics & rubber): 30%-35%
- Paints and Coatings: 10%-15%
- Construction materials, friction products and metallurgical applications: 5%-10%
"The Aroche Wollastonite project is an excellent late stage addition to our current Spanish mineral assets. Engaging our Spanish network and technical teams to identify high interest projects throughout the Iberian Peninsula has created a beneficial pipeline of opportunities for us in the acquisition new assets such as the Caurio Gold project and now Aroche," stated Greg Pendura, President and CEO. "Europe is a major consumer of wollastonite, but a very minor producer, importing it from North America, China, India and Mexico. We will be developing a work program on Aroche to allow Iberian to seek an application for the inclusion of the wollastonite into the current active exploitation permit on Aroche."
The Company's Spanish technical team are currently evaluating the historical data on Aroche and will release additional information on the potential of the project in the near future.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been reviewed and approved on behalf of the Company by Fernando de la Fuente Chacon, M.Sc., PGeo, "qualified person."
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company's business strategy is to actively engage its Spanish contacts and technical team towards the further accumulation of high interest assets throughout the mineral rich Iberian Peninsula. Iberian Minerals is currently evaluating its Caurio gold/copper/silver concessions located in the Rio Narcea Gold Belt in Asturias, northern Spain and the recently acquired Aroche Wollastonite concession in the province of Huelva, south western Spain. The Company is also studying the re-opening of the Cehegin iron ore concessions in south eastern 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 news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should," "would" or "occur." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
Contact
Iberian Minerals Ltd.
Greg Pendura
President & CEO
780-800-0726
info@iberianminerals.ca
Iberian Minerals Ltd.
Rick Gliege
Corporate Development
250-751-3661
rick@iberianminerals.ca
www.iberianminerals.ca