Iberian Minerals Announces Extended Mine Life at Condestable Mine; Details Further Expansion
TORONTO, ONTARIO -- (Marketwire) -- 09/01/11 -- 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.
Neither 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.
Contacts:
Iberian Minerals Corp.
Laura Sandilands
Investor Relations and Corporate Communications
416-815-8558