Iberian Minerals Corp. Announces Recent Developments
13.09.2012 | Marketwire
TORONTO, Sept. 13, 2012 - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") announces that based upon preliminary reports, its production has continued to remain stable since June 30, 2012, in line with production for the first six months of 2012.MATSA produced 2,291 fine metric tons of payable copper in July 2012 compared to an average of 2,119 fine metric tons of payable copper per month in the six months ended June 30, 2012.
CMC produced 1,667 fine metric tons of payable copper in July 2012 compared to an average of 1,672 fine metric tons of payable copper per month in the six months ended June 30, 2012. The copper head grade of ore mined at Raul-Condestable during July 2012 was 0.90%.
Iberian's cash costs, capital expenditures and cash generation for the three months ended September 30, 2012 are expected to be in line with those of the last quarterly period.
The following hedging transactions were entered into by MATSA subsequent to June 30, 2012:
Copper
Period Contract type Volume Unit Strike price per Unit (US$)
January 2014 - December 2014 Forward 15,000 FMT 7,486
January 2015 - December 2015 Forward 9,000 FMT 7,533
Silver
Period Contract type Volume Unit Strike price per Unit (US$)
January 2014 - December 2014 Forward 298,116 OZ 31.87
January 2015 - December 2015 Forward 149,316 OZ 30.08
The following hedging transactions were entered into by CMC subsequent to June 30, 2012:
Copper
Period Contract type Volume Unit Strike price per Unit (US$)
January 2014 - December 2014 Forward 4,200 FMT 7,330
January 2014 - December 2014 Forward 2,100 FMT 7,400
January 2014 - December 2014 Forward 1,500 FMT 7,500
Silver
Period Contract type Volume Unit Strike price per Unit (US$)
January 2013 - December 2013 Forward 8,748 OZ 30.60
January 2014 - December 2014 Forward 46,151 OZ 30.55
About Iberian Minerals Corporation
Iberian Minerals Corp. is a Swiss corporation involved in mining and development of base metal deposits in Spain and Peru. The Condestable and Raul Mines, located in Peru approximately 90 km south of Lima operates at 2.4 million tons per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine in the Andalucia region of Spain, approximately 110 km north-west of Seville, operates a 2.2 million tons per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain silver.
Iberian Minerals Corp. has offices in Lucerne (Switzerland), Seville (Spain) and Lima (Peru). Iberian is listed on the TSX Venture Exchange. Iberian's registered office is at Falkengasse 3, 6004, Lucerne, Switzerland. Iberian Minerals Financing SA is incorporated in Luxembourg.
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 Iberian, 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 Iberian 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 Iberian's annual information form dated March 30, 2011. Although Iberian 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. Iberian 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.
NOT FOR DISTRIBUTION IN THE UNITED STATES
Contact
Iberian Minerals Corp.
+44 207 009 1708
media@trafigura.com