Iberian Minerals Corp. (TSX VENTURE: IZN) today announced the
receipt of exploration concessions for the Sotiel Mine, a formerly
producing underground copper-zinc mine.
Located 25 kilometres from the Company's Aguas Tenidas Mine in
Spain, the 17 new concessions cover approximately 200 ha2,
encompass a formerly operating mine and were awarded by the Junta
de Andalucia government after a public bidding process.
The Company intends to undertake a work program consisting of
de-watering, underground drilling and studies to confirm resources.
Iberian intends to commission a prefeasibility study in 2011.
Rehabilitation of the mine is expected to take place over an 18 to
24 month period. All the annotated activities will be carried out
concurrently, and are planned to start immediately. Prefeasibility
study costs are expected to be covered by operating cash flows.
The Sotiel Mine previously operated at approximately 3,000
tonnes per day and Iberian anticipates similar production results,
which could be transported by rail or road to Aguas Tenidas for
processing. To accommodate material from the Sotiel Mine, the
existing Aguas Tenidas plant will require a further expansion, for
which plans are now being prepared.
Sotiel Mine
The Sotiel Mine is part of the Sotiel Migollas complex, located
on the same pyritic mineral belt as Aguas Tenidas. It is a copper,
zinc and lead mine which has been intermittently active since Roman
times and was in operation until 2002 when low metal prices
contributed to its closure.
While in operation, the mine produced approximately 8.4MT of
polymetallic ores at 4.52% zinc from 1983-2000 and approximately
1.1MT of cupriferous ores at 3.27% copper from 1994-2000. The
deposit is very similar to Aguas Tenidas, with 2/3 polymetallic and
1/3 cupriferous ores. The Company expects that recoveries from the
Sotiel ores will be similar to those of Aguas Tenidas.
The Sotiel Mine consists of three deposits - Sotiel, Sotiel Este
and Migollas. In 2000, a resource and reserve estimate was included
in the final report to the government authorities as part of the
mine closure plan and was compiled using an earlier resource
estimate (prepared in accordance with the Australasian Code for
Reporting of Mineral Resources and Ore Reserves (the "JORC Code"))
along with substantiated drilling and block modelling. Those
historical resources are listed below:
----------------------------------------------------------------------------
SOTIEL
----------------------------------------------------------------------------
POLYMETALLIC ORE CUPRIFEROUS ORE
--------------------------------------------------------
Tones %Cu Zn Pb Tones %Cu Zn Pb
----------------------------------------------------------------------------
ORE MINED 1983-2000 8,438,500 4.52 1,102,000 3.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RESOURCES MEAS. 2000
----------------------------------------------------------------------------
SOTIEL 577,000 0.56 5.57 2.24
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SOTIEL EAST 941,000 0.73 5.71 2.62
----------------------------------------------------------------------------
MIGOLLAS ZONE 2 279,000 6.20 0.75 0.39
----------------------------------------------------------------------------
RESOURCES IND. 2000
----------------------------------------------------------------------------
SOTIEL 4,100,000 0.5 5.7 2.3
----------------------------------------------------------------------------
SOTIEL EAST 2,338,000 0.61 5.24 2.19
----------------------------------------------------------------------------
MIGOLLAS ZONE 1 4,940,000 0.60 4.77 2.24
----------------------------------------------------------------------------
MIGOLLAS ZONE 2 151,000 4.6 1.11 0.52
----------------------------------------------------------------------------
The Company intends to undertake an extensive drilling program
to further define the inferred resource category. There is also an
additional deposit at Migollas Este which could, with further
definition, add increased tonnage to the resource.
To view Figure 1, (Cross section of the Sotiel Mine, including
historical drilling), please visit the link below:
http://media3.marketwire.com/docs/sotielfig1.pdf
Sotiel operated via an underground crusher and conveyor system
which was capable of operating at more than 1MT per year, and which
are still in place. The mine has levels descending to approximately
300m below surface and, similar to the Aguas Tenidas operation,
consists of large stopes which were subsequently backfilled with
rock fill.
To view Figure 2, (Copper Reserves at Migollas), please visit
the link below:
http://media3.marketwire.com/docs/migollasfig2.pdf
"We are very pleased to have been awarded these concessions and
the rights to the Sotiel Mine. Preliminary reviews of the resources
and reserves of the mine, along with knowledge of past production,
indicate that this project could significantly add to our
production. With excellent infrastructure in the area, we believe
ore can be reliably transported to an expanded Aguas Tenidas plant.
The various options and any potential production decision will be
reviewed in due course," said Daniel Vanin, President and Chief
Executive Officer of Iberian.
The foregoing historical resource estimate was completed using
the JORC Code prior to the implementation of NI 43-101. Given the
prior drilling and subsequent production from the property
discussed herein, the company believes the resource estimates to be
both relevant and reliable. However, for the purposes of NI 43-101,
a qualified person has not completed sufficient work to classify
the historical estimate as current mineral resources. The Company
is not treating the historical estimate as current mineral
resources as prescribed by NI 43-101 and the historical estimate
should not be relied upon.
For further information, please contact the Investor Relations
Department, or visit our website, www.iberianminerals.com.
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 29, 2010.
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
www.iberianminerals.com
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