Iberian Minerals Reports 2011 Production Results Met Targets
January 17 2012 - 6:00AM
Marketwired Canada
Iberian Minerals Corp. (TSX VENTURE:IZN) today announced preliminary production
results for the fourth quarter and year ended December 31, 2011.
Iberian is pleased to report that it has met previously issued 2011 guidance.
Preliminary 2011 production results are presented below.
Spanish Operations - Aguas Tenidas Mine:
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Production Unit Q4 2011 YTD
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Copper ores
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Ore processed T 293,600 1,161,000
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Copper grade % 2.22 2.21
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Concentrate DMT 24,300 97,500
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Contained copper FMT 5,520 21,930
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Recovery rate % 84 85
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Fine silver Oz 66,700 283,900
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Polymetallic ores
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Ore processed T 238,200 870,100
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Zinc grade % 5.34 5.61
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Zinc concentrate DMT 18,370 69,270
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Contained zinc FMT 8,800 33,200
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Recovery rate % 69 68
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Copper grade % 1.06 1.09
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Copper concentrate DMT 5,800 16,990
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Contained copper FMT 1,370 3,950
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Copper recovery rate % 54 42
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Lead grade % 1.57 1.66
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Lead concentrate DMT 7,140 30,670
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Contained lead FMT 1,490 5,700
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Lead recovery rate % 40 40
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Fine silver Oz 173,600 678,000
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Comments for Aguas Tenidas operation:
-- Contained copper metal production was 4% above budget.
-- The copper ore circuit copper recovery was 85% versus budget of 83%.
-- The zinc recovery rate for the polymetallic circuit was 68% (target of
66%).
-- Ores processed (combined copper and polymetallic) were 5,565 tpd. Ore
throughput was impacted by the rolling strikes in August and September
with a loss of 4 days of production. Despite lower ore throughput the
metallurgical performance of the poly-metallic circuit was improved as a
better grinding of the ore was achieved. This resulted in metal
production within budgeted parameters.
Peruvian Operations - Condestable Mine:
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Production Unit Q4 2011 YTD
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Ore processed T 594,900 2,364,000
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Copper grade % 0.96 1.06
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Concentrate DMT 21,800 94,000
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Contained copper FMT 5,200 22,600
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Fine gold Oz 3,260 13,850
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Fine silver Oz 76,100 317,000
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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.
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