Iberian Minerals Announces Recent Developments
September 13 2012 - 11:54AM
Marketwired Canada
NOT FOR DISTRIBUTION IN THE UNITED STATES
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
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Strike price
Period Contract type Volume Unit per Unit (US$)
----------------------------------------------------------------------------
January 2014 - December 2014 Forward 15,000 FMT 7,486
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January 2015 - December 2015 Forward 9,000 FMT 7,533
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Silver
----------------------------------------------------------------------------
Strike price
Period Contract type Volume Unit per Unit (US$)
----------------------------------------------------------------------------
January 2014 - December 2014 Forward 298,116 OZ 31.87
----------------------------------------------------------------------------
January 2015 - December 2015 Forward 149,316 OZ 30.08
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The following hedging transactions were entered into by CMC subsequent to June
30, 2012:
Copper
----------------------------------------------------------------------------
Strike price
Period Contract type Volume Unit per Unit (US$)
----------------------------------------------------------------------------
January 2014 - December 2014 Forward 4,200 FMT 7,330
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January 2014 - December 2014 Forward 2,100 FMT 7,400
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January 2014 - December 2014 Forward 1,500 FMT 7,500
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Silver
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Strike price
Period Contract type Volume Unit per Unit (US$)
----------------------------------------------------------------------------
January 2013 - December 2013 Forward 8,748 OZ 30.60
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January 2014 - December 2014 Forward 46,151 OZ 30.55
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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.
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