TORONTO, ONTARIO, Oct 25, 2011 (MARKETWIRE via COMTEX) — Iberian Minerals Corp. /quotes/zigman/561361 CA:IZN +1.27% is pleased to announce that as a result of the recent Titan 24 geophysical program and subsequent follow-up exploration drilling at Aguas Tenidas, a new massive sulphide zone has been delineated to the west of the old Aguas Tenidas Mine.
The old mine, located north of the current operation, and adjacent to the new zone, was in operation from 1916 to 1934, and produced 419,681 tonnes of 5.66% copper. High grade zinc/lead sulphides (with 10-15% combined zinc and lead) were also present; however this was not exploited at the time.
This new zone named “Orebody MS-4” targeted the fourth geophysical anomaly of the Titan 24 results, and has approximate dimensions of 500 meters on strike, 200 meters on dip and an average thickness of 3.5 – 4 meters. The mineralization is similar to that of the Aguas Tenidas ores and would have an average specific gravity of 4.5 tonnes/ m3.
Drilling is continuing on this zone as it is open on both ends and downdip. Exploration drilling of other targets from the Titan 24 results is also ongoing.
The mineralized intersections of the past and latest drilled holes are summarized in the following table.
Hole Length Depth Copper Zinc Lead Gold
m % % % g/t
SD-2bis (Asturiana) 4.00 from 300.00 m 2.80 – – –
AM-3 (Placer Dome) 5.20 from 287.10 m 2.96 4.46 0.85 48.00
5.50 from 297.90 m 0.62 8.87 1.85 79.00
AM-5 (Placer Dome) 3.75 from 304.25 m 2.07 4.74 0.28 25.00
AM-8 (Matsa) 3.00 from 459.60 m 0.42 8.73 2.22 81.65
AM-11 (Matsa) 1.00 from 159.75 m 0.60 3.44 0.79 21.91
AM-12 (Matsa) 4.45 from 220.10 m 6.40 0.70 0.20 21.21
AM-15 (Matsa) 1.85 from 303.60 m 2.16 5.53 0.81 21.91
AM-17 (Matsa) 1.20 from 318.30 m 0.95 4.39 0.46 43.06
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 1.7 million tonnes per year underground mine and concentrator that produces copper, zinc and bulk copper/lead concentrates that also contain gold and silver.
To view maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/izn1025maps.pdf
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.
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Iberian Minerals Corp.
Investor Relations and Corporate Communications