Iberian Minerals Corp. Press Releases

Urion Minerals International B.V. Acquires 100% of Iberian Minerals Corp. Plc

Fri, 01 Feb 2013 11:04:00 -0500

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2013) - Urion Minerals International B.V. ("Urion"), an indirect, wholly-owned subsidiary of Trafigura Beheer B.V. ("Trafigura"), is pleased to announce that it has acquired 9,829,894 shares ("Shares") in the capital of Iberian Minerals Corp. plc. ("Iberian") (TSX VENTURE:IZN) at a price of C$1.10 per share, pursuant to a compulsory acquisition completed in accordance with Article 34 of the Articles of Association of Iberian.

As a result of the Compulsory Acquisition, Urion now holds an aggregate of 507,437,421 Shares, which represents 100% of the outstanding Shares.

Trafigura intends to cause Iberian to apply to delist the Shares from the TSX Venture Exchange and to cease being a reporting issuer under Canadian securities laws.

Reader Advisory

This announcement is for informational purposes only and does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of an offer to sell, dispose, issue purchase, acquire or subscribe for any security. The documentation relating to the compulsory acquisition is available electronically without charge at www.sedar.com.

This news release contains certain forward-looking statements and other information (collectively "forward-looking information"). Forward looking information is often identified by words such as "anticipate", "intend", "believe", "expect", "plan", "forecast", "target", "could", "focus", "vision", "goal", "proposed", "scheduled", "milestone", "outlook", "potential", "may", "looking forward to", or similar expressions and includes, but is not necessarily limited to, suggestions of future outcomes, including statements about the delisting of the Shares and the termination of Iberian's status as a reporting issuer under Canadian securities laws.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking information as actual results could differ materially from those currently anticipated due to a number of factors, risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and Iberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information future events or otherwise, except as may be required by applicable securities laws.

Contact Information:
Trafigura Beheer B.V.
+44 207 009 1708
media@trafigura.com

Contact:

Urion Minerals International B.V. Makes Offer to Acquire 100% of Iberian Minerals Corp. plc

Wed, 16 Jan 2013 23:51:00 -0500

TORONTO, ONTARIO--(Marketwire - Jan. 16, 2013) - Iberian Minerals Corp. plc (TSX VENTURE:IZN) ("Iberian") announces today that Urion Minerals International B.V. ("Urion") has made an offer (the "Offer") to acquire all of the shares (the "Remaining Shares") of Iberian that it does not already own at a price of C$1.10 per share. The completion date of the Offer is January 31, 2013.

The Offer has been made pursuant to the compulsory acquisition provisions set out in Article 34 of the Articles of Association of Iberian. Urion intends to exercise the power of attorney granted to it pursuant to Article 34 to acquire all the Remaining Shares which are not tendered to the Offer. Accordingly, it is anticipated that Urion will own all of Iberian's outstanding shares following the completion of the Offer.

Reader Advisory

This news release contains certain forward-looking statements and other information (collectively " forward-looking information ") about Iberian's current expectations, estimates and projections. Forward looking information is often identified by words such as "anticipate", "intend", "believe", "expect", "plan", "forecast", "target", "could", "focus", "vision", "goal", "proposed", "scheduled", "milestone", "outlook", "potential", "may", "looking forward to", or similar expressions and includes, but is not necessarily limited to, suggestions of future outcomes, including statements about the completion date of the Offering, Urion's use of the power of attorney granted to it pursuant to Iberian's Articles of Association and Urion's ownership of Iberian following the completion of the Offer.

Contact Information:
+44 207 009 1708
media@trafigura.com

Contact:

Iberian Minerals Reports Q3 Net Loss of $33.24 Million

Fri, 16 Nov 2012 12:46:00 -0500

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2012) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and nine month periods ended September 30, 2012, with comparative figures for the three and nine month periods ended September 30, 2011. The condensed interim consolidated financial statements and related notes, and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net loss of $33.24 million for Q3 2012, representing a loss of $0.07 per share.

Financial highlights:

Three months ended September 30, 2012

Recorded net loss of $33.24 million or $(0.07) per registered share which included:
- Sales of $115.85 million and gain after cost and expenses of mining operations of $16.26 million;
- A realized gain of $2.67 million on commodity hedges (included in sales) which contributed to the gross gain;
- An unrealized non-cash loss of $41.92 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and silver.
Cash flow provided by operations before changes in working capital items was $28.47 million.

Nine months ended September 30, 2012

Recorded net loss of $20.07 million or $(0.04) per registered share which included:
- Sales of $326.63 million and gain after cost and expenses of mining operations of $54.13 million;
- A realized loss of $8.76 million on commodity hedges (included in sales) which partly net off the gross gain;
- An unrealized non-cash loss of $28.21 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and silver.
Cash flow provided by operations before changes in working capital items was $94.51 million.

Operational highlights - MATSA:

Three months ended September 30, 2012

MATSA processed 527,430 tonnes of ores in 2012 versus 518,682 tonnes of ores in 2011 (increase of 8,748 tonnes or 1.7%).
Produced 28,689 DMT of copper concentrate (2011 - 28,707 DMT), 11,885 DMT of zinc concentrate (2011 - 18,260 DMT) and 2,162 DMT of lead concentrate (2011 - 7,280 DMT). Contained metal production was 6,541 FMT of copper (2011 - 6,638 FMT), 5,338 FMT of zinc (2011 - 8,632 FMT), 0,38 FMT of lead (2011 - 1,217 FMT) and 177,640 ounces of silver (2011 - 235,549 ounces).
The Cash Operating Cost (non-IFRS measure - refer to section 6) was $1.52 per payable pound of copper (2011 - $1.56 per payable pound of copper). Reduction in Cash Operating cost in 2012 was due to a reduction in direct cost (US$23,68 million in 2012 versus US$25,78 in 2011), with similar copper production levels but significantly net off by lower by-credits of lead, Zinc and silver (US$9,99 million in 2012 versus US$11,69 in 2011).

Nine months ended September 30, 2012

MATSA processed 1,606,960 tonnes of ore in 2012 versus 1,499,209 tonnes of ore in 2011 (increase of 107,750 tonnes or 7.2%).
Produced 85,885 DMT of copper concentrate (2011 - 84,064 DMT), 46,916 DMT of zinc concentrate (2011 - 50,893 DMT) and 13,483 DMT of lead concentrate (2011 - 23,525 DMT). Contained metal production was 19,829 FMT of copper (2011 - 18,916 FMT), 21,936 FMT of zinc (2011 - 24,390 FMT), 3,240 FMT of lead (2011 - 4,216 DMT) and 707,085 ounces of silver (2011 - 725,101 ounces).
The Cash Operating Cost was $1.28 per payable pound of copper (2011 - $1.67 per payable pound of copper). Year-to-date Cash Operating cost was substantially reduced in 2012. Driver for the reduction is a reduction on direct cost (US$69,83 million in 2012 versus US$76,94 in 2011) with higher copper production levels.
During the nine months ended September 30, 2012, the Company terminated an agreement with Cadillac Venture Inc. which extinguishes their 90% interest on 14 of MATSA's properties located in the Iberian Pyrite Belt of southern Spain. The consideration for the transaction was CAD$2.50 million. The transaction was accepted by TSX Venture Exchange. As of September 30, 2012, the transaction was paid.

Operational - CMC:

Three months ended September 30, 2012

The average copper ore grade was 0.89% in 2012 versus 1.05% in 2011.
CMC processed 627,929 tonnes of ore in 2012 versus 597,139 tonnes of ore in 2011 (increase of 30,790 tonnes or 5.16%).
Copper concentrate production in 2012 was 21,733 DMT versus 24,551 DMT in 2011 (decrease of 2,818 DMT or 11.47%).
Contained copper production in 2012 was 5,061 FMT versus 5,688 FMT tonnes in the prior year (decrease of 627 FMT or 11.02%).
The Cash Operating Cost in 2012 was $2.14 per payable pound of copper versus prior year of $1,19. Higher Cash Operating Cost in 2012 are driven by (i) an increase in operating cost mainly due to FX rate of Nuevos Soles versus USD and higher wages cost and (ii) the impact of lower head grade levels (from 1.05% in 2011 to 0.89% in 2012).

Nine months ended September 30, 2012

The average copper ore grade was 0.93% in 2012 versus 1.09% in 2011.
CMC processed 1,854,031 tonnes of ore in 2012 versus 1,769,167 tonnes of ore in 2011 (increase of 84,864 tonnes or 4.8%).
Copper concentrate production in 2012 was 67,399 DMT versus 72,428 DMT in 2011 (decrease of 5,029 DMT or 6.4%).
Contained copper production in 2012 was 15,586 FMT versus 17,387 FMT in the prior year (decrease of 1,801 FMT or 10.36%).
The Cash Operating Cost in 2012 was $1.89 per payable pound of copper versus prior year of $1.12, driven by decrease in head grades of copper in 2012 (from 0.93% in 2011 to 1.09% in 2012).

Summarized Financial Results

The following table presents a summarized Statement of Operations for the three and nine months ended September 30, 2012 with comparatives for the three and nine months ended September 30, 2011.

	Three months ended September 30,				Nine months ended September 30,
(thousands of U.S. Dollars)	2012		2011		2012		2011
	$		$		$		$
Gross sales	113.177		112.533		335.395		354.509
Realized gains on derivative financial instruments held for trading	2.673		(52.423	)	(8.763	)	(171.027	)
Sales	115.850		60.110		326.632		183.482
Costs and expenses of mining operations	99.589		84.196		272.501		237.499

Gross gain / (loss)	16.261		(24.086	)	54.131		(54.017	)

Expenses
Administrative expenses and other	2.383		1.876		8.012		4.947
Exploration and evaluation expenditures	10.055		4.816		26.973		4.816
Foreign exchange (gain) loss	737		(4.770	)	2.122		(1.607	)
Unrealized gain on derivative instruments	41.919		(164.216	)	28.213		(292.656	)
Total expenses (other income)	55.094		(162.294	)	65.320		(284.500	)

Operating income	(38.833	)	138.208		(11.189	)	230.483

Net finance costs	2.607		(4.490	)	4.447		3.783
Income before taxation	(41.440	)	142.698		(15.636	)	226.700
Current income tax expense	3.337		(931	)	7.067		150
Future income tax expense	(11.536	)	20.042		(2.635	)	25.003
Net income	(33.241	)	123.587		(20.068	)	201.547

Basic earnings per share ($)	(0,07	)	0,27		(0,04	)	0,51

Diluted earnings per share ($)	(0,06	)	0,26		(0,04	)	0,49



Key operating statistics

CMC:

	CMC operating statistics
	Periods ended			Three months				Nine months
	September 30,	Unit		2012		2011		2012		2011

	Ore mined	t		629.048		608.008		1.903.030		1.787.493
	Ore processed	t		627.929		597.139		1.854.031		1.769.167

	Copper ore grade	%		0,89		1,05		0,93		1,09
	Concentrate grade	%		23		23		23		24
	Copper recovery rate	%		90		91		90		90

	Copper concentrate	DMT		21.733		24.551		67.399		72.428

	Copper contained in concentrate	FMT		5.061		5.688		15.586		17.387
	Gold contained in concentrate	oz		3.104		3.543		9.305		10.574
	Silver contained in concentrate	oz		74.191		79.404		220.373		240.667

	Payable copper contained in concentrate	FMT		4.819		5.424		14.848		16.588
	Payable gold contained in concentrate	oz		2.788		3.207		8.380		9.574
	Payable silver contained in concentrate	oz		66.408		71.213		197.532		215.625

	Cash Operating Cost per lb of payable copper	USD	$	2,14	$	1,19	$	1,89	$	1,12



MATSA:

	MATSA operating statistics
	Periods ended		Three months		Nine months
	September 30,	Unit	2012	2011	2012	2011

	Copper ore
	Ore mined	t	287.155	257.205	839.624	878.166
	Ore processed	t	283.965	274.240	838.959	867.343

	Copper ore grade	%	1,89	2,20	2,00	2,20
	Concentrate grade	%	23	23	23	22
	Copper recovery rate	%	85	86	86	86

	Copper concentrate	DMT	20.074	22.601	62.371	72.859

	Copper contained in concentrate	FMT	4.547	5.184	14.256	16.336
	Silver contained in concentrate	oz	60.758	61.993	239.504	220.676

	Payable copper contained in concentrate	FMT	4.346	4.958	13.633	15.608
	Payable silver contained in concentrate	oz	41.396	40.193	179.346	163.966

	Polymetallic ore
	Ore mined	t	275.719	230.785	799.426	645.342
	Ore processed	t	243.465	244.442	768.001	631.866

	Zinc ore grade	%	3,90	5,39	4,34	5,71
	Zinc concentrate grade	%	45	47	47	48
	Zinc recovery rate	%	57	66	68	68


	Copper ore grade	%	1,19	1,17	1,18	1,10
	Copper concentrate grade	%	23	24	24	23
	Copper recovery rate	%	69	51	69	38

	Lead ore grade	%	0,98	1,55	1,24	2
	Lead concentrate grade	%	18	18	23	18
	Lead recovery rate	%	16	33	34	39

	Zinc concentrate	DMT	11.885	18.260	46.916	50.893
	Copper concentrate	DMT	8.615	6.106	23.514	11.205
	Lead concentrate	DMT	2.162	7.280	13.483	23.525

	Zinc contained in concentrate	FMT	5.338	8.632	21.936	24.390
	Copper contained in concentrate	FMT	1.994	1.454	5.573	2.580
	Lead contained in concentrate	FMT	379	1.217	3.240	4.216
	Silver contained in concentrate	oz	116.882	173.556	467.581	504.425

	Payable zinc contained in concentrate	FMT	4.387	7.171	18.182	20.321
	Payable copper contained in concentrate	FMT	1.908	1.393	5.338	2.468
	Payable lead contained in concentrate	FMT	314	999	2.836	3.510
	Payable silver contained in concentrate	oz	70.128	97.776	281.620	303.121

	Cash Operating Cost per lb of payable copper	USD	1,52	1,56	1,28	1,67

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 2.4 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.

Note 1 - The Cash Operating Cost per pound of payable copper is a non-IFRS performance measure. It includes cash operating costs, including treatment and refining charges ("TC/RC"), freight and distribution costs, and is net of by-product metal credits (zinc, gold and silver). The Cash Operating Cost per pound of payable copper indicator is consistent with the widely accepted industry standard established by Brook Hunt and is also known as the C1 cash cost.

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.

Contact Information:
Iberian Minerals Corp.
416-815-8558
info@iberianminerals.com

Contact:

Iberian Minerals Senior Secured Note Withdrawal Statement

Thu, 27 Sep 2012 13:17:00 -0400

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Iberian Minerals Financing SA, a wholly-owned subsidiary of Iberian Minerals Corp. (TSX VENTURE:IZN) has elected not to proceed with the contemplated USD200 million Senior Secured Notes announced on 13 September 2012. The decision was taken after careful consideration of the terms requested by investors.

The funding was constrained with conditions and pricing that made it inadequate with the financial discipline of the issuer. The offering was one of a number of debt-financing alternatives under consideration as other sources of finance are already in place and readily available to Iberian Minerals via its majority owner, Trafigura Beheer BV. No business impact is expected on capital expenditures and other investments for Iberian-owned mines and processing operations.

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 operate 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 contains silver.

Iberian Minerals Corp. has offices in Lucerne (Switzerland), Seville (Spain) and Lima (Peru). The Company is listed on the Toronto Venture Exchange. The company's registered office is at Falkengasse 3, 6004, Lucerne, Switzerland. Iberian Minerals Financing SA is incorporated in Luxembourg.

FORWARD-LOOKING STATEMENTS:

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 Company's annual information form dated March 30, 2011. Although the Company 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 Company 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.

Important Regulatory Notice

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction.

These materials are not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Company does not intend to register any part of the offering in the United States or to conduct a public offering of Shares in the United States. The Notes will be offered and sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to certain non-U.S. persons in accordance with Regulation S under the Securities Act.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement. The distribution of this announcement into jurisdictions other than Luxembourg may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

In connection with the issuance of Notes, the stabilizing manager may over-allot the Notes or effect transactions with a view to supporting the market price of the Notes, in each case at a level higher than that which might otherwise prevail. However, there is no assurance that such stabilizing manager (or persons acting on behalf of such stabilizing manager) will undertake such stabilization actions. Any stabilization action may begin on or after the date on which adequate public disclosure of the final terms of the offer of the Notes is made and, if begun, may be ended at any time, but must end no later than the earlier of 30 calendar days after the issue date of the notes and 60 calendar days after the date of the allotment of the Notes.

This document is an advertisement for purposes of applicable measures implementing Directive 2003/71/EC.

Stabilization/FSA

Contact: +44 207 009 1708
Company Name: Iberian Minerals Corp.
Contact Title: media@trafigura.com

Iberian Minerals Announces Recent Developments

Thu, 13 Sep 2012 11:53:00 -0400

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2012) -

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
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:

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.

Contact: +44 207 009 1708
Company Name: Iberian Minerals Corp.
Contact Title: media@trafigura.com

Iberian Minerals Financing S.A. Launches US$200 Million Senior Secured Notes Offering

Thu, 13 Sep 2012 06:51:00 -0400

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2012) -

NOT FOR DISTRIBUTION IN AUSTRALIA, JAPAN OR THE UNITED STATES

Iberian Minerals Financing SA, a wholly-owned subsidiary of Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian" or the "Company") announces the offering of US$200 million Senior Secured Notes, due in 2017. Iberian Minerals Corp. is a diversified base metals company with mining operations in Spain and Peru. Principal activities are the mining, processing and sale of copper, zinc and lead concentrates.

Minimum denominations of the Notes will be US$200,000. Application has been made for the Notes to be included on the official list of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF market. The Notes will not be available for sale in any jurisdiction in Canada or to subscribers resident in Canada.

The funds raised will be used to finance capital expenditures and other investments for Iberian owned mines and processing operations.

About Iberian Minerals Corporation

Iberian Minerals Corp. has offices in Lucerne (Switzerland), Seville (Spain) and Lima (Peru). The Company is listed on the TSX Venture Exchange. The Company's registered office is at Falkengasse 3, 6004, Lucerne, Switzerland. Iberian Minerals Financing SA is incorporated in Luxembourg.

FORWARD LOOKING STATEMENTS:

Important Regulatory Notice

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction.

This document is an advertisement for purposes of applicable measures implementing Directive 2003/71/EC.

Stabilization/FSA

Contact: media@trafigura.com
Company Name: +44 207 009 1708

Iberian Minerals Reports Q2 Net Income of $25.46 Million

Tue, 14 Aug 2012 12:43:00 -0400

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2012) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and six month periods ended June 30, 2012, with comparative figures for the three and six month periods ended June 30, 2011. The condensed interim consolidated financial statements and related notes, and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net income of $25.46 million for Q2 2012, representing $0.05 per share.

Financial highlights:

Three months ended June 30, 2012

Recorded net income of $25.46 million or $0.05 per registered share which included:
- Sales of $124.25 million and gross gain of $31.40 million;
- A realized gain of $4.75 million on commodity hedges (included in sales) which contributed to the gross gain;
- An unrealized non-cash gain of $29.08 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and zinc that were delivered into during the period and were thus retired.
Cash flow provided by operations before changes in working capital items was $38.7 million.

Six months ended June 30, 2012

Recorded net income of $13.17 million or $0.03 per registered share which included:
- Sales of $210.78 million and gross gain of $37.87 million;
- A realized loss of $11.44 million on commodity hedges (included in sales) which partly net off the gross gain;
- An unrealized non-cash gain of $13.71 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and zinc that were delivered into during the period and were thus retired.
Cash flow provided by operations before changes in working capital items was $66.03 million.

Operational highlights - MATSA:

Three months ended June 30, 2012

MATSA processed 533,717 tonnes of ores in 2012 versus 466,444 tonnes of ores in 2011 (increase of 67,273 tonnes or 14.4%).
Produced 29,091 DMT of copper concentrate (2011 - 28,300 DMT), 15,200 DMT of zinc concentrate (2011 - 15,236 DMT) and 4,614 DMT of lead concentrate (2011 - 5,970 DMT). Contained metal production was 6,941 FMT of copper (2011 - 6,216 FMT), 7,204 FMT of zinc (2011 - 7,307 FMT), 1,037 FMT of lead (2011 - 1,064 FMT) and 256,555 ounces of silver (2011 - 213,806 ounces).
The Cash Operating Cost (non-IFRS measure - refer to section 6) was $1.15 per payable pound of copper (2011 - $1.73 per payable pound of copper). Cash Operating cost was substantially reduced in 2012 due to the combined effect of higher payable copper production (6,650 FMT in 2012 versus 5,933 FMT in 2011), lower operating cost realized at Matsa and higher by-product metal production (US$13,46 million in 2012 versus US$11,49 in 2011).
During the three months ended June 30, 2012, the Company terminated an agreement with Cadillac Venture Inc. which extinguishes their 90% interest on 14 of MATSA's properties located in the Iberian Pyrite Belt of southern Spain. The consideration for the transaction was CAD$2.50 million. The transaction was accepted by TSX Venture Exchange. As of June 30, 2012, the transaction was paid.

Six months ended June 30, 2012

MATSA processed 1,079,530 tonnes of ore in 2012 versus 980,528 tonnes of ore in 2011 (increase of 99,002 tonnes or 10.1%).
Produced 57,196 DMT of copper concentrate (2011 - 55,708 DMT), 35,031 DMT of zinc concentrate (2011 - 32,602 DMT) and 11,321 DMT of lead concentrate (2011 - 16,245 DMT). Contained metal production was 13,288 FMT of copper (2011 - 12,357 FMT), 16,597 FMT of zinc (2011 - 15,774 FMT), 2,861 FMT of lead (2011 - 2,998 DMT) and 529,445 ounces of silver (2011 - 486,068 ounces).
The Cash Operating Cost was $1.16 per payable pound of copper (2011 - $1.73 per payable pound of copper). Year-to-date Cash Operating cost was substantially reduced in 2012 due to the combined effect of higher payable production and higher by-product metal production. This improvement has been consistent in the two quarters included in the six months period ended June 30, 2012.

Operational - CMC:

Three months ended June 30, 2012

The average copper ore grade was 0.93% in 2012 versus 1.11% in 2011.
CMC processed 626,799 tonnes of ore in 2012 versus 593,290 tonnes of ore in 2011 (increase of 33,509 tonnes or 5.6%).
Copper concentrate production in 2012 was 23,093 DMT versus 24,491 DMT in 2011 (decrease of 1,398 DMT or 5.7%).
Contained copper production in 2012 was 5,313 FMT versus 5,931 FMT tonnes in the prior year (decrease of 617 FMT or 10.4%).
The Cash Operating Cost in 2012 was $1.83 per payable pound of copper versus prior year of $1.08.

Six months ended June 30, 2012

The average copper ore grade was 0.95% in 2012 versus 1.11% in 2011.
CMC processed 1,226,102 tonnes of ore in 2012 versus 1,172,028 tonnes of ore in 2011 (increase of 54,074 tonnes or 4.6%).
Copper concentrate production in 2012 was 45,666 DMT versus 47,878 DMT in 2011 (decrease of 2,212 DMT or 4.6%).
Contained copper production in 2012 was 10,526 FMT versus 11,699 FMT in the prior year (decrease of 1,173 FMT or 10.0%).
The Cash Operating Cost in 2012 was $1.77 per payable pound of copper versus prior year of $1.09.

Summarized Financial Results

The following table presents a summarized Statement of Operations for the three and six months ended June 30, 2012 with comparatives for the three and six months ended June 30, 2011.

	Three months ended June 30,				Six months ended June 30,
(thousands of U.S. Dollars)	2012		2011		2012		2011
	$		$		$		$
Gross sales	119,502		146,108		222,218		241,976
Realized gains on derivative financial instruments held for trading	4,752		(59,965	)	(11,436	)	(118,604	)
Sales	124,254		86,142		210,782		123,372
Costs and expenses of mining operations	92,885		93,504		172,912		153,305

Gross gain / (loss)	31,369		(7,362	)	37,870		(29,933	)

Expenses
Administrative expenses and other	13,744		1,625		22,547		3,071
Foreign exchange (gain) loss	(1,125	)	22		1,385		3,163
Contingent consideration fair value	-		-		-		-
Unrealized gain on derivative instruments	(29,079	)	(65,362	)	(13,706	)	(128,440	)
Total expenses (other income)	(16,460	)	(63,715	)	10,226		(122,206	)

Operating income	47,829		56,353		27,644		92,273

Net finance costs	867		2,042		1,840		8,273
Income before taxation	46,962		54,311		25,804		84,000
Current income tax expense	4,749		238		3,730		1,081
Future income tax expense	16,758		6,277		8,901		4,961
Net income	25,455		47,796		13,173		77,958

Basic earnings per share ($)	0.05		0.13		0.03		0.21

Diluted earnings per share ($)	0.05		0.12		0.03		0.20



Key operating statistics

CMC:

	CMC operating statistics
				Three months				Six months
	Periods ended June 30,	Unit		2012		2011		2012		2011

	Ore mined	t		641,691		591,530		1,273,982		1,179,485
	Ore processed	t		626,799		593,290		1,226,102		1,172,028

	Copper ore grade	%		0.93		1.11		0.95		1.11
	Concentrate grade	%		23		24		23		24
	Copper recovery rate	%		90		90		90		90

	Copper concentrate	DMT		23,093		24,491		45,666		47,878

	Copper contained in concentrate	FMT		5,313		5,931		10,526		11,699
	Gold contained in concentrate	oz		3,251		3,626		6,201		7,031
	Silver contained in concentrate	oz		69,822		83,424		146,182		161,264

	Payable copper contained in concentrate	FMT		5,057		5,658		10,029		11,164
	Payable gold contained in concentrate	oz		2,943		3,283		5,592		6,366
	Payable silver contained in concentrate	oz		68,605		74,706		131,125		144,412

	Cash Operating Cost per lb of payable copper	USD	$	1.83	$	1.08	$	1.77	$	1.09



MATSA:

	MATSA operating statistics
			Three months		Six months
	Periods ended June 30,	Unit	2012	2011	2012	2011

	Copper ore
	Ore mined	t	269,243	316,274	552,469	620,961
	Ore processed	t	277,744	287,355	554,994	593,103

	Copper ore grade	%	1.95	2.23	2.05	2.21
	Concentrate grade	%	24	22	23	22
	Copper recovery rate	%	85	85	86	86

	Copper concentrate	DMT	19,605	24,854	42,297	50,609

	Copper contained in concentrate	FMT	4,615	5,439	9,710	11,231
	Silver contained in concentrate	oz	91,876	76,500	178,746	155,200

	Payable copper contained in concentrate	FMT	4,419	5,191	9,287	10,725
	Payable silver contained in concentrate	oz	72,967	52,505	137,950	106,416

	Polymetallic ore
	Ore mined	t	259,911	200,377	523,707	414,557
	Ore processed	t	255,973	179,089	524,536	387,424

	Zinc ore grade	%	4.05	5.86	4.49	5.91
	Zinc concentrate grade	%	47	48	47	48
	Zinc recovery rate	%	70	70	71	69


	Copper ore grade	%	1.35	1.09	1.17	1.05
	Copper concentrate grade	%	25	23	24	22
	Copper recovery rate	%	68	40	68	28

	Lead ore grade	%	1.17	1.73	1.33	2
	Lead concentrate grade	%	22	18	25	19
	Lead recovery rate	%	34	34	40	43

	Zinc concentrate	DMT	15,200	15,236	35,031	32,602
	Copper concentrate	DMT	9,486	3,446	14,899	5,099
	Lead concentrate	DMT	4,614	5,970	11,321	16,245

	Zinc contained in concentrate	FMT	7,204	7,307	16,597	15,774
	Copper contained in concentrate	FMT	2,327	777	3,578	1,126
	Lead contained in concentrate	FMT	1,037	1,064	2,861	2,998
	Silver contained in concentrate	oz	164,679	137,306	350,699	330,868

	Payable zinc contained in concentrate	FMT	5,988	6,088	13,795	13,163
	Payable copper contained in concentrate	FMT	2,232	743	3,429	1,075
	Payable lead contained in concentrate	FMT	899	884	2,521	2,510
	Payable silver contained in concentrate	oz	102,902	80,707	211,492	205,362

	Cash Operating Cost per lb of payable copper	USD	1.15	1.73	1.16	1.73

About Iberian Minerals Corp.

Note 1 - The Cash Operating Cost per pound of payable copper is a non-IFRS performance measure. It includes cash operating costs, including treatment and refining charges ("TC/RC"), freight and distribution costs, and is net of by-product metal credits (zinc, gold and silver). The Cash Operating Cost per pound of payable copper indicator is consistent with the widely accepted industry standard established by Brook Hunt and is also known as the C1 cash cost.

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.

Contact: 416-815-8558
Company Name: Iberian Minerals Corp.
Contact Title: info@iberianminerals.com

Iberian Minerals Reports First Quarter Results for 2012

Mon, 28 May 2012 16:30:00 -0400

TORONTO, ONTARIO--(Marketwire - May 28, 2012) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the first quarter ended March 31, 2012, with comparative figures for the first quarter ended March 31, 2011. The condensed interim consolidated financial statements and related notes, and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net loss of $12.3 million for Q1 2012, representing $0.02 per share.

Financial:

Recorded net loss of $12.28 million or $0.02 per registered share which included:
- Sales of $86.53 million and gross profit of $6.50 million;
- A realized loss of $16.19 million on commodity hedges (included in sales) which reduced the gross profit;
- An unrealized non-cash loss of $15.37 million on derivative financial instruments outstanding primarily due to an increase in metals prices impacting the fair value of outstanding copper hedge positions.
Cash flow provided by operations was $15.46 million.

Operational - MATSA:

MATSA processed 545,813 tonnes of ores in 2012; 277,250 copper and 268,563 polymetallic. This was an increase of 6% over the 514,083 tonnes of ores processed in 2011.
Produced 28,105 DMT of copper concentrate (2011 - 26,761 DMT), 19,831 DMT of zinc concentrate (2011 - 17,366 DMT), and 6,707 DMT of lead concentrate (2011 - 10,412 DMT). Contained metal production was 6,347 tonnes of copper (2011 - 6,001 tonnes), 9,393 tonnes of zinc (2011 - 8,451 tonnes), 1,824 tonnes of lead (2011 - 1,954 tonnes) and 272,890 oz of silver (2011 - 298,823 oz).
The Cash Operating Cost was $1.17 per payable pound of copper (2011 - $1.72 per payable pound of copper). Cash Operating Cost was substantially reduced in 2012 due to the combined effect of higher payable copper production, higher by-product metal production and prices and lower actual operating costs realized.
In February 2012 MATSA signed a new collective labour agreement with its unionized workers. The new agreement expires in December 2015. The agreement includes salary increases tied to the Spanish inflationary index.

Operational - CMC:

Copper ore grade was 0.96% versus 1.12% in 2011.
CMC processed 599,303 tonnes of ore in the period versus 578,738 tonnes for the same period of the prior year.
Copper concentrate production in the period was 22,573 DMT versus 23,387 DMT in the prior year period.
Contained copper production in the period was 5,219 tonnes versus 5,768 tonnes in the prior year period.
The Cash Operating Cost for the period was $1.71 per payable pound of copper versus prior year period of $1.08.

Summarized Financial Results

The following table presents a summarized Statement of Operations for the period ended March 31, 2012 with comparatives for the period ended March 31, 2011.

	Three months ended March 31,
(thousands of U.S. Dollars)	2012		2011
	$		$
Sales	86,528		37,230
Costs and expenses of mining operations	80,027		59,801

Gross profit (loss)	6,501		(22,571	)

Expenses
Administrative expenses and other	2,573		1,446
Exploration and evaluation expenditures	6,230		-
Foreign exchange loss	2,510		3,141
Unrealized (gain) loss on derivative instruments	15,373		(63,078	)
	26,686		(58,491	)

Operating income (loss)	(20,185	)	35,920

Net finance costs	973		6,231
Income (loss) before taxation	(21,158	)	29,689

Current income tax recovery	(1,019	)	843
Deferred income tax recovery	(7,857	)	(1,316	)
Net income (loss)	(12,282	)	30,162


Key operating statistics

CMC:

			Three months
Periods ended March 31,	Unit		2012		2011

Ore mined	t		632,291		587,956
Ore processed	t		599,303		578,738

Copper ore grade	%		0.96		1.12
Concentrate grade	%		23		25
Copper recovery rate	%		91		89

Copper concentrate	DMT		22,573		23,387

Copper contained in concentrate	FMT		5,219		5,768
Gold contained in concentrate	oz		2,950		3,406
Silver contained in concentrate	oz		76,360		77,840

Payable copper contained in concentrate	FMT		4,972		5,506
Payable gold contained in concentrate	oz		2,650		3,084
Payable silver contained in concentrate	oz		68,605		69,705

Cash Operating Cost per lb of payable copper	USD	$	1.71	$	1.08

MATSA:

		Three months
Periods ended March 31,	Unit	2012	2011

Copper ore
Ore mined	t	283,226	304,687
Ore processed	t	277,250	305,748

Copper ore grade	%	2.13	2.17
Concentrate grade	%	23	22
Copper recovery rate	%	86	86

Copper concentrate	DMT	22,692	25,403

Copper contained in concentrate	FMT	5,095	5,713
Silver contained in concentrate	oz	86,870	92,319

Payable copper contained in concentrate	FMT	4,868	5,459
Payable silver contained in concentrate	oz	64,983	67,476

Polymetallic ore

Ore mined	t	263,796	214,180
Ore processed	t	268,563	208,335

Zinc ore grade	%	4.84	5.99
Zinc concentrate grade	%	47	49
Zinc recovery rate	%	72	68

Copper ore grade	%	0.85	1.06
Copper concentrate grade	%	23	21
Copper recovery rate	%	54	19

Lead ore grade	%	1.45	1.87
Lead concentrate grade	%	26	19
Lead recovery rate	%	45	51

Zinc concentrate	DMT	19,831	17,366
Copper concentrate	DMT	5,413	1,358
Lead concentrate	DMT	6,707	10,412

Zinc contained in concentrate	FMT	9,393	8,451
Copper contained in concentrate	FMT	1,252	288
Lead contained in concentrate	FMT	1,824	1,954
Silver contained in concentrate	oz	186,020	206,504

Payable zinc contained in concentrate	FMT	7,807	7,061
Payable copper contained in concentrate	FMT	1,198	275
Payable lead contained in concentrate	FMT	1,623	1,641
Payable silver contained in concentrate	oz	108,591	136,210

Cash Operating Cost per lb of payable copper	USD	1.17	1.72

About Iberian Minerals Corp.

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.

Contact: 416-815-8558
Company Name: Iberian Minerals Corp.
Other1: info@iberianminerals.com

Iberian Minerals Reports 2011 Net Income of $173.7 Million

Mon, 26 Mar 2012 16:30:00 -0400

TORONTO, ONTARIO--(Marketwire - March 26, 2012) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the year ended December 31, 2011, with comparative figures for the year ended December 31, 2010. The audited consolidated financial statements and related notes, and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net income of $173.7 million for 2011, representing $0.42 per share.

Financial:


  Year ended December 31, 2011

- Recorded net income of $173.65 million or $0.42 per registered share which
  included:

   -- Sales of $245.32 million and gross loss of $77.03 million;

   -- A realized loss of $206.62 million on commodity hedges (included in
      sales) which caused the gross loss;

   -- An unrealized non-cash gain of $302.97 million on derivative financial
      instruments outstanding, partially as a result of commodity hedging
      positions in copper and zinc that were delivered into during the year
      and were thus retired and partially due to a decline in metals prices
      impacting the fair value of outstanding hedge positions.

- Cash flow provided by operations was $29.04 million.

- In June 2011 the Company completed a CA$76 million equity financing which
  allowed for the buy-out of Trafigura's 45.96% net-profit interest ("NPI")
  in Condestable (for 2011 to 2014) for $60 million. The buy-out of the NPI
  was completed on June 30, 2011.

  Three months ended December 31, 2011

- Recorded net loss of $27.90 million or $0.06 per registered share which
  included:

   -- Sales of $61.84 million and gross loss of $23.01 million;

   -- A realized loss of $35.60 million on commodity hedges (included in
      sales) which caused the gross loss;

   -- An unrealized non-cash gain of $10.32 million on derivative financial
      instruments outstanding, partially as a result of commodity hedging
      positions in copper and zinc that were delivered into during the
      period and were thus retired and partially due to a decline in metals
      prices impacting the fair value of outstanding hedge positions.

Operational - CMC:


  Year ended December 31, 2011

- The average copper ore grade for Condestable was 1.06% in 2011 versus
  1.16% in 2010.

- CMC processed 2,364,034 tonnes of ore in 2011 versus 2,234,498 tonnes of
  ore in 2010 (increase of 6%).

- Copper concentrate production in 2011 was 94,412 DMT versus 92,264 DMT in
  2010 (increase of 2%).

- Contained copper production in 2011 was 22,572 tonnes versus 23,153 tonnes
  in the prior year.

- The Cash Operating Cost (non-IFRS measure; refer to section 5) in 2011 was
  $1.21 per payable pound of copper versus prior year of $1.04.

  Three months ended December 31, 2011

- Copper ore grade was 0.96% versus 1.16% in the fourth quarter of 2010.

- CMC processed 594,867 tonnes of ore in the period versus 567,566 tonnes
  for the same period of the prior year (increase of 5%).

- Copper concentrate production in the period was 21,945 DMT versus 23,383
  DMT in the prior year period.

- Contained copper production in the period was 5,176 tonnes versus 5,891
  tonnes in the prior year period.

- The Cash Operating Cost for the period was $1.49 per payable pound of
  copper versus prior year of $1.08.

  Other

- In May 2011 completed an amendment to its senior debt facility and
  increased the principal to $60 million and extended the term by six months
  (to September 2013).

- Major project works were completed on the previously announced processing
  plant expansion. The processing plant capacity reached 7,000 tpd of ore
  processed at the end of 2011.

- In December 2011 CMC signed a new collective labour agreement through to
  October 2014. Detailed in the new collective agreement are terms and
  conditions reflecting current labor norms with some extended benefits and
  salary increases in each year of the agreement.

Operational - MATSA:


  Year ended December 31, 2011

- MATSA processed 2,031,044 tonnes of ores in 2010; 1,160,978 copper and
  870,066 polymetallic. This was an increase of 21% over the 1,681,140
  tonnes of ores processed in 2010.

- Produced 114,533 DMT of copper concentrate (2010 - 88,999 DMT), 69,266 DMT
  of zinc concentrate (2010 - 36,196 DMT), and 30,669 DMT of lead
  concentrate (2010 - 1,179 DMT). Contained metal production was 25,883
  tonnes of copper (2010 - 20,351 tonnes), 33,197 tonnes of zinc (2010 -
  17,323 tonnes), 5,705 tonnes of lead (2010 - 229 tonnes) and 961,975 oz of
  silver (2010 - 655,319 oz).

- The Cash Operating Cost was $1.60 per payable pound of copper (2010 -
  $2.22 per payable pound of copper). Cash Operating Cost was substantially
  reduced in 2011 due to the combined effect of higher payable copper
  production, higher by-product metal production and lower actual operating
  costs realized.

  Three months ended December 31, 2011

- MATSA processed 531,834 tonnes of ore in the period versus 480,789 during
  the fourth quarter of 2010 (increase of 11%).

- Produced 30,118 DMT of copper concentrate (2010 - 22,295 DMT), 18,373 DMT
  of zinc concentrate (2010 - 15,105 DMT) and 7,144 DMT of lead concentrate
  (2010 - 1,179 DMT). Contained metal production was 6,888 tonnes of copper
  (2010 - 4,933 tonnes), 8,796 tonnes of zinc (2010 - 7,209 tonnes), 1,490
  tonnes of lead (2010 - 229 tonnes) and 240,328 ounces of silver (2010 -
  151,051 ounces).

- The Cash Operating Cost was $1.39 per payable pound of copper (2010 -
  $2.11 per payable pound of copper). Cash Operating Cost was substantially
  reduced in 2011 due to the combined effect of higher payable copper
  production, higher by-product metal production and lower actual operating
  costs realized.

  Other

- In May 2011 MATSA was awarded the exploration concessions by the local
  authorities for the Sotiel property, located approximately 25 km from the
  Aguas Tenidas Mine. The Sotiel mine, which forms part of the concessions,
  was a past producing mine and is located approximately 30 km from the
  Aguas Tenidas operation.

- In February 2012 MATSA signed a new collective labour agreement with its
  unionized workers. The new agreement expires in December 2015. The
  agreement includes salary increases tied to the Spanish inflationary
  index.

Summarized Financial Results

The following table presents a summarized Statement of Operations for the periods ended December 31, 2011 with comparatives for the periods ended December 31, 2010.


                                 Years ended December    Three months ended
                                                  31,          December 31,
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(thousands of U.S. Dollars)           2011       2010       2011       2010
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                                         $          $          $          $
Sales                              245,321    226,723     61,839     61,747
Costs and expenses of mining
 operations                        322,348    303,423     84,849     79,849
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Gross loss                         (77,027)   (76,700)   (23,010)   (18,102)

Expenses
Administrative expenses and
 other                               8,128      3,681      3,181        400
Exploration and evaluation
 expenditures                       11,796          -      6,980          -
Foreign exchange gain               (2,404)    (5,560)      (797)       834
Contingent consideration fair
 value                                   -      5,233          -          0
Unrealized (gain) loss on
 derivative instruments           (302,973)    40,964    (10,317)    62,057
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                                  (285,453)    44,318       (953)    63,291

Operating income (loss)            208,426   (121,018)   (22,057)   (81,393)

Net finance costs                   17,800     20,886     14,017     16,100
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Income (loss) before taxation      190,626   (141,904)   (36,074)   (97,493)

Current income tax expense           4,095      7,474      3,945      1,863
Deferred income tax expense
 (recovery)                         12,880    (35,676)   (12,123)   (39,472)
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Net income (loss)                  173,651   (113,702)   (27,896)   (59,884)
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Basic earnings (loss) per share
 ($)                                  0.42      (0.33)     (0.06)     (0.18)
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Key operating statistics

CMC:


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                                  Fourth quarter               Year
Periods ended December
 31,                    Unit       2011       2010         2011         2010
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Ore mined                  t    567,177    563,034    2,354,670    2,217,413
Ore processed              t    594,867    567,566    2,364,034    2,234,498

Copper ore grade           %       0.96       1.16         1.06         1.16
Concentrate grade          %         24         25           24           25
Copper recovery rate       %         90         90           90           89

Copper concentrate       DMT     21,945     23,383       94,412       92,264

Copper contained in
 concentrate             FMT      5,176      5,891       22,572       23,153
Gold contained in
 concentrate              oz      3,269      3,214       13,850       13,881
Silver contained in
 concentrate              oz     76,291     82,950      317,081      291,000

Payable copper
 contained in
 concentrate             FMT      4,932      5,628       21,520       22,119
Payable gold contained
 in concentrate           oz      2,960      2,911       12,540       12,249
Payable silver
 contained in
 concentrate              oz     68,318     74,281      283,946      265,617

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Cash Operating Cost per
 lb of payable copper    USD  $    1.49  $    1.08  $      1.21  $      1.04
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MATSA:


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                                 Three months                Year
Periods ended December
 31,                    Unit       2011       2010         2011         2010
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Copper ore
-----------------------
Ore mined                  t    303,430    287,588    1,175,613    1,215,224
Ore processed              t    293,634    252,597    1,160,977    1,173,152

Copper ore grade           %       2.22       1.95         2.21         1.86
Concentrate grade          %         23         22           22           22
Copper recovery rate       %         86         81           85           83

Copper concentrate       DMT     24,337     18,017       97,547       80,539

Copper contained in
 concentrate             FMT      5,516      3,988       21,931       17,888
Silver contained in
 concentrate              oz     66,704     53,571      283,926      249,384

Payable copper
 contained in
 concentrate             FMT      5,272      3,808       20,956       17,083
Payable silver
 contained in
 concentrate              oz     43,231     36,193      189,840      171,702

Polymetallic ore
-----------------------

Ore mined                  t    250,117    223,674      894,008      505,071
Ore processed              t    238,200    228,189      870,066      507,988

Zinc ore grade             %       5.34       5.09         5.61         5.71
Zinc concentrate grade     %         48         48           48           48
Zinc recovery rate         %         69         64           68           63

Copper ore grade           %       1.06       1.17         1.09         1.23
Copper concentrate
 grade                     %         24         22           23           22
Copper recovery rate       %         54         36           42           37

Lead ore grade             %       1.57          -         1.66            -
Lead concentrate grade     %         21          -           19            -
Lead recovery rate         %         40          -           40            -

Zinc concentrate         DMT     18,373     15,105       69,266       36,196
Copper concentrate       DMT      5,781      4,278       16,986        8,460
Copper/lead concentrate  DMT          -          -            -        6,071
Lead concentrate         DMT      7,144      1,179       30,669        1,179

Zinc contained in
 concentrate             FMT      8,796      7,209       33,197       17,323
Copper contained in
 concentrate             FMT      1,372        945        3,952        2,463
Lead contained in
 concentrate             FMT      1,490        229        5,705          229
Silver contained in
 concentrate              oz    173,624     97,480      678,049      405,935

Payable zinc contained
 in concentrate          FMT      7,327      6,000       27,655       14,427
Payable copper
 contained in
 concentrate             FMT      1,314        903        3,782        2,318
Payable lead contained
 in concentrate          FMT      1,275        176        4,785          176
Payable silver
 contained in
 concentrate              oz    103,413     67,900      411,484      289,655

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Cash Operating Cost per
 lb of payable copper    USD       1.39       2.11         1.60         2.22
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About Iberian Minerals Corp.

Note 1 - The Cash Operating Cost per pound of payable copper is a non-IFRS performance measure. It includes cash operating costs, including treatment and refining charges ("TC/RC"), freight and distribution costs, and is net of by-product metal credits (zinc, gold and silver). The Cash Operating Cost per pound of payable copper indicator is consistent with the widely accepted industry standard established by Brook Hunt and is also known as the C1 cash cost.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Iberian Minerals Corp.
        Laura Sandilands
        Investor Relations and Corporate Communications
        416-815-8558

Source: Iberian Minerals Corp.

Trafigura Acquires Control of Over 90% of the Shares of Iberian

Fri, 24 Feb 2012 08:00:00 -0500

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2012) - Iberian Minerals Corp. (TSX VENTURE:IZN)

Reference is made to the offer by Urion Mining International B.V. (the "Offeror"), a wholly-owned indirect subsidiary of Trafigura Beheer B.V. ("Trafigura"), to purchase all of the outstanding registered shares of Iberian Minerals Corp. ("Iberian" or the "Company") on a fully-diluted basis (the "Registered Shares") at a purchase price of CDN$1.10 per share in cash (the "Offer"). As previously announced, the expiry time for the Offer was 8:00 p.m. (Toronto time) on February 23, 2012.

Trafigura announced today that all conditions to the Offer have been satisfied and over 90% of the outstanding Registered Shares that it did not previously own have been tendered to the Offer. Trafigura, through the Offeror, intends to take up and pay for all tendered Registered Shares in compliance with applicable law and the Offer has now expired and will not be extended.

Trafigura also announced that following acquisition of the Registered Shares tendered to the Offer it will own indirectly more than 90% of the issued and outstanding Registered Shares and Trafigura intends to take necessary steps to acquire all of the remaining Registered Shares that it does not currently own.

Upon acquisition of the remaining Registered Shares, Trafigura intends to cause Iberian to apply to delist the Registered Shares from the TSX Venture Exchange and to cease being a reporting issuer under Canadian securities laws.

About Iberian

About Trafigura

Trafigura is one of the world's leading international commodity traders, specializing in the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ferrous and non-ferrous ores and concentrates.

Established in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in recent years, growing turnover from USD18 billion in 2004 to USD122 billion in 2011.

Trafigura has 81 offices in 54 countries in Europe, Africa, Asia, Australia, and North, Central and South America.

To find out more about Trafigura please refer to the company's website: www.trafigura.com.

FORWARD LOOKING STATEMENTS:

This news release contains "forward-looking statements" and "forward-looking information", based on assumptions and judgments of management regarding future events and results. Such "forward-looking statements" and "forward-looking information" may include, but is not limited to, statements regarding the intentions of Trafigura to acquire all of the outstanding Registered Shares that it does not currently own and mailing of notice to all remaining holders of Registered Shares, and to apply to the TSXV to delist. 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. Often, but not always, forward-looking information can be identified by the use of words such as "intends" (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "would", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about the intentions of Trafigura. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Iberian to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. There can be no assurance that forward-looking information will prove to be accurate. Accordingly, readers should not place undue reliance on forward looking information.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Iberian Minerals Corp.
        Laura Sandilands
        Investor Relations and Corporate Communications
        416-815-8558

Source: Iberian Minerals Corp.