Iberian Minerals Completes Sale of Alberta-1 Project for $7 Million
CALGARY, ALBERTA--(Marketwired - Jul 10, 2015) - Iberian Minerals Ltd. (the "Company" or "Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) is pleased to announce the closing of the sale of its 100% interest in the Alberta-1 Project. The details of the definitive purchase and sale agreement with an arm's length third party were previously announced on March 2, 2015. The Company received final approval on the sale from the TSX Venture on July 9, 2015 and is pleased to report that it has received the final installment of EUR2,000,000 for a total cash price of EUR5,000,000., or approximately Cdn. $7,000,000.
Iberian's divestiture of the Alberta-1 Project is aligned with its strategy to build a portfolio of highly prospective advanced precious and industrial metal projects throughout Spain's Iberian Peninsula by utilizing the Company's connections in Spain to obtain early exposure to projects.
"The sale of Alberta-1 further strengthens Iberian's balance sheet and improves our financial flexibility as we evaluate additional Spanish resource assets," commented Greg Pendura, President and CEO.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company is currently working towards the re-opening of the Cehegin iron ore concessions in southeastern Spain. Iberian Minerals' business strategy is to actively engage its Spanish contacts and technical team towards the further accumulation of high interest assets throughout the country.
For further information please visit www.iberianminerals.ca.
Neither the 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.
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of the Proposed Transaction, and the business of Iberian. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Iberian's current beliefs and is based on information currently available to Iberian and on assumptions Iberian believes are reasonable. These assumptions include, but are not limited to, the ability of Iberian to fulfill conditions in the asset sale agreement, (including obtaining third party approvals). Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Iberian to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: difficulty in obtaining third party approvals for the Proposed Transaction, the early stage development of Iberian and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Iberian; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Iberian's disclosure documents on the SEDAR website at www.sedar.com. Iberian does not undertake to update any forward-looking information except in accordance with applicable securities laws.