Iberian Minerals Publishes Preliminary Q1 2011 Production Results
TORONTO, ONTARIO -- (Marketwire) -- 04/14/11 -- Iberian Minerals Corp. (TSX VENTURE: IZN) today announced preliminary production results for the first quarter ended March 31, 2011.
Mr. Daniel Vanin, President and CEO, stated 'We are pleased with the production and progress at both Iberian operations in Q1 2011. The Aguas Tenidas operation, having completed two quarters at the expanded 6,000 tpd rate and with enhancements to the polymetallic circuit, is now delivering consistent production results while Condestable mine continues to deliver reliable results.'
Peruvian Operations - Condestable Mine:
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Production Unit Q1 2011
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Ore processed T 578,700
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Copper grade % 1.12
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Concentrate DMT 23,300
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Contained copper FMT 5,770
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Fine gold Oz 3,400
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Fine silver Oz 77,800
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Spanish Operations - Aguas Tenidas Mine:
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Production Unit Q1 2011
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Copper ores
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Ore processed T 305,750
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Copper grade % 2.17
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Concentrate DMT 25,400
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Contained copper FMT 5,710
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Recovery rate % 86
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Fine silver Oz 92,300
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Polymetallic ores
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Ore processed T 208,330
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Zinc grade % 5.95
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Zinc concentrate DMT 17,370
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Contained zinc FMT 8,470
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Recovery rate % 68
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Copper grade % 1.01
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Copper concentrate DMT 1,360
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Contained copper FMT 350
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Copper recovery rate % 17
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Lead grade % 1.84
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Lead concentrate DMT 10,410
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Contained lead FMT 1,930
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Lead recovery rate % 51
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Fine silver Oz 206,500
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- Ores processed (combined copper and polymetallic) was 95% of budget (5,700
tpd).
- The copper ore circuit improved its copper recovery to 86% versus budget
of 83%.
- A better average zinc recovery rate for the polymetallic circuit of 68%
was realized versus budget of 66%.
- In the month of March, as a result of continuing processing plant
improvements primarily due to improved grinding performance and successful
pyrite depression, the copper circuit recovery rate achieved 90% while the
zinc recovery rate in the polymetallic circuit was 73%.
- No lead had been budgeted for Q1, however due to high lead and silver
grades in the polymetallic ores, it was advantageous to produce lead
concentrates for a total of 10,410DMT.
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.
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.
Contacts:
Iberian Minerals Corp.
Laura Sandilands
Investor Relations and Corporate Communications
416-815-8558