You're so commercial.

production at its wholly-owned Aguas Tenidas copper-zinc underground mine in Spain. Commercial production at the operation

had been delayed due to permitting issues, ramp-up, and required modifications to the polymetallic circuit. The mine is

currently producing saleable copper and zinc, and a bulk copper-lead concentrate. Iberian expects to complete the previously

announced modifications to the polymetallic flotation circuit by the end of this year, which would enable copper-lead separation

of the bulk concentrate to begin in Q1/10. While the company awaits an amended permit to enable the use of cyanide and other

reagents in the redesigned polymetallic circuit, the production of a saleable bulk copper-lead concentrate will continue in the

interim. According to Canaccord Adams Senior Mining Analyst Orest Wowkodaw, given the well-documented challenges

experienced by the company in starting up Aguas Tenidas, the declaration of commercial production is a significant positive and

removes a material overhang on the stock. Wowkodaw is bullish on the stock based on the company’s very attractive relative

valuation and low-risk/low-cost asset base. He believes a successful ramp up at Aguas Tenidas and the roll-off of low-priced

copper hedges are critical milestones required to achieve a re-rating of the shares over the next 12 months. Wowkodaw also

notes that Iberian is by far the cheapest copper producer in his coverage universe.

Iberian Minerals* (IZN : TSX-V : $0.58), Net Change: 0.01, % Change: 1.75%, Volume: 454,050