Canaccord Genuity Mining Analyst Orest Wowkodaw has

increased his target price on Iberian Minerals, following the company's Q3 results. Iberian, an emerging mid-tier copper-zinc

producer that owns a 98.7% interest in the Condestable copper mine in Peru and a 100% interest in the Aguas Tenidas copperzinc

mine in Spain, posted in-line Q3/10 results (EPS loss of $0.03 vs. Wowkodaw's estimate of a $0.02 loss). Wowkodaw

increased his target price to reflect the impending roll-off of substantially all of the company’s very low-priced copper hedges

by the end of 2011. While 85% of the company’s forecast payable copper production is hedged at a ridiculously low $1.89/lb in

2011, this falls to a significantly more manageable 37% at $3.19/lb in 2012. His bullish rating is supported by the company’s

improving operating performance and relatively compelling NPV valuation. With the anticipated ramp-up at Aguas Tenidas,

Wowkodaw forecasts total payable copper production of 107 million lbs at a cash operating cost of $1.34/lb in 2011, up from 94

million lbs at $1.94/lb in 2010.