PRESS RELEASE FROM MARKETWIRE
Iberian Minerals Publishes Preliminary Q3 2011 Production Results
Operations Continue on Track
Tuesday, October 11, 2011
TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) -Iberian Minerals Corp. (TSX VENTURE:IZN) today announced preliminary production results for the three and nine months ended September 30, 2011.
Mr. Daniel Vanin, President and CEO, stated "Overall both mining operations continue to deliver in line with 2011 targets. At Aguas Tenidas the labour interruptions that occurred during Q3 were recovered by the operation and we continue to maintain expected metal production guidance for 2011. Condestable's throughput rate in Q3 increased as the plant expansion was put into operation."
Peruvian Operations – Condestable Mine:
| Production |
Unit |
Q3 2011 |
YTD |
| Ore processed |
T |
597,100 |
1,769,200 |
| Copper grade |
% |
1.05 |
1.09 |
| Concentrate |
DMT |
24,500 |
72,100 |
| Contained copper |
FMT |
5,700 |
17,410 |
| Fine gold |
Oz |
3,500 |
10,500 |
| Fine silver |
Oz |
79,400 |
240,700 |
Spanish Operations – Aguas Tenidas Mine:
| Production |
|
Unit |
|
Q3 2011 |
|
YTD |
Copper ores |
|
|
|
|
|
|
| Ore processed |
|
T |
|
274,200 |
|
867,300 |
| Copper grade |
|
% |
|
2.20 |
|
2.20 |
| Concentrate |
|
DMT |
|
22,600 |
|
73,200 |
| Contained copper |
|
FMT |
|
5,180 |
|
16,410 |
| Recovery rate |
|
% |
|
86 |
|
86 |
| Fine silver |
|
Oz |
|
62,000 |
|
217,000 |
Polymetallic ores |
|
|
|
|
|
|
| Ore processed |
|
T |
|
244,400 |
|
631,800 |
| Zinc grade |
|
% |
|
5.38 |
|
5.71 |
| Zinc concentrate |
|
DMT |
|
18,300 |
|
50,900 |
| Contained zinc |
|
FMT |
|
8,630 |
|
24,430 |
| Recovery rate |
|
% |
|
66 |
|
68 |
| Copper grade |
|
% |
|
1.17 |
|
1.10 |
| Copper concentrate |
|
DMT |
|
6,100 |
|
11,200 |
| Contained copper |
|
FMT |
|
1,450 |
|
2,580 |
| Copper recovery rate |
|
% |
|
51 |
|
38 |
Lead grade |
|
% |
|
1.54 |
|
1.69 |
| Lead concentrate |
|
DMT |
|
7,300 |
|
23,500 |
| Contained lead |
|
FMT |
|
1,220 |
|
4,220 |
| Lead recovery rate |
|
% |
|
33 |
|
39 |
| Fine silver |
|
Oz |
|
173,600 |
|
504,400 |
Q3 comments for Aguas Tenidas operation:
- Contained copper metal production was in line with budget.
- The copper ore circuit copper recovery was 86% versus budget of 83%.
- The zinc recovery rate for the polymetallic circuit was 66% (target of 66%).
- Ores processed (combined copper and polymetallic) were 5,635 tpd. Ore throughput in Q3 was impacted by the rolling strikes in August and September with a loss of 4 days of production. Despite lower ore throughput the metallurgical performance of the poly-metallic circuit was improved as a better grinding of the ore was achieved. This resulted in metal production within budgeted parameters.
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.
