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Message: Shareholder Meeting, Proposed Swiss Continuance and Funding Requirements
| May 11, 2009 | ||
| Iberian Minerals Announces Shareholder Meeting, Proposed Swiss Continuance and Funding Requirements | ||
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TORONTO, ONTARIO--(Marketwire - May 11, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) announced today that it will hold its Annual Meeting of Shareholders on Wednesday, June 10, 2009. The Meeting will be held at 2 p.m. at the Toronto Stock Exchange (Gallery Room), 130 King Street West, Toronto. Immediately following the Meeting, Iberian will host a reception, and attendance by shareholders and members of the media as well as other interested parties is welcomed. Materials for the Meeting will be posted on SEDAR at www.sedar.com and on the Company's website. Continuation as a Swiss Corporation As part of the special business to be considered at the Meeting, Iberian will be asking shareholders to approve a special resolution authorizing the re-domicile of the Company by way of corporate law continuance from being governed by the laws of Canada to those of Switzerland. The Continuation will not otherwise change Iberian, its assets, its office in Toronto or the economic or voting interest in shares held by shareholders. The Continuation is being proposed to create an opportunity for Iberian and its group of companies to optimize the structuring of future transactions. The Continuation is not expected to result in negative tax consequences for either the Company or its shareholders. Iberian's board of directors has unanimously recommended that shareholders vote FOR the Continuation. The Continuation must be approved by a majority of two-thirds of the votes cast at the Meeting, and assuming such approval, is subject to final confirmation by the board of directors. The Continuation is also subject to receipt of all regulatory approvals, including conditional approval from the TSX Venture Exchange as to the continued listing of the Company's shares. Funding As noted previously, as a result of Aguas Tenidas Mine delays during ramp-up, cash on hand at December 31, 2008 has been used to fund operations, and additional funds will be required until such time as cash flow at Aguas Tenidas becomes positive which is currently forecast for the end of 2009. Capex at Aguas Tenidas for 2009 and for 2010 is as follows:
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2009 2010
US$ (millions) US$ (millions)
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Mine Infrastructure and $ 21.6 $ 7.0
Equipment
Process Plant 35.8 0.4
Electrical installations (surface) 0.8 -
Building Licence 1.1 1.2
Tailings Deposit (Phase II - 2010) 1.0 5.0
Paste Plant 2.8 -
Modifications for Bulk Flotation 1.0 -
Diamond Drilling 1.9 -
TOTAL $ 66.0 $ 13.6
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Based on current cash flow models, the Company has determined that it will require a funding in the amount of approximately $40 million to meet 2009 cash requirements. The Company is considering various alternatives. Clarification on Hedging In the press release dated May 4, 2009, the Company's hedging position for
Aguas Tenidas should have indicated that the position was calls "sold";
accordingly, the forward contracts in force are:
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Copper FMT Fixed price
(Fine metric tons) US$/FMT
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2009 6,775 3,854
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2010 7,900 3,820
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Copper call options FMT Fixed price
sold (Fine metric tons) US$/FMT
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2010 6,100 4,200
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Zinc FMT Fixed price
(Fine metric tons) US$/FMT
-----------------------------------------------------------
2009 5,750 1,340
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2010 6,600 1,330
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Zinc call options FMT Fixed price
sold (Fine metric tons) US$/FMT
-----------------------------------------------------------
2010 4,900 1,500
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As reported in Iberian's MD&A as at December 31, 2008, the following table
summarizes the forward contracts in force with regards to the Company's
Condestable Mine:
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Copper FMT Fixed price
(Fine metric tons) US$/FMT
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2009 19,825 4,419
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2010 20,475 4,420
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2011 20,625 3,492
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Gold Foz Fixed price
(Fine ounces) US$/Foz
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2009 2,400 741.50
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2010 2,400 741.50
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2011 2,400 741.50
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Silver Foz Fixed price
(Fine ounces) US$/Foz
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January 2009 65,000 13.89
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About Iberian Minerals Corp. Iberian Minerals Corp. is a Canadian-based 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 concentrates that also have associated silver and gold. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville. Ramp-up continues on a 1.7 million tonnes per year underground mine and concentrator that will produce copper, zinc and lead concentrates that also contain gold and silver. |
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