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Message: Cannacord comments today

Iberian Minerals* (IZN : TSX-V : $0.80), Net Change: 0.02, % Change: 2.56%, Volume: 4,573,399

Looking forward to the elimination of ridiculously low hedges.

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.

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