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Message: Iberian Minerals Publishes Preliminary Q3 2011 Production Results

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.

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