CALGARY, ALBERTA–(Marketwired – Sept. 23, 2015) – Iberian Minerals Ltd. (“the Company”) (TSX VENTURE:IML)(OTCQB:SLDRF) announced today that is has regained a 100% interest in Cehegin Iron Ore Holdings, S.L. (“CIOH”) the Spanish holding company formed under the terms of the Joint Venture Agreement (“the JVA”) with Glencore International AG. (“Glencore”), which was announced on June 26, 2014. By mutual agreement, Iberian Minerals 100% wholly owned Spanish subsidiary Solid Mines Espana (“SME”) has acquired Glencore’s 20% interest in CIOH for nominal consideration and now maintains 100% ownership in the Cehegin Iron Ore Project located in the Province of Murcia, south-eastern Spain. In connection with the acquisition of Glencore’s 20% interest in CIOH, each of the parties have agreed to terminate all agreements related to the JVA, with the exception of Glencore’s exclusive off-take agreement, which will remain in effect.
“The Company is very pleased with the outcome of this new arrangement with Glencore.”, commented Greg Pendura, President and CEO. “Being able to regain 100% ownership of the Project and retaining Glencore’s marketing and sales expertise is very beneficial. Having the working capital available has allowed us this opportunity and we are continuing with the next stage of development as previously stated.”
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south eastern Spain and is further evaluating its recently acquired Caurio gold/copper/silver concessions located in the Rio Narcea Gold Belt in Asturias, northern Spain. Iberian Minerals’ business strategy is to actively engage its Spanish contacts and technical team towards the further accumulation of high interest assets throughout the country. For further information, go to www.iberianminerals.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “should,” “would” or “occur.” Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
President & CEO