Iberian Minerals Options to Acquire Spanish Gold Property
CALGARY, ALBERTA--(Marketwired - Jul 29, 2015) - Iberian Minerals Ltd. ("the Company") (TSX VENTURE:IML)(OTCQB:SLDRF) announced today that its 100% wholly-owned subsidiary, Solid Mines España, S.A.U.("SME"), has acquired 100% of Compañía Minera Sierra de Caurío, S.L., ("Sierra de Caurio") which currently holds an option to purchase nine gold-copper-silver Caurio concessions owned by Carolines del Narcea, S.L. (the "Optionor"). The nine concessions, totalling 3,413 Ha, are located between the El Valle-Boinás and Carles gold mines in the northern province of Asturias, which are the only two operating gold mines in Spain.
SME made a cash payment of EUR190,000 to Sierra de Caurío to purchase the company and assume the binding option agreement.
Under the terms of the option agreement, SME now has the right to option a 95% interest in the property during a three-year term ending June 30, 2018 by paying the Optionor EUR 50,000 every eight months. After completing its due diligence, SME can exercise the option agreement and proceed to purchase a 95% interest in the concessions for a total price of EUR7M, less payments made. All necessary mining regulatory approvals, including public deed transfer to SME along with exploitation authorization, will have been received prior to final payment. The exercise of the option will be subject to acceptance by the TSX Venture Exchange.
The Company intends to release additional technical information on the property's potential in the very near future.
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.
Contact
Iberian Minerals Ltd.
Greg Pendura
President & CEO
780-800-0726
info@iberianminerals.ca
www.iberianminerals.ca
