Iberian Minerals To Acquire Spanish Gold PropertyCalgary, Alberta – July 29, 2015 - Iberian Minerals Ltd. (“the Company”) (TSXV: IML) (OTCQB: SLDRF) announced today that its 100% wholly-owned subsidiary, Solid Mines Espaa, S.A.U.(“SME”), has acquired 100% of Compaa Minera Sierra de Cauro, 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-Boins 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 €190,000 to Sierra de Cauro 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 € 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 €7M, 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.