Toronto, Ontario – August 19, 2008 – Iberian Minerals Corp. (IZN – TSXV)
Iberian Minerals Corp. (“Iberian” or the “Company”) announces that it’s March
31, 2008 interim financial statements have been restated to correct for errors in
the following areas: (a) the calculation of the future tax liability as it relates to
the CMC purchase price gross up (the average foreign exchange rate for the
month of March, 2008 had been incorrectly used instead of the month end rate
as at March 31, 2008); (b) the amortization of the mining interest (the amount
recorded for the period was understated as a result of the error in the CMC
purchase price gross up); and (c) the recording of the foreign exchange
translation adjustment (it was incorrectly recorded in future tax expense when it
should have been recorded in other comprehensive income).
While the Company’s subsidiaries use hedge accounting, Iberian has opted not
to use hedge accounting. As a result, the aggregate gains or losses on the
mark to market on derivatives of the consolidated entity will be recognised in
net income. This has been applied effective from the acquisition of
Condestable. In this regard, the first quarter 2008 financials have been restated
to reflect this change in accounting policy.
A summary of the effect of the restatement on the March 31, 2008 financials is
as follows:
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and zinc company
with developing and producing interests in Spain, the Aguas Tenidas Project
and Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a
strong, experienced management team and a significant partner in its largest
shareholder, Trafigura Beheer B.V.
To find out more about Iberian Minerals Corp., please contact:
Harvey McKenzie, Chief Financial Officer at 1-416-815-8558
Victoria Vargas, Vice President Investor Relations and Corporate
Communications at
1-416-815-8558
This press release, required by applicable Canadian securities law, is not for distribution
to U.S. news services or for dissemination in the United States, and does not constitute
an offer of the securities described herein. These securities have not been registered
under the United States Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States or to U.S. persons unless
registered or exempt therefrom.
FORWARD LOOKING STATEMENTS:
This news release contains certain “forward-looking statements” and “forwardlooking
information” under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized by words
such as “plan”, “except”, “project”, “intend”, “believe”, “anticipate”, “estimate”,
and other similar words, or statements that certain events or conditions “may” or
“will” occur. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are based on a
number of assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Assumptions upon which
such forward-looking statements are based included that transactions will be
completed, that all required third party regulatory and governmental approvals for
transactions will be obtained. Many of these assumptions are based on factors
and events that are not within the control of Iberian and there is no assurance
they will prove to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking statements include
changes in market conditions and other risk factors discussed or referred to in
the management information circular of Iberian dated November 20, 2007 and in
the annual Management’s Discussion and Analysis for Iberian filed with the
applicable securities regulatory authorities and available at www.sedar.com.
Although Iberian has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events
or results not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Iberian undertakes no obligation to update forward-looking
statements if circumstances or management’s estimates or opinions should
change except as required by applicable securities laws. The reader is cautioned
not to place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
|