Vancouver – Iberian Minerals (IZN-V) has added 30% more contained copper to its proven and probable reserves at the Condestable mine, 90 km south of Lima, Peru.
In 2007 Iberian estimated proven and probable reserves at 7.7 million tonnes grading 1.28% copper.
But based on a recently completed underground evaluation, Iberian now reports proven and probable reserves of 10 million tonnes grading 1.27% copper.
At 6,000-tonnes-per day the new reserves give Condestable a 5 year mine-life.
Elsewhere Iberian is nearly finished construction of its Aguas Tenidas copper-zinc mine, 110 km northwest of Seville, Spain.
On news of the increased reserves Iberian’s share price dropped 1¢ to close at 30¢.
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