iberian nov 24_2010

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November 2010

This presentation contains certain “forward-looking statements” and “forward-looking 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”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and

other similar words, or statements that certain events or conditions “may” or “will” occur. Forward looking information may include,

but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and

their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital,

operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the

realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government

regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title

disputes or claims, and limitations of insurance coverage. 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. Many of these assumptions are based on factors and events that are not within the control of the Corporation 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 section entitled

“Risk Factors” in the Corporation’s annual information form dated March 29, 2010. Although the Corporation 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. The Corporation 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.

Unless otherwise stated, the information contained in this presentation is as of November 19, 2010. Unless otherwise stated, all dollars

are US$.

2

Forward Looking Statements

• Toronto Venture Exchange listed: IZN

• Stable Countries of Operations

• Peru – Condestable Mine (Cu/Ag)

• Spain -Aguas Tenidas (Cu/Zn/Pb/Ag)

• 2010 Metal Production

• 99,180,000 lbs Cu

• 55,100,000 lbs Zn

• Consolidated Reserves 29Mt+

• More than 2,000 employees and contract

workers worldwide

• Strong management and operations teams

• Excellent environmental, social and safety record

• Headquartered in Toronto, with offices in Lima and

Seville

3

Corporate Summary

Common Shares 360.1M

Options 10.8M

Warrants1, 2 58.7M

Fully Diluted 429.6M

(as at Nov 19, 2010)

Major Shareholders

Trafigura Beheer B.V 49.3%Hedgehog Capital LLC 10.7%Carmignac Gestion 3.5%

4

IZN three month chart

52 week range $0.39-$0.80Market Cap Nov 18 $280MAverage daily volume (3 mo) 543,192

Balance Sheet (in US$ '000s) Sept 30, 2010

Cash 11,422

Restricted Cash 3,905

Total Assets 534,960

Long Term Debt 127,424

Convertible Debenture 25,999

Shareholder's Equity 250,498

(All other figures on this page in Cdn$)

Capital Structure

1 Warrants:

- 44.6M warrants exercisable at $0.56 expiring December 31, 2011

- 7.6M warrants exercisable at $1.30 expiring June 30, 2013.

2 $25M convertible debenture, bearing interest at 7%, payable quarterly in arrears and mature on December 31, 2011.

Exercise of warrants reduces remainder payable.

5

Analyst Coverage

Institution Analyst

BMO David Cotterell

Canaccord Capital Corp. Orest Wowkodaw

Cormark Securities Inc. Cliff Hale-Sanders

GMP Securities David Charles

Macquarie Capital Markets Canada Ltd Pierre Vaillancourt

Paradigm Capital Jeff Woolley

Versant Partners Anthona Curic

Wellington West Capital Markets Steve Parsons

6

Source: Bloomberg as at November 8, 2010; NAVs based on research analyst consensus.

Price to Net Asset Value Comparison

0.00x

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Average Producer Developer

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Iberian – Strong Copper Producer

Source: Research analyst consensus

2012E Production 2013E Production

2011E Production

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Year Gold Silver Copper Zinc Lead

2011E $1,281.91 $20.09 $3.59 $1.07 $1.00

2012E $1,256.64 $19.54 $3.41 $1.08 $0.98

2013E $1,145.29 $17.73 $3.14 $1.04 $0.88

8

Source: Research analyst consensus

Iberian – Strong in Peer Group (Cu Eq)

2012E Production 2013E Production

2011E Production

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Year Gold Silver Copper Zinc Lead

2011E $1,281.91 $20.09 $3.59 $1.07 $1.00

2012E $1,256.64 $19.54 $3.41 $1.08 $0.98

2013E $1,145.29 $17.73 $3.14 $1.04 $0.88

• Commercial Production at Aguas Tenidas (October 2009)

• Additional reagent permits for Aguas Tenidas (February 2010)

• Raul Mine lease and royalty purchase (March 2010)

• Completed $55M debt refinancing at Condestable (March 2010)

• Completed $50M debt financing at Aguas Tenidas (April 2010)

• Received €10,093,472 Grant from Junta De Andalucia (June 2010)

• Completed 30% expansion of Aguas Tenidas Plant – now at 2.2mtpa or 6,000 tpd

(September 2010)

• Drill program initiated at Condestable (September 2010)

• Condestable Mine awarded safest underground mine in Peru (October 2010)

9

2009 & 2010 Accomplishments

10

• Two mines – Condestable and Raul.

• 90km from Lima, with excellent access to

infrastructure

• 6,000tpd plant capacity

• 2010 Estimated Production

⁼ 51,794,000lbs Copper

⁼ 16,800oz Gold

⁼ 200,000oz Silver

• 2010 cash operating cost of US$ 1.03 per payable

pound of copper.

• Low direct costs due to minimal ground support

and no required backfilling

• Acquired in early 2008, IZN holds 98.7%

ownership of Compania Minera Condestable

Condestable

Mine

Lima

Condestable Mine – Excellent Infrastructure

11

5th Largest Copper Producer in Peru

• 5th largest copper producer in Peru

• 2009 Processed – 2,165,000t, with

1.21% Cu head grade

• 2009 Produced – 95,339 DMT of

copper concentrate with 25% Cu

grade

• Optimized at 6000+ tonnes

processed per day

• Low direct costs due to minimal ground

support and no required backfilling

• Historically replaced reserves each year

• Sustaining Capex US$ 5M

• 3 year collective labour agreement signed

January 2009

• Awarded 2009 & 2010 safest underground

mine

• Raul lease and royalty purchased (March

2010)

12

Key Facts

13

Geology

Raul MineCondestable Mine

Copper mineralization at Condestable

occurs in stratiform sulphide-rich

replacement bodies (mantos) and

crosscutting sulphide bearing quartz

veins

14

CMC - Modern Mining Operations

15

Extracted from SRK Consulting 43-101 Technical Report dated January 2009

Mineral Resources as at June 30, 2008

Classification 000's tonnes % Copper

Measured 5,246 1.76

Indicated 2,433 1.82

Total Measured & Indicated 7,679 1.77

Inferred 8,806 1.24

Proven and Probable Reserves as at June 30, 2008

000's tonnes % Copper

Proven 6,696 1.27

Probable 3,120 1.3

Total Proven & Probable 9,816 1.28

Stocks (Proven) 262 0.8

Total for Mining Plan 10,078 1.27

Resources – Strong Record

• Excellent record of resource replacement

• Mine continuously operated for 10+ years

16

RP PRINCIPALRP FICO

LV +20

LV -175

LV -55

LV -130

DEEPENING

LV -20

LV -95

LV -215

LV -255

OPEN PIT RAUL

KARINA VEIN

Condestable - Deepening

Condestable - Guidance

17

Production Unit 2010

Ore Processed t 2,200,000

Concentrate DMT 95,000

Contained copper t 23,500

Fine gold oz 16,800

Fine silver oz 200,000

• Average head grade of approximately 1.17% Cu, and recovery rate of

91% per year.

• 2010 cash operating costs of US$ 1.03 per payable pound of copper.

*Per Q2 2010

18

Near mine exploration prospects

N

Pacifico Sur80 Ha

Cerro Pacay210 Ha

Cerro Perico175 Ha

Vinchos Sur85 Ha

San Marcos

Condestable10

New prospects

MALA

N

Condestable Mine

Future Exploration Targets

VMS & IOCG Exploration Prospects

5km

19

Exploration - Cerro Pacay (IOCG)

N SNros.174-175Nros:104-126 Cu 0.73%

Nros: 1684 – 1699 Cu 0.91%

Sample No. 174

Vein – fault de 0.3 m, 230º/80NW,

Boxes of diorita

Cu: 7.73%

Au: 12.1 g/t

Ag: 18.25 ppm

Sample No. 175

Structure 340ºN, cataclastita,

with quartz veins of 0.1m

Cu: 7.93%

Au: 6.07 g/t

Ag: 19.4 ppm

Potential Exploration (Oct – Dec 2010)

Scale1:2,000 210 Ha

Trenching and geochemical sampling

Nros:1648-1656 Cu 1.14%

Capex/Exploration

20

Year 2010 (000s USD)

Capex

Sustaining 1,500

Plant Operation 466

Mine Operation 753

Others 281

Special Projects 1,540

Crushing Building extension 790

Courier Project 750

Exploration 1,700

Condestable 10 950

San Marcos 750

TOTAL 4,740

For 2010 Capex and exploration at Condestable, the following budgets have been

approved, with exploration of US$ 1.7 million to generally consist of surface sampling,

geophysics and contracted surface diamond drilling at Condestable 10 and San Marcos.

• Located in the Andalucia province of Huelva in southwest Spain.

• 80km from Huelva, 120 km from Seville.

• Part of a roughly east-west striking chain of VMS deposits which includes:

21

Aguas Tenidas – in Prolific Iberian Pyrite Belt

Aguas Tenidas

Rio Tinto

Huelva

Cadiz

Seville

- Rio Tinto (EMED Mining)

- Las Cruces (INMET Mining)

- Aznalcollar (Boliden)

- Aljustrel (Almina)

- Neves Corvo (Lundin Mining)

- La Zarza (Antofagasta & Ormond)

Aznalcollar

Las CrucesLa Zarza

Algecira

22

Mine & Processing Infrastructure in Place

Paste Plant

Processing Plant

Orange Farm

Main Offices

Tailings Dam

Santa Eulalia Ramp

Santa Barbara Ramp

• Fully Permitted

• Commercial production declared October 2009

• Two types of ore: cupriferous & polymetallic

• 2010 Metal Production

• 46,284,000lbs Copper

• 55,100,000lbs Zinc

• 580,000oz Silver

• 30% Expansion Complete – now operating at

2.2mtpa (6,000tpd)

• 2010 operating costs per payable pound of

copper of US$ 2.05, with Q4 costs at US$ 1.70.

• New processing plant & low debt

• Exploration potential on strike and in vicinity

• JV with Cadillac Ventures on strike with mine

23

Key Facts

24

Operations – Modern Fleet

25

Operations – Newly Expanded

Newly expanded processing plant

26

27

Reserve

Category

Tonnes

MtCu % Zn % Pb % Ag g/t Au g/t

NSR

Euro/t

Cupriferous

Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90

Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80

TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90

Polymetallic

Proven 2.44 0.87 6.48 1.86 62.90 0.87 82.20

Probable 7.96 1.28 6.48 1.98 70.80 0.78 101.50

TOTAL 10.40 1.19 6.48 1.95 69.00 0.80 97.00

Aguas Tenidas – Proven and Probable Mineral Reserves at 30th June, 2009

Reserve Category Mt

Proven 4.85

Probable 14.36

Total 19.21

Reserves – Multi year mine life

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

28

X =

69038

0

Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101

Long Section – Potential to the West

Inferred 10.6MT Proven & Probable 19MT

500m

29

Production Unit 2010

Ore Processed t 1.7-1.8M

Copper concentrate DMT 92,000

Zinc concentrate DMT 52,000

Lead concentrate DMT -

Contained copper t 21,000

Contained zinc t 25,000

Contained lead t -

Fine silver oz 580,000

• Average head grade (copper ore) of approximately 2.0% Cu, and

recovery rate of 82% per year.

• Average head grade (polymetallic ore) of approximately 5.9% Zn and

recovery of 65-70%; head grade of approximately 1.0% Cu and

recovery of 40-50%.

• 2010 Operating costs per payable pound of copper of US$ 2.05, with

Q4 costs at US$ 1.70.

Aguas Tenidas - Guidance

*Per Q2 2010

Metal Production

30

9,879

22,91929,304 29,873

28,17026,835 27,438 27,923

24,037

8,3244,530 6,909 7,207 8,035

13,944 16,092 15,532 19,5879,436

8,233

33,220

42,643

39,660

46,435

70,125 74,97377,448

91,126

43,860

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

t

Metal Production Life-of-Mine(tonnes)

Copper Lead Zinc

Based on Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

31

Year 2010 (000s USD)

Capex

Sustaining 23,017

Plant Projects and equipment 10,187

Mine Development 6,549

Mine Equipment 2,339

Mine projects 480

Buildings 399

Communications infrastructure 336

Licenses 2,597

Other 131

Special - Expansion 20,730

Mine development 6,366

Mine equipment 3,842

Plant projects and equipment 10,522

Exploration 308

Surface diamond core drilling 308

TOTAL 44,055

• For 2010, higher

Capex due to plant

and tailings

expansion projects

• 2011+ sustaining

Capex US$ 20M+

Capex 2010

32

Summary

CMC

• On Track and on Plan

• Exploration Potential

• Future Growth

• Excellent Management

MATSA

• Now operating at 2.2mtpa

• Strong management team

• Strong underground drilling results

• Well positioned for the future

Hedging A-1

Condestable Mine – Exploration A-4

Aguas Tenidas Mine - Resource Tables A-5

Aguas Tenidas Mine – JV Property A-7

Board of Directors A-8

Management A-9

Appendix

A-1

Hedging

0

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2010 2011 2012 2013 2014

To

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Copper Hedging - Condestable

Production

Hedged

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10000

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20000

2010 2011 2012 2013 2014

Ou

nce

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Gold Hedging - Condestable

Production

Hedged

0

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80000

2010 2011 2012 2013 2014 2015

To

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Zinc Hedging - Aguas Tenidas

Production

Hedged

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Copper Hedging - Aguas Tenidas

Production

Hedged

A-2

The cornerstone of Iberian's Hedging Policy is the protection of the Company's assets. Management,

reporting to the Hedging Committee, continually reviews the markets in which the Company trades, and

depending on circumstances, decides if any additional or altered hedging is appropriate to enhance the

future cash flow of the Company’s operations while respecting protection of the Company’s assets.

The hedging program for Condestable Mine is fixed and in accordance with the terms of its syndicated loan.

As of June 30, 2010, copper production at the Condestable Mine has been hedged as follows:

Hedging

Metal Period Contract Type Volume Unit

Strike price per

unit (U.S.$) $/lb

Copper July-December 2010 Forward 10,375 Fine metric t 4,419 2.00

Copper 2011 Forward 20,625 Fine metric t 3,494 1.59

Copper January 2012 Forward 1,750 Fine metric t 3,408 1.55

Copper February-December 2012 Put options purchased 5,500 Fine metric t 6,500 2.95

Copper February-December 2012 Call options sold 5,500 Fine metric t 8,760 3.97

Copper January-March 2013 Put options purchased 1,500 Fine metric t 6,500 2.95

Copper January-March 2013 Call options sold 1,500 Fine metric t 8,760 3.97

Gold July-December 2010 Forward 1,200 Fine ounces 741.50

Gold 2011 Forward 2,400 Fine ounces 741.50

The hedging program for Aguas Tenidas Mine, as of June 30, 2010 is as follows:

A-3

Hedging

Metal Period Contract Type Volume Unit

Strike price per

unit (U.S.$) $/lb

Copper July-December 2010 Forward 1,279 Fine metric t 5,724 2.60

Copper July-December 2010 Call options sold 6,100 Fine metric t 4,200 1.91



Copper January-March 2013 Forward 1,800 Fine metric t 7,319 3.32

Zinc July-December 2010 Forward 1,835 Fine metric t 1,630 0.74

Zinc July-December 2010 Call options sold 4,900 Fine metric t 1,500 0.68

Zinc 2011 Forward 16,848 Fine metric t 1,601 0.73

Zinc 2012 Forward 13,446 Fine metric t 2,042 0.93

Zinc January-March 2013 Forward 1,125 Fine metric t 2,272 1.03

Condestable concessions

Raul concessions

Local exploration concessions

District exploration concessions

Concessions Number Size (Ha)

Raul concessions 43 6,600

Condestable concessions 3 1,960

Local exploration concessions 16 4,600

District exploration concessions 47 33,560

Total 109 46,720

A-4

5 KM5 K

M

Iberian has exploration planned for 2010,

on concessions surrounding the mine and

regionally.

Condestable - Exploration

A-5

Resource Category Mt Cu (%) Zn (%) Pb (%)Ag

(g/t)

Au

(g/t)

Cupriferous

Measured 5.40 1.9 0.9 0.2 23.0 0.4

Indicated 6.76 2.4 1.1 0.3 32.1 0.5

Total 12.16 2.2 1.0 0.2 28.1 0.4

Polymetallic

Measured 5.39 0.6 6.7 1.8 56.3 0.8

Indicated 7.13 1.3 7.8 2.3 80.1 0.8

Total 12.52 1.0 7.3 2.1 69.8 0.8

Stockworks

Measured 0.93 2.0 0.3 0.1 9.4 0.1

Indicated 1.89 1.7 0.1 0.1 6.1 0.1

Total 2.82 1.8 0.2 0.1 7.2 0.1

Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009


Combined Resources

Class Mt

Measured 11.72

Indicated 15.78

Total 27.50

Resources – 9 years + growing

A-6

Aguas Tenidas – Inferred Mineral Resources at 30th June, 2009

Total Inferred Resources

Mt 10.62

Class Mt Cu % Zn % Pb % Ag g/t Au g/t

Cupriferous

Main Zone 1.34 3.52 0.61 0.08 23.00 0.44

Western Extension 6.25 1.99 1.51 0.50 37.70 0.67

Total 7.59 2.26 1.35 0.42 35.10 0.63

Polymetallic

Main Zone 0.87 1.24 10.33 2.63 111.20 0.88

Western Extension 1.94 1.64 4.00 1.31 64.70 0.56

Total 2.81 1.52 5.96 1.72 79.10 0.66

Stockworks

690800-691060 0.22 1.38 0.05 0.02 4.60 0.03

Inferred Resources


A-7

Aguas Tenidas - Exploration

• The properties, totalling 232 km2 are in

various stages of exploration and many are

contiguous with the Aguas Tenidas

property.

• Located on the Iberian Pyrite Belt- one of

the largest concentrations of sulphides in

the earth’s crust, the area contains eight

known massive sulphide deposits larger

than 100mt along with many smaller

deposits

• By expending $3 million in exploration

expenditures within two years, Cadillac

may earn a 90% participating interest in

the properties.

Norman Brewster P.Geo, Chairman of the Board, Director – Norman is a geologist who joined IZN in 2002. He also sits on the board of Cadillac Ventures Inc.

Philippe Blavier, Director – Philippe is Chairman of the Company’s Audit Committee and a member of the Remuneration Committee of the Company. He has extensive experience at BNP Paribas, where he was Head of Corporate & Investment Banking and Member of the Executive Committee.

Jesus Fernandez, Director – Jesus has been part of the Trafigura team since 2004 as Manager of the Corporate Finance team, with an emphasis on mining and downstream oil project investments. He joined IZN’s board in 2008.

L. Jack Gunter, P.Eng, FIMM, Director – Jack has over 45 years experience in the mining industry. He has worked previously with Rio Tinto and Phelps Dodge, and also sits on the board of Galantas Gold Corp.

Murray John, Director – Murray is an engineer with more than 25 years experience in the resource industry. He is currently the President & CEO of Dundee Resources.

Jeremy Weir, Director – Jeremy works as Executive Director and Manager at Trafigura, where he has also been head of the metals derivatives trading structured products and risk management departments.

Daniel Vanin, Director – Daniel is the President and CEO of Iberian.

A-8

Board of Directors

Daniel Vanin – P.Eng, President & CEO – Daniel has worked in the mining industry for over 30 years and has strong

international mine development and management skills with extensive experience in Canada, South

America, Africa and Russia. He is a professional mining engineer and graduated from McGill University,

Montreal, in 1975. Most recently, Daniel was Executive VP & Chief Operating Officer at High River Gold.

Prior to that, he was Chief Executive Officer of RBG Resources Plc, in Bolivia, where he managed all

operations, project development and construction at the Vinto smelter and Huanuni tin mine.

Jeff Hillis, CFO - Jeff joined Iberian in June 2009. He has worked in the mining industry for over 5 years in progressively

more senior finance and reporting positions. He most recently served as CFO of a TSX listed mining

company based in Toronto. Jeffrey is a Chartered Accountant (Ontario, 2001). He worked for three years

in the audit group of Ernst & Young with major clients in the mining industry.

Johny Orihuela Avila, Operations Manager, Condestable Mine - Johny is a Mining Engineer, graduated from

Universidad Nacional de Ingeniería in 1990. With a postgraduate degree in Mining Management from

Universidad San Ignacio de Loyola. With extensive experience in the mining industry having worked with

numerous companies including Perubar, Iscaycruz and Exsa, he has worked as a General Superintendent

of Mines at Volcan and General Superintendent at Companía Minera Atacocha. Johny has Operations

Manager at Condestable since November 2005.

Robert L. Byrd, General Manager, Aguas Tenidas Mine - Bob joined Iberian in April of 2010, and has over 30 years in

the mining industry in both base and precious metals, principally in Latin America. He is a graduate of the

Colorado School of Mines, and Boston University. Most recently, Bob was President and General

Manager for Pan American Silver in Bolivia. Prior to that, he held positions with Breakwater Resources Ltd

as General Manager, El Mochito in Honduras, through Vice-President, Latin America overseeing

operations in Honduras, Nicaragua and Chile. Prior to joining Breakwater Bob was employed by ASARCO

at both the Southwest Mining Department, and the Tennessee Mines Division.

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Management

iberian nov 24_2010

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