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Page 1: Iberian Sept 2009 Presentation

September 28, 2009

Page 2: Iberian Sept 2009 Presentation

2

Table of Contents

Forward Looking Statements

Iberian

Key Messages

Key Goals

Corporate Summary

P/NAV

Capital Structure

Condestable Mine

Location

Key Facts

Condestable Mine

Plan View of Infrastructure

Reserves & Resources

3

4

5

6

7

8

9

10

11

12

13

Production

Exploration

Aguas Tenidas Mine

Location

Key Facts

Aguas Tenidas Mine

Process Plant Aerial View

Reserves & Resources

Mineralization

Life of Mine Details

2010 Unit Operating Cost

Breakdown

MATSA Mining Rights

14

15-17

18

19

20

21

22-24

25

26-28

29

30

Iberian

Finances

Capex

Hedging

Trafigura

Future Plans

Board of Directors

Management

Photo Galleries

Appendix

Condestable - Tailings

Condestable - Raul model view

Aguas Tenidas - Sections

Aguas Tenidas - Mine Overview

& Design

32

32

33-34

35

36

37

38

39-41

Page 3: Iberian Sept 2009 Presentation

3

Forward Looking Statements

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 April 30, 2009. 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 September 25, 2009.

Page 4: Iberian Sept 2009 Presentation

4

Iberian– Key Messages

• Base metals producer – copper, lead, and zinc concentrates with gold

and silver credits

• Small peer group for investors

• Two mines in stable countries of operation (Peru and Spain)

• Project debt at Aguas Tenidas paid off

• Upside in both mines, and in exploration

• Goal for future growth, with plans to be multi-mine

• Unique story for investors

“Growing Iberian Minerals as a

major iconic name in the base

metals industry”

Page 5: Iberian Sept 2009 Presentation

Iberian - Key Goals

5

Continue to…

• Maintain Condestable in steady state of production, with local and

regional exploration

• Aguas Tenidas commercial production in Q4, and 30% planned

production increase in 2010/2011

• Complete polymetallic modification by end of 2009

• Corporate and asset opportunities - base metals in North/South

America or Europe/Middle East/Africa region

• Structure hedging/financial transactions for best group benefits

• Leverage the Trafigura relationship

• Focus on key values for social and environmental responsibilities

• Focus on broad recognition

...and above all, to enhance value for all shareholders.

Page 6: Iberian Sept 2009 Presentation

6

Iberian - Corporate Summary

• Toronto Venture Exchange listed: IZN

• Headquartered in Toronto, with offices in Geneva, Lima and

Seville

• Domiciled in Switzerland, creating a unique opportunity for the

Iberian Group of companies to optimize the structure of future

transactions

• Operations in Peru and Spain

• More than 2,000 employees and 200 contract workers worldwide

• Strong management and operations teams

• Excellent environmental, social and safety record

• P/NAV Compelling

Page 7: Iberian Sept 2009 Presentation

7

Iberian – Price to Net Asset Value Comparison

0.00x

0.10x

0.20x

0.30x

0.40x

0.50x

0.60x

0.70x

0.80x

0.90x

1.00x

1.10x

1.20x

1.30x

1.40x

Inca P

acific

Chari

ot

Iberian

Anvil

Min

ing

Canden

te

Can

adia

n R

oyaltie

s

Corr

ien

te

FN

X

Fara

llon

Augusta

Taseko

Lund

in

Bre

akw

ate

r

Equin

ox

Poly

Me

t

First

Quantu

m

Qu

adra

Mira

bela

Nic

kel

Capsto

ne M

inin

g

Hudb

ay

Inm

et

Teck R

esourc

es

Kata

nga M

inin

g

Pri

ce

/ N

et

Asset

Valu

e

Producers

Developers

Source: Bloomberg as at September 24, 2009; NAVs based on research analyst consensus.

Page 8: Iberian Sept 2009 Presentation

Common Shares 338.3M

Warrants 7.6M

Options 10.1M

Debenture1 30.0M

Fully Diluted 385.9M

Major Shareholder

Trafigura Beheer B.V 45.93%

1 $25M convertible debt held by Dundee Resources, bearing interest at 6% and convertible at $1.25 maturing July 26, 2011 with an interest rate of 6% payable semi-annually. Convertible at Dundee’s option at any time, in whole or in part, into units of the Company at a conversion price of $1.25 per unit. Each unit will be comprised of one common share and one-half of a warrant, each warrant being exercisable into one common share at $2.00 for a period of two years.

8

Iberian - Capital Structure

IZN three month chart

52 week range $0.94 - $0.19Month range (August) $0.39 - $0.52Market Cap August 31 $131.9MAverage daily volume (3 mo) 586,216

Balance Sheet (in '000s) 30-Jun-09

Cash 34,000

Restricted Cash 3,200

Total Assets 565,000

Long Term Debt 45,300

Convertible Debenture 24,100

Total Debt (app) 130,000

Shareholder's Equity 226,700

Page 9: Iberian Sept 2009 Presentation

9

Condestable Mine - Location

• Consists of two mines– Condestable and Raul.

• located 90km from Lima, with excellent access

to infrastructure

• Copper mineralization at Condestable occurs

in stratiform sulphide-rich replacement

bodies (mantos) and crosscutting sulphide

bearing quartz veins

• Acquired in early 2008, IZN holds 98.7%

ownership

Condestable

Mine

Lima

Page 10: Iberian Sept 2009 Presentation

10

Condestable Mine – Key Facts

• 5th largest copper producer in Peru

• 2009 treatment target – 2,215,000mt, with 1.24% Cu head grade

• 2009 Annual Production Target: 96,400mt of copper concentrates with 26% 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 with a comprehensive underground drilling program, performed by company personnel

• New 3 year collective labour agreement signed January 2009

Page 11: Iberian Sept 2009 Presentation

11

Condestable Mine

Page 12: Iberian Sept 2009 Presentation

Condestable Mine - Plan view of Infrastructure

12

Condestable

Mine

Raul Mine

Mill

Offices

Tailings Dam #1,

2 and 3Tailings Dam #4

Page 13: Iberian Sept 2009 Presentation

13

Condestable Mine – Reserves & Resources

Proven and Probable Reserves as at June 30, 2008

000’s tonnes % Cu

Proven 6,696 1.27

Probable 3,120 1.30

Total Proven & Probable 9,816 1.28

Stocks (Proven) 262 0.80

Total for Mining Plan 10,078 1.27

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

Mineral Resources as at June 30, 2008

Classification 000's tonnes %Cu

Measured 5,246 1.76

Indicated 2,433 1.82

Total Measured & Indicated 7,679 1.77

Inferred 8,806 1.24

Page 14: Iberian Sept 2009 Presentation

14

Condestable Mine - Production

Production – First 6 Months 2009

• C1 and C3 costs $0.47/lb and $1.07/lb

• Q2 Recovery rate of 91%, and an average

head grade of approximately 1.23% copper

• Capital projects completed

�2009 - Two new six-yard scooptrams, one diamond drill, mill spares (main power transformer and ball mill motor) and completion of the automated plant monitoring and control system. $4.7M announced for the year. Of this, acquisitions of $3.6M are complete, with $2.9M already onsite.

�2008 - New primary crusher, improved tailings thickener, lesser dependence on fresh water wells

• Sustaining Capex 2010 in range of $4-5M

Production Unit April May June Q2 2009

Year to Date 2009

Concentrate DMT 7,509 8,596 8,204 24,309 48,649Contained copper t 1,818 2,092 2,063 5,973 12,087Fine gold oz 1,315 1,507 1,592 4,414 9,072Fine silver oz 17,692 20,667 21,143 59,502 121,199

Page 15: Iberian Sept 2009 Presentation

15

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

Condestable Mine - Exploration Concessions

5 KM5 K

M

Results from the most recent VinchosEste drill program are expected at the end of September, 2009.

Iberian has exploration planned for 2010, on concessions surrounding the mine and regionally.

Page 16: Iberian Sept 2009 Presentation

16

VINCHO ESTE PROJECT; 2009

Exploration area 150 HA

RAUL-CONDESTABLE PROJECT; 2009

Exploration area 127 HA

SAN MARCOS PROJECT; 2009 – 2010

Exploration area 300 HA

VINCHO SUR PROJECT; Stand By

Exploration area 150 HA

PACAY PROJECT; Stand By

Exploration area 300 HA

Condestable Mine – Local Exploration

Page 17: Iberian Sept 2009 Presentation

17

Condestable 53

Condestable 10

Condestable 27

mine

10 K

M

CONDESTABLE 10

Exploration area 500 HA

CONDESTABLE 27

Exploration area 900HA

CONDESTABLE 53

Exploration area 600 HA

Condestable Mine – District Exploration

Page 18: Iberian Sept 2009 Presentation

18

Aguas Tenidas Mine - Location

• Located in the Andalucia province of Huelva in southwest Spain, Aguas Tenidas is 100% owned by MATSA, a wholly owned Spanish subsidiary of IZN

• Aguas Tenidas is 80km from Huelva, which contains a major port facility and smelter

• Historically a producing mine, Aguas Tenidas was re-discovered in the 1980’s

• The deposit is part of a roughly east-west striking chain of VMS deposits

• MATSA currently has more than 400 company employees and more than 200 contract workers on site

Page 19: Iberian Sept 2009 Presentation

19

Aguas Tenidas Mine – Key Facts

• New NI 43-101 report for the Aguas Tenidas Mine – outlines plans to target 2.2mtpa production

• Purchased the underground division of Insersa, giving the Company control

• 5 year underground mining operating permit (including blasting) for production ore

• Permanent process plant permit covering the life of mine

• Grant documentation finalized and presented - €10,092,472

• Copper and polymetallic circuits are operational

• Metallurgic recoveries for copper meet or exceed expectations

• Polymetallic circuit converted to copper/lead bulk and zinc concentrate

• Further optimization of the polymetallic circuit underway – completion in Q4

• Commercial production target Q4

• Exploration potential on strike and in vicinity

• Large Exploration potential in JV with Cadillac Ventures

Page 20: Iberian Sept 2009 Presentation

20

Aguas Tenidas Mine

Page 21: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – Process Plant Aerial View

21

Page 22: Iberian Sept 2009 Presentation

22

Aguas Tenidas Mine – Reserves

Reserve Category

Cupriferous Polymetallic

Tonnes Mt

Cu % Zn % Pb % Ag g/t Au g/tNSR

Euro/tTonnes

MtCu % Zn % Pb %

Ag g/t

Au g/tNSR

Euro/t

Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90 2.44 0.87 6.48 1.86 62.90 0.87 82.20

Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80 7.96 1.28 6.48 1.98 70.80 0.78 101.50

TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90 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

Note – In determining mining reserves, reserves were blocked out on the basis of contained NSR value, with reference to the combined

stoping and processing costs. The NSR values were calculated using metal prices of $4.500/t Cu, $1,650/t Zn, $1,650/t Pb, $12.50/oz Ag,

$750/oz Au. Copper ore is split approximately 82% : 18% Cupriferous : Stockworks

Extracted from Report 43-101 Technical Report on the Mineral Resources and Reserves of the Aguas Tenidas Mine Project – Spain,

Prepared for Iberian Minerals Corp. by Adam Wheeler, 11 September 2009

Reserve Category Total Tonnes MT

Proven 4.85

Probable 14.36

Total 19.21

Page 23: Iberian Sept 2009 Presentation

23

Resource Category Mt Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t)

Cupriferous Type

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 M & I 12.16 2.2 1.0 0.2 28.1 0.4

Polymetallic Type

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 M & I 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 M & I 2.82 1.8 0.2 0.1 7.2 0.1

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

Aguas Tenidas Mine – Resources

Extracted from Report 43-101 Technical Report on the Mineral

Resources and Reserves of the Aguas Tenidas Mine Project – Spain,

Prepared for Iberian Minerals Corp. by Adam Wheeler, 11

September 2009

Notes:

- Measured and indicated resources shown are

inclusive of reserves

- Mineral Resources were evaluated using the

following cut-off grades:

- Polymetallic 3% Zn

- Cupriferous 1% Cu

- Stockworks 1% Cu

Combined Resources

Class Total Tonnes Mt

Measured 11.72

Indicated 15.78

Total 27.5

Page 24: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – Inferred Resources

24

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

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

Extracted from Report 43-101 Technical Report on the Mineral Resources and Reserves of the Aguas Tenidas Mine Project – Spain,

Prepared for Iberian Minerals Corp. by Adam Wheeler, 11 September 2009

Notes: - Measured and indicated resources shown are inclusive of reserves

- Mineral Resources were evaluated using the following cut-off grades:

- Polymetallic 3% Zn

- Cupriferous 1% Cu

- Stockworks 1% Cu

Total Inferred Resources

Total Tonnes Mt 10.62

Page 25: Iberian Sept 2009 Presentation

Aguas Tenidas Mine - Mineralization

25

Zn/Pb/Cu Massive Sulphides

Cu Massive

Sulphides

Cu - Stockwork

Page 26: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – Life of Mine 2009-1018

26

Ore 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total

Co

pp

er

Ore

s (M

assive

Sulp

lide

&

Co

pp

er

Stockw

ork)

kt 641 1,180 1,369 1,284 1,287 825 781 798 538 305 8,810

% Cu 2.06 2.07 2.22 2.21 2.31 2.40 2.51 2.57 2.23 2.09 2.27

% Zn 0.71 0.96 1.14 1.07 0.58 1.04 0.91 0.84 0.98 1.24 0.94

% Pb 0.17 0.20 0.25 0.23 0.12 0.25 0.25 0.25 0.30 0.38 0.22

Ag

(g/t)21.5 24.2 27.2 24.9 19.3 27.7 32.4 30.0 34.7 33.9 26.5

Po

lyme

tallic

Ore

kt 254 748 833 939 951 1,375 1,419 1,402 1,662 913 10,399

% Cu 1.00 0.93 1.03 1.22 0.94 1.19 1.27 1.24 1.33 1.30 1.19

% Zn 5.26 6.05 5.89 4.82 6.66 6.68 6.51 6.92 6.97 7.05 6.48

% Pb 1.11 1.62 1.58 1.43 2.08 1.92 2.04 2.13 2.24 2.20 1.95

Ag

(g/t)45.2 58.2 63.4 57.9 64.8 66.1 71.5 73.3 78.2 76.1 69.0

Total Ore (kt) 900 1,928 2,202 2,223 2,238 2,200 2,200 2,200 2,200 1,218 19,209

Years 2010 to 2018 Based on Table 19-3 Page Nº 110 NI 43-101 Technical Report Sept 11th, 2009

Page 27: Iberian Sept 2009 Presentation

Aguas Tenidas Mine - LOM Processed Ore & Key Ore Grades

27

610,142

1,295,0001,365,000

1,265,000 1,250,000

830,000 775,000800,000

535,000

85,000

253,550

740,000

835,000 935,000 950,000 1,370,000 1,425,000 1,400,000 1,665,000

817,000

2.1% 2.0%2.2% 2.2% 2.3% 2.4% 2.5% 2.6%

2.3%

2.2%

5.3%

5.9% 5.9%

4.8%

6.6% 6.7%6.5%

6.9% 7.0%

7.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,016 2,017 2,018

Tm

s

Processed Ore LOM

Polymetallic Copper %Cu Cupriferous %Zn Polymetallic

Page 28: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – LOM Metal Production (tonnes metal)

28

9,879

25,382

29,975 30,18228,424

26,648 27,438 27,92324,037

8,3245,454 7,175 7,462 8,225

14,560 16,092 15,532 19,5879,436

8,233

42,104

49,164

44,554

50,848

75,275 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

Tm

s

Metal Production Life-of-Mine

Copper Lead Zinc Cu in Bulk

Page 29: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – 2010 Unit Operating Cost Breakdown

29

OPERATING COST ESTIMATE 2010

Area $US/t

Mining 22.79

Labour 8.41

Contract 2.75

Power 1.14

Consumables 10.50

Process Plant 19.39

Labour 3.45

Electrical Power 4.25

Reagents 4.56

Grinding Media 3.22

Other Consumables 3.07

Tailings 0.84

Paste Plant 0.53

General & Administration 6.85

Total Operating Cost 49.57

• C1 + C3 costs will be available after commercial production

Page 30: Iberian Sept 2009 Presentation

Aguas Tenidas – MATSA Mining Rights

30

Aguas Tenidas

Page 31: Iberian Sept 2009 Presentation

31

Iberian - Finances

Key Points

• Consolidated Reserves 29Mt +

• MATSA Resources 27Mt + (CMC replaces annually)

• Production 2010 (est): 50,000t+ copper, 42,000t+ zinc & 5,400t+ lead

• No project debt

• Flexibility in dealing, with no bank covenants/restrictions

• Bought deal financing completed in May 2009 - $40M

• Current funding of $20-30M to be debt financed

• No planned equity financing

• SocGen $70M facility at Condestable balance, at June 30, 2009 approximately $52M; being repaid at $6M per quarter

• Trafigura NPI at Condestable (46% of net profits 2011-2014) is in range of US $11M (assuming current year figures)

Page 32: Iberian Sept 2009 Presentation

Iberian - Capex 2009/2010

32

Aguas Tenidas Capex 2009/2010:

Mine Infrastructure k$ (8,314,759) (10,840,788)

Mine Projects k$ (9,648,104) (778,400)

Mine Equipment k$ (12,010,143) (2,545,200)

Drillings: Mine k$ (2,169,694) 0

Drillings: Surface k$ 0 (1,008,000)

Sulphides Plant k$ (36,022,846) 0

Plant Projects k$ (11,257,172) (2,819,250)

Paste Backfill Plant k$ (4,962,952) (84,000)

Plant Maintenance Workshop k$ 0 0

Electrical Installations k$ (408,664) 0

Buildings, Infrastructure k$ (1,634,703) (280,000)

Tailings k$ (1,215,372) (5,271,360)

Communications k$ (292,477) (280,000)

License k$ (1,218,000) (1,289,070)

Safety k$ (311,420) 0

Spare parts k$ 0 0

INSERSA k$ (9,450,000) 0

Others k$ 69,610 0

Total k$ (98,846,697) (25,196,068)

Page 33: Iberian Sept 2009 Presentation

The cornerstone of Iberian's Hedging Policy is the protection of the Company's

assets. Hedging activity and monitoring is overseen by the Company's Hedging

Committee.

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, and protection of the Company’s

assets.

Condestable Mine hedges are as follows:

Iberian – Hedging

33

CMC

As at Sep. 30/09

Copper Q4 2009 2010 2011 Q1 2012

% of hedgeable 87 89 89 31

tonnes 5000 20475 20625 1750

Avg. Price 4419 4419 3494 3408

Gold Q4 2009 2010 2011 Q1 2012

% of hedgeable 14 14 14 0

ounces 600 2400 2400 0

Avg. Price 741 741 741 0

Silver NO POSITIONS

Page 34: Iberian Sept 2009 Presentation

34

Iberian – Hedging

Aguas Tenidas Mine hedges are as follows:

MATSA

As at Sep. 30/09

Copper

Q4

2009 2010 2011 Copper calls sold

% of hedgeable 30 77 0 2010 5175 t @ $4,200

tonnes 1325 20100 0

Avg. Price 6100 4116 0

Zinc

Q4

2009 2010 2011 Zinc calls sold

% of hedgeable 0 51 0 2010 4900 t @ $1,500

tonnes 0 17350 0

Avg. Price 0 1418 0

NO OTHER POSITIONS IN OTHER METALS

Page 35: Iberian Sept 2009 Presentation

Trafigura – Available Support

• Leverage – project and debt funding

• Expertise in hedging commodities and currencies

• Off-take agreements – single customer at benchmark/spot

• Board expertise – Jeremy Weir and Jesus Fernandez, with invaluable global

insight (2 of 7 board members)

• Traditionally supportive in financing requirements

35

Page 36: Iberian Sept 2009 Presentation

36

Future Plans - Criteria

• Targets in the base metals space

• Focus on copper, zinc, lead with potential interest in nickel

• Mid size with ideally a minimum of 25kt annual production of copper

equivalent units

• Assets preferably in in North/South America or Europe/Middle

East/Africa region

• Producing (preferable) or (second choice) near production stage with at

least a completed bankable feasibility study

• Corporate merger or asset acquisition

Page 37: Iberian Sept 2009 Presentation

37

Board of Directors

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.

Page 38: Iberian Sept 2009 Presentation

38

Management

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.

David Poynton, Senior Vice-President, General Counsel and Corporate Secretary - David is a

lawyer with more than 20 years experience in private practice with public

companies, private entrepreneurs and the non-profit sector, with a particular

emphasis on, and understanding of the mining industry. David acted as primary

counsel to many TSX and TSX-V issuers before joining Iberian in January 2009.

Jeff Hillis, CFO - Mr. Hillis 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.

Page 39: Iberian Sept 2009 Presentation

Photo Gallery - Condestable

39

Plant & Concentrator

Underground Fico Ramp undergroundCopper flotation

Crushed ore

Page 40: Iberian Sept 2009 Presentation

Photo Gallery – Aguas Tenidas

40

Underground Underground

Aguas Tenidas View of the two stockpiles

Plant and ore stockpiles

Page 41: Iberian Sept 2009 Presentation

Photo Gallery – Aguas Tenidas

41

Ball & SAG mills

Process Plant

Concentrates awaiting shipping Paste plant

Page 42: Iberian Sept 2009 Presentation

Iberian

Appendix

Page 43: Iberian Sept 2009 Presentation

Tailings Dam 4

Tailings Dams

1,2 and 3

Thickener

8,606 400 m3

Plant

Total capacity 8,606,400 m3

Accumulated to Jul-09 1,444,580 m3

Difference 7,161,820 m3

Volume per month 100,000 m3

Life of the Tailings Dam 6.0 years

Tailings Dam N°4

Tailings Dam 4

Dam Limit (life: 6 years)

Current

Condestable Mine - Tailings

A-1

Page 44: Iberian Sept 2009 Presentation

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

A-2

Condestable Mine – Raul model view

Page 45: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – Plan Section

A-4

X =

69038

0

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

Page 46: Iberian Sept 2009 Presentation

A-5

Aguas Tenidas Mine – Long Section

X =

69038

0

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

Page 47: Iberian Sept 2009 Presentation

A-6

Aguas Tenidas Mine – Mine Overview & Design

Page 48: Iberian Sept 2009 Presentation

Aguas Tenidas Mine – Overview & Stopes

A-7

Legend

COB : Red

POL : Blue

CSW : Green

Page 49: Iberian Sept 2009 Presentation

Aguas Tenidas – Typical Stoping Method & Sequence

A-8

Page 50: Iberian Sept 2009 Presentation

Aguas Tenidas – Typical Stoping Method & Sequence

A-9

Down Access Gallery

LOS Rings

Slot Gallery W and E

Stope Slot Raise

SOUTH-NORTH SECTION WEST-EAST SECTION