re: first gold poured LICHKVAZ GOLD PROJECTFIRST GOLD...

re: first gold poured LICHKVAZ GOLD PROJECT
FIRST GOLD POURED

http://sa.iguana2.com/cache/095d156753e5e2615a6a97968deac768/ASX-IBR-344908.pdf

LICHKVAZ GOLD PROJECT
FIRST GOLD POURED
The Company is very pleased to announce that first gold has been poured from its 80% owned Lichkvaz Gold Project in southern Armenia. This is a further positive step in the construction and commissioning of the Stage 1 Project.

Commissioning of the gold room and gravity circuit at the Lichkvaz Gold Project is progressing well and is anticipated to take three months. In tandem with the Stage 1 Project the Company is making considerable progress into the Stage 2 Expansion Project.

STAGE 1 PROJECT - UNDERWAY
Ø First gold poured.
Ø First class management team recruited.
Ø Commissioning of full gravity circuit underway.
Ø Additional milling capacity to be installed.
Ø Flotation circuit to be installed.
Ø Terterasar Underground Mine production underway and increasing.
Ø Lichkvaz-Tey Level 24 Underground Mine has commenced mining ore.
Ø Open cut mining has commenced at Lichkvaz-Tey Deposit.
Ø Additional underground mine to be commenced at the
Lichkvaz-Tey Deposit

STAGE 2 PROJECT - PLANNING FOR EXPANSION
PROJECT HAS COMMENCED
Ø Study into mechanised mining commenced.
Ø Commenced design and test work of a CIL plant.
Ø Early test work indicates that +97% of gold reports to
cyanide
Ø Site selection finalised.
Ø New land acquisition has commenced.
Ø Hydrological study commenced.
Ø Targeting future production of 100,000 to 150,000 ounces per annum.

Iberian Resources is in a strong financial position, has a
resource base of more than 1.7 million ounces and is
commissioning its first gold mine. The Company is
exceptionally well positioned to grow rapidly.

Matthew Wood
Managing Director
IBERIAN RESOURCES LIMITED