IBR has been forgotten for a while. it is worth revisiting the...

IBR has been forgotten for a while. it is worth revisiting the fact they will be a producer this year.

The Company’s combined resource base at its
Montemor and Lichkvaz Gold Projects now exceeds
1.75 million ounces of contained gold equivalent.
This represents a substantial (480%) increase in its
resource base since the Company listed on the
Australian Stock Exchange on 17 November 2004,
just over one year ago.
�� The Company has completed a placement of 17
million new ordinary shares at $0.60 per share to raise
new equity of $10.2 million. The shares were placed
to domestic and international institutional clients of
KTM Capital. A total of 10 million of these shares
have been placed under the Company’s capacity to
place 15% of its issued capital. The issue of the
remaining 7 million shares will be conditional upon
shareholder approval.
�� The Company has commenced the re commissioning
of the Lichkvaz Gold Project. It is anticipated that the
Lichkvaz Gold Project will commence production at
an annual rate of approximately 70,000 ounces of
gold equivalent from mid 2006. Total cash operating
costs are expected to be approximately US$200/oz
gold equivalent.
�� Exploration drilling and the pre feasibility study
continue on the Company's 610,000oz Montemor
Gold Project in Portugal.
�� Iberian Resources Limited is an emerging low cost
mid tier gold producer with a large and fast growing
resource base. The Company is well positioned to
grow rapidly, with four advanced gold projects and an
exceptional opportunity to generate early cash flow
from the Lichkvaz gold project in an environment of
high gold prices.