Previous...

Previous thread:

http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=258719#809744



Previous news:

20 Dec 2006:
ACQUISITION OF REMAINING 20% IN
THE LICHKVAZ GOLD PROJECT
The Company is very pleased to announce that it has acquired the remaining 20% in the Lichkvaz Gold Project previously held by Global Gold Corporation of the USA. Iberian Resources now has 100% equity and full management control of the Lichkvaz Gold Project.

The Company has combined resources at its Lichkvaz and Montemor Gold projects of over 2 million ounces and is targeting future production of +200,000 ounces per annum from these projects.

In consideration for the 20% interest in the Lichkvaz Gold Project the Company will:

Pay US$1 million in cash to Global Gold Corporation.

Issue 5 million fully paid shares in Iberian Resources to Global Gold Corporation (shares will be escrowed for 12 months).

If shares in Iberian Resources fall below $0.50 for any consecutive period of thirty trading days during the escrow period then Iberian Resources will issue a further 2.5 million shares to Global Gold Corporation.

Give Global Gold Corporation a 2.5% net smelter royalty over production from the Lichkvaz Gold Project.
Iberian Resources is in a strong financial position, has a resource base of more than 2 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

http://sa.iguana2.com/cache/5ec0ecbd4c9b9edf06e4607a415e32dd/ASX-IBR-346616.pdf