Quarterly up to 31 Dec.�� The Company acquired the...

Quarterly up to 31 Dec.

�� The Company acquired the remaining 20% in the Lichkvaz Gold Project previously held by Global Gold Corporation.
Iberian Resources now has 100% equity and full management control of the Lichkvaz Gold Project.
�� The Stage One commissioning phase commenced in December with grinding and gold room areas completed. Wet commissioning of the Knelson gravity unit is now progressing.
Approximately 14,000t of ore grading 10g/t gold is stockpiled and being treated.
�� First gold was poured on 6 December as part of the gold room commissioning.
�� The new three stage mobile crushing plant has been delivered and commissioned. Performance is above expectation.
�� Underground mining productivities at Lichkvaz are expected to increase in 2007, following the delivery of new mining equipment and the completion of new compressed air services.
�� Drilling rigs for the 2007 exploration program have been mobilised with 35,000m of drilling planned. It is anticipated that drilling will commence in February.
�� The transition from gravity only to an expanded cyanidation circuit is a key component in the development of the Stage Two expansion project. The Company is currently negotiating the purchase of suitable plant and equipment for this development.
�� The Montemor Gold Project in Portugal has been moved to full feasibility.
�� The Company has been advised that the Portuguese
Government will grant applications covering the Regua
Tungsten Deposit and Caveira Base Metal Mine. Both projects are now under assessment.
�� At December 31 the Company had cash on hand of $13.1 million

"Geology and Exploration
The Lichkvaz-Tey Gold Deposit is open along strike and at depth, with the bulk of the current +1 million ounce resource largely constrained to one vein out of at least twelve. The other veins have received limited testing and exhibit similar characteristics. The deposit displays clear similarities to the world class +5 million ounce Ocampo Deposit in Mexico.

An initial 35,000m RC/DD programme has been designed to test extensions of the vein system, with a resource target of +4m oz.
Positioning from the vein system hanging wall will ensure
multiple intersections of known and potentially unknown
mineralisation. The Lichkvaz Gold Project has not been drilled for over 20 years.
Three drilling companies are currently mobilizing drill rigs and consumables for the above program which will include at least 15,000m of diamond drilling. Drilling will commence in the first quarter of 2007. The Company expects to advise first drill progress up dates early in the second quarter of 2007".

Stage two expansion project
Implementation of the Stage Two expansion project is progressing well with site selection permitting and land access all expected to be completed in the second quarter of 2007. The Stage Two site has been selected for its capacity to store +30 million tonnes of tailings which is conducive to expansion to 150,000oz pa. The
Stage Two operations are expected to have minimal environmental impact on the chosen site. Hydrogeological and geotechnical drilling site investigations have been completed.

MONTEMOR GOLD PROJECT - PORTUGAL
The pre feasibility study on the Company’s 100% owned
610,000oz Montemor Gold Project in Portugal confirmed the viability of the project at current prices with a throughput of 600,000tpa. As a result the project is being advanced to the full feasibility stage.

The Company has been advised that it will be granted an exploration license covering the Regua Tungsten Deposit, located 100km inland from Porto in the north of Portugal. Mineralisation is skarn-hosted and 10 to 20 metres thick, with parasitic folding leading to thickening of the mineralised zone in fold axes.

The Company has been advised that it will be granted an exploration license covering the Caveira Copper-Gold-Base Metal Project, located 100km south of Lisbon in the Iberian Pyrite Belt, one of Europe’s most prominent metallogenetic provinces and one of the worlds oldest mining districts with a record of over 3,000 years of mining".

Cash: $13.1 mill.

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