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Iberian Mineral Corp Flat, But Still Near Yr Highs in Heavy Trade as Signs New Collective Agreement at Condestable Mine

Iberian Mineral Corp (IZN.V) is unchanged at $1.09 but remains close to a year high $1.14 with nearly 10 million shares traded as it announced that it has renewed the collective agreement previously in place at its Condestable Mine in Peru.

The previous agreement expired on October 31, 2011 and has been replaced with a new collective agreement that was signed with Union representatives. The new agreement has a three-year term and will expire October 31, 2014. Detailed in the new collective agreement are terms and conditions reflecting current labor norms with some extended benefits and includes salary increases in each year of the agreement.

Last month, Iberian Minerals's Board of Directors agreed to a $1.10 per share take-over offer from Trafigura Beheer B.V. for the remainder of the company that it doesn't already own. Trafigura was at that time Iberian's largest shareholder owning approximately 218.4-million Iberian Shares representing approximately 48.3% of the issued and outstanding Iberian Shares.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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