iberian june 2010
TRANSCRIPT
Click to edit Master title style
June 2010
This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws.
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking
statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and
other similar words, or statements that certain events or conditions “may” or “will” occur. Forward looking information may include,
but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and
their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital,
operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government
regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title
disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is
no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such
forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled
“Risk Factors” in the Corporation’s annual information form dated March 29, 2010. Although the Corporation has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances
or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to
place undue reliance on forward-looking statements.
Unless otherwise stated, the information contained in this presentation is as of June 1, 2010. Unless otherwise stated, all dollars are
US$.
2
Forward Looking Statements
Key Messages
3
Iberian
� Two operating mines – Condestable (Peru) and Aguas Tenidas (Spain)
� More than 2,000 employees worldwide
� Stable countries of operation
� Base metals – copper/zinc/lead concentrates - gold and silver credits
� Consolidated Reserves 29Mt +
� Production 2010 50,000t copper, 42,000t zinc & 5,400t lead
Comparables
� Small peer group for investors
� Evolution from explorer to developer to producer
� P/NAV and Production Profile compelling
The Future
� Upside in both mines, and in exploration
� Goal for future growth, with plans to be multi-mine
4
Source: Bloomberg as at June 2, 2010; NAVs based on research analyst consensus.
Price to Net Asset Value Comparison
0.0X
0.2X
0.4X
0.6X
0.8X
1.0XF
ran
co
nia
Du
luth
Au
gu
sta
Me
rca
tor
Ibe
ria
n
Po
lyM
et
Am
eri
go
Co
rrie
nte
Bre
akw
ate
r
Mir
ab
ela
Fa
rallo
n
An
vil
Fir
st Q
ua
ntu
m
Lu
nd
in
Ca
psto
ne
Qu
ad
ra F
NX
Ta
se
ko
Hu
dB
ay
Inm
et
Ka
tan
ga
Ch
ari
ot
Te
ck
Eq
uin
ox
Imp
eri
al M
eta
ls
Pri
ce
/ N
et
As
se
t V
alu
e
Developer Producer
0
20
40
60
80
100
120
140
160
180
200
Glo
besta
r
Imperial M
eta
ls
Am
erigo
Fara
llon
Capsto
ne
Merc
ato
r M
inera
ls
Bre
akw
ate
r
Anvil
Mirabela
Iberian M
inera
ls
Taseko
FN
X
HudB
ay
Kata
ng
a
Quadra
Inm
et
Equin
ox
Lundin
First
Quantu
m
2012E
Cu
Eq
. P
rod
ucti
on
(kt)
5
Consensus Estimate Cu. Eq. Production(1)
, 2010-2012
0
20
40
60
80
100
120
140
160
180
200
Glo
besta
r
Imperia
l M
eta
ls
Am
erigo
Fara
llon
An
vil
Taseko
Capsto
ne
Merc
ato
r M
inera
ls
Mir
abela
Bre
akw
ate
r
Iberian M
inera
ls
FN
X
Kata
nga
HudB
ay
Quadra
Eq
uin
ox
Inm
et
Lundin
First
Quantu
m
2011E
Cu
Eq
. P
rod
ucti
on
(kt)
0
20
40
60
80
100
120
140
160
180
200
Anvil
Glo
besta
r
Am
erigo
Imperial M
eta
ls
Fara
llon
Mirabela
Merc
ato
r M
inera
ls
Taseko
FN
X
Bre
akw
ate
r
Capsto
ne
Iberian M
inera
ls
Kata
nga
Hu
dB
ay
Quadra
Equin
ox
Inm
et
Lundin
First
Qua
ntu
m
201
0E
Cu
Eq
. P
rod
ucti
on
(kt)
(1) Includes production of the following metals converted to Cu Equivalent at analyst consensus long-term forecasts: Cu ($2.10/lb), Zn
($0.84/lb), Ni ($7.39/lb), Pb ($0.67/lb), Mo ($13.15/lb), Au ($891/oz), Ag ($14.32/oz), Pt ($1,365/oz), Pd ($344/oz)
Source: Research analyst consensus
2010E Production
411
218 369219 537
2011E Production 2012E Production
6
Consensus Estimate Copper Production, 2009-2012
Source: Research analyst consensus
2010E Production
2011E Production 2012E Production
374
166 330 176 333
0
20
40
60
80
100
120
140
Bre
akw
ate
r
Mirabela
Fara
llon
Anvi
l
FN
X
Glo
besta
r
Imperial M
eta
ls
Taseko
Merc
ato
r M
inera
ls
Capsto
ne
Am
erigo
Iberian M
inera
ls
HudB
ay
Kata
nga
Quadra
Inm
et
Lundin
Equin
ox
First
Quantu
m
2010E
Cu
Pro
du
cti
on
(kt)
0
20
40
60
80
100
120
140
Bre
akw
ate
r
Mir
abela
Fara
llon
Glo
besta
r
Imperia
l M
eta
ls
FN
X
An
vil
Capsto
ne
HudB
ay
Taseko
Am
erigo
Iberian M
inera
ls
Merc
ato
r M
inera
ls
Kata
nga
Quadra
Lundin
Inm
et
Eq
uin
ox
First
Quantu
m
2011E
Cu
Pro
du
cti
on
(kt)
0
20
40
60
80
100
120
140
Bre
akw
ate
r
Imperial M
eta
ls
Fara
llon
Mirabela
Glo
besta
r
Capsto
ne
HudB
ay
FN
X
Merc
ato
r M
inera
ls
Tase
ko
Iberian M
inera
ls
Am
erigo
Anvil
Kata
nga
Lundin
Inm
et
Quadra
Equin
ox
First
Quantu
m
2012E
Cu
Pro
du
cti
on
(kt)
7
Mid-Cap Cu/Zn Producers Growth Comparison (1)
0
50
100
150
200
250
300
Capstone Breakwater Iberian Quadra FNX
Co
pp
er
Eq
uiv
ale
nt
Pro
du
cti
on
(M
M lb
)
(1) Based on Cormark Securities estimates and price deck US$/lb:
09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E
Nickel Copper Zinc Lead Gold Silver
2009E $6.66 $2.33 $0.75 $0.78 $973 $14.70
2010E $7.50 $3.25 $0.95 $1.00 $1,050 $16.00
2011E $7.00 $3.50 $1.05 $1.05 $1,100 $16.25
CAGR - compound annual growth rate
� $40M Bought Deal Financing (May 2009)
� Swiss Continuance (June 2009)
� Permanent Aguas Tenidas permit (August 2009)
� High Grade Extension at Condestable (August 2009)
� Acquisition of Aguas Tenidas underground contractor (August 2009)
� 43-101 for Aguas Tenidas and 30% planned production increase (September 2009)
� Analyst Trip (September 2009)
� Commercial Production at Aguas Tenidas (October 2009)
� Raul Mine lease and royalty purchase (December 2009)
� Additional reagent permits for Aguas Tenidas (February 2010)
� Completed $55M refinancing at Condestable (March 2010)
� Completed $50M financing at Aguas Tenidas (April 2010)
8
Recent Accomplishments
9
Condestable
� Maintain Condestable in steady state of production,
� Local and regional exploration
Aguas Tenidas
� Cu/Pb bulk separation circuit operational (April 2010)
� 30% planned production increase by Q3 2010
Corporate
� Growth opportunities – base metals in North/South America or Europe/Middle
East/Africa regions
� Leverage Trafigura relationship
� Focus on key values, broad recognition for social and environmental
responsibilities, and enhancing value for our shareholders
Key Goals
10
� Consists of two mines– Condestable and Raul.
� Located 90km from Lima, with excellent access to
infrastructure
� Copper mineralization at Condestable occurs in
stratiform sulphide-rich replacement bodies
(mantos) and crosscutting sulphide bearing quartz
veins
� Acquired in early 2008, IZN holds 98.7% ownership
of Compania Minera Condestable
Condestable
Mine
Lima
Condestable - Location
11
Condestable Mine, Peru
� 5th largest copper producer in Peru
• 2009 Processed – 2,165,000t,
with 1.21% Cu head grade
• 2009 Produced – 95,339 DMT of
copper concentrate with 25% Cu
grade
• 2009 C1 and C3 costs US$ 0.90/lb
and US$ 1.24/lb
• Optimized at 6000+ tonnes
processed per day
� Low direct costs due to minimal
ground support and no required
backfilling
� Historically replaced reserves each
year
� Sustaining Capex 2010 in range of US$
4-5M
� 3 year collective labour agreement
signed January 2009
� Awarded 2009 safest underground
mine
� Raul lease and royalty purchased
(March 2010)
12
Condestable– Key Facts
13
Condestable - Geology
14
Extracted from SRK Consulting 43-101 Technical Report dated January 2009
Mineral Resources as at June 30, 2008
Classification 000's tonnes %Cu
Measured 5,246 1.76
Indicated 2,433 1.82
Total Measured & Indicated 7,679 1.77
Inferred 8,806 1.24
Proven and Probable Reserves as at June 30, 2008
000's tonnes % Cu
Proven 6,696 1.27
Probable 3,120 1.3
Total Proven & Probable 9,816 1.28
Stocks (Proven) 262 0.8
Total for Mining Plan 10,078 1.27
Condestable – Resources & Reserves
15
Condestable – Operations
Condestable - Guidance
16
Production Unit 2010
Ore Processed t 2,200,000
Concentrate DMT 95,000
Contained copper t 24,500
Fine gold oz 16,800
Fine silver oz 200,000
� Average head grade of approximately 1.23% Cu, and recovery rate of
91% per year.
� 2010 operating costs of US$ 0.85 and US$ 1.43 per payable pound of
copper (C1 and C3).
*Per 2009 Year End
Condestable - Capex/Exploration
17
Year 2010 (000s USD)
Capex
Sustaining 1,500
Plant Operation 466
Mine Operation 753
Others 281
Special Projects 1,540
Crushing Building extension 790
Courier Project 750
Exploration 1,700
Condestable 10 950
San Marcos 750
TOTAL 4,740
For 2010 Capex and exploration at Condestable, the following budgets have been
approved, with exploration of US$ 1.7 million to generally consist of surface sampling,
geophysics and contracted surface diamond drilling at Condestable 10 and San Marcos.
� Located in the Andalucia province of Huelva in southwest Spain.
� Aguas Tenidas is 80km from Huelva.
� Historically a producing mine.
� Part of a roughly east-west striking chain of VMS deposits.
18
Aguas Tenidas – Mine Location
Aguas TenidasRio Tinto
Huelva
Cadiz
Seville
19
Aguas Tenidas Mine, Spain
� All required permits in place
� Commercial production declared
October 2009
� Copper and polymetallic circuits
operational
� Metallurgic recoveries for copper circuit
meet or exceed expectations
� Cu/Pb separation is operational
� Targeting 30% increase in Q3 2010
� Exploration potential on strike and in
vicinity
20
Aguas Tenidas– Key Facts
21
Aguas Tenidas – Operations
22
Resource Category Mt Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t)
Cupriferous
Measured 5.40 1.9 0.9 0.2 23.0 0.4
Indicated 6.76 2.4 1.1 0.3 32.1 0.5
Total 12.16 2.2 1.0 0.2 28.1 0.4
Polymetallic
Measured 5.39 0.6 6.7 1.8 56.3 0.8
Indicated 7.13 1.3 7.8 2.3 80.1 0.8
Total 12.52 1.0 7.3 2.1 69.8 0.8
Stockworks
Measured 0.93 2.0 0.3 0.1 9.4 0.1
Indicated 1.89 1.7 0.1 0.1 6.1 0.1
Total 2.82 1.8 0.2 0.1 7.2 0.1
Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009
Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009
Combined Resources
Class Mt
Measured 11.72
Indicated 15.78
Total 27.50
Aguas Tenidas – Resources
23
Reserve
Category
Tonnes
MtCu % Zn % Pb % Ag g/t Au g/t
NSR
Euro/t
Cupriferous
Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90
Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80
TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90
Polymetallic
Proven 2.44 0.87 6.48 1.86 62.90 0.87 82.20
Probable 7.96 1.28 6.48 1.98 70.80 0.78 101.50
TOTAL 10.40 1.19 6.48 1.95 69.00 0.80 97.00
Aguas Tenidas – Proven and Probable Mineral Reserves at 30th June, 2009
Reserve Category Mt
Proven 4.85
Probable 14.36
Total 19.21
Aguas Tenidas - Reserves
Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009
22
X =
69038
0
Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101
Aguas Tenidas– Long Section
25
Aguas Tenidas – Inferred Mineral Resources at 30th June, 2009
Total Inferred Resources
Mt 10.62
Class Mt Cu % Zn % Pb % Ag g/t Au g/t
Cupriferous
Main Zone 1.34 3.52 0.61 0.08 23.00 0.44
Western Extension 6.25 1.99 1.51 0.50 37.70 0.67
Total 7.59 2.26 1.35 0.42 35.10 0.63
Polymetallic
Main Zone 0.87 1.24 10.33 2.63 111.20 0.88
Western Extension 1.94 1.64 4.00 1.31 64.70 0.56
Total 2.81 1.52 5.96 1.72 79.10 0.66
Stockworks
690800-691060 0.22 1.38 0.05 0.02 4.60 0.03
Aguas Tenidas – Inferred Resources
Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009
Aguas Tenidas – Processing Plant
26
27
Production Unit 2010
Ore Processed t 1.8-1.9M
Copper concentrate DMT 107,000
Zinc concentrate DMT 73,000
Lead concentrate DMT 13,000
Bulk concentrate DMT 2,000
Contained copper t 25,000
Contained zinc t 36,000
Contained lead t 5,000
Fine silver oz 600,000
� Average head grade (copper ore) of approximately 2.0% Cu, and
recovery rate of 82% per year.
� Average head grade (polymetallic ore) of approximately 5.9% Zn and
recovery of 75%; head grade of approximately 1.0% Cu and recovery of
55%.
� 2010 Operating costs per payable pound of copper of US$ 1.46 (C1),
and US$ 2.20 (C3).
Aguas Tenidas - Guidance
*Per 2009 Year End
LOM Metal Production (tonnes metal)
28
9,879
22,91929,304 29,873
28,17026,835 27,438 27,923
24,037
8,3244,530 6,909 7,207 8,035
13,944 16,092 15,532 19,5879,436
8,233
33,220
42,643
39,660
46,435
70,125 74,97377,448
91,126
43,860
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
t
Metal Production Life-of-Mine
Copper Lead Zinc Cu in Bulk
29
Year 2010(000s
USD)
Capex
Sustaining 23,017
Plant Projects and equipment 10,187
Mine Development 6,549
Mine Equipment 2,339
Mine projects 480
Buildings 399
Communications infrastructure 336
Licenses 2,597
Other 131
Special - Expansion 14,730
Mine development 4,366
Mine equipment 1,842
Plant projects and equipment 8,522
Exploration 308
Surface diamond core drilling 308
TOTAL 38,055
� For 2010, higher
Capex due to plant
and tailings
expansion projects
� 2011+ sustaining
Capex US$ 15-20M
Aguas Tenidas– Capex 2009/2010
30
Summary
CMC
• On Track and on Plan
• Exploration Potential
• Future Growth
• Excellent Management
MATSA
• Positive Ramp-up
• New General Manager ensure strong team
• Strong underground drilling results
• Metallurgical hurdles overcome
• Reduced hedge book
• Well positioned for the future
Corporate Summary A-1
Capital Structure A-2
Analyst Coverage A-3
Hedging A-4
Condestable Mine – Deepening A-6
Condestable Mine – Exploration A-7
Board of Directors A-8
Management A-9
Appendix
� Toronto Venture Exchange listed: IZN
� Headquartered in Toronto, with offices in
Geneva, Lima and Seville
� Domiciled in Switzerland, creating a unique
opportunity for the Iberian Group of
companies to optimize the structure of future
transactions
� Operations in Peru and Spain
� More than 2,000 employees and contract
workers worldwide
� Strong management and operations teams
� Excellent environmental, social and safety
record
A-1
Corporate Summary
Common Shares 338M
Options 9.6M
Warrants1, 2 74.2M
Fully Diluted 421.8M
(as at June 3, 2010)
Major Shareholder
Trafigura Beheer B.V 45.93%
1 Warrants:- 22M warrants exercisable at $0.52 each, with 16.7M expiring October 20, 2010, and 5.2M expiring November 26, 2010. If fully exercised,
Trafigura’s holding will be approximately 49% of the then current issue of 360,055,865 registered shares- 44.6M warrants exercisable at $0.56 expiring December 31, 2011 - 7.6M warrants exercisable at $1.30 expiring June 30, 2013.
2 $25M convertible debenture, bearing interest at 7%, payable quarterly in arrears and mature on December 31, 2011. Exercise of warrants reduces remainder payable.
A-2
IZN three month chart
52 week range $0.35-$0.73Month range (May) $0.50 - $0.67Market Cap May 31 $202.8MAverage daily volume (3 mo) 345,986
Balance Sheet (in '000s) 31-Dec-09
Cash 15,453
Restricted Cash 6,974
Total Assets 548,978
Long Term Debt 86,389
Convertible Debenture 24,336
Shareholder's Equity 82,460
(All figures on this page in Cdn$)
Capital Structure
A-3
Analyst Coverage
Institution Analyst
BMO David Cotterell
Canaccord Capital Corp. Orest Wowkodaw
Cormark Securities Inc. Cliff Hale-Sanders
GMP Securities David Charles
Macquarie Capital Markets Canada Ltd Pierre Vaillancourt
Versant Partners Anthona Curic
Wellington West Capital Markets Steve Parsons
A-4
The cornerstone of Iberian's Hedging Policy is the protection of the Company's assets. Management,
reporting to the Hedging Committee, continually reviews the markets in which the Company trades, and
depending on circumstances, decides if any additional or altered hedging is appropriate to enhance the
future cash flow of the Company’s operations while respecting protection of the Company’s assets.
The hedging program for Condestable Mine is fixed and in accordance with the terms of its syndicated loan.
As of April 6, 2010, copper production at the Condestable Mine has been hedged as follows:
Hedging
2010 S1 2010 S2 2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 TOTAL
Existing Hedging Volumes
Cu Forwards FMT 10,200 10,275 10,275 10,350 1,750 42,850
Cu price USD/t 4,419 4,419 3,583 3,408 3,408 3,933
New Collar Hedging Volumes
Copper
Volume FMT 2,500 3,000 1,500 7,000
Minimum price USD/t 6,500 6,500 6,500
Maximum price USD/t 8,760 8,760 8,760
Cu % hedged 82% 83% 83% 83% 34% 24% 24% 62%
The hedging program for Aguas Tenidas Mine, as of April 12, 2010 is as follows:
A-5
Hedging
2010 2011 2012 2013 TOTAL
Restructured Hedging Volumes
Zn Forwards FMT 4,959 16,848 4,896 26,703
Zn Price USD/t 1,630 1,601 1,579 1,603
Cu Forwards FMT 4,104 16,002 396 20,502
Cu Price USD/t 4,300 4,216 4,160 4,232
Zn Short Cal l FMT 4,900 4,900
Zn Strike Price USD/t 1,500 1,500
Cu Short Cal l FMT 6,100 6,100
Cu Strike Price USD/t 4,200 4,200
New Hedging Volumes
Zn Forwards FMT 8,550 1,125 9,675
Zn Price USD/t 2,307 2,272 2,303
Cu Forwards FMT 3,600 17,100 1,800 22,500
Cu Price USD/t 7,768 7,471 7,319 7,507
Zn % Hedged 29% 39% 33% 2% 25%
Cu % Hedged 44% 66% 58% 6% 44%
A-6
RP PRINCIPALRP FICO
LV +20
LV -175
LV -55
LV -130
DEEPENING
LV -20
LV -95
LV -215
LV -255
OPEN PIT RAUL
KARINA VEIN
Condestable Mine - Deepening
Condestable concessions
Raul concessions
Local exploration concessions
District exploration concessions
Concessions Number Size (Ha)
Raul concessions 43 6,600
Condestable concessions 3 1,960
Local exploration concessions 16 4,600
District exploration concessions 47 33,560
Total 109 46,720
A-7
5 KM5 K
M
Iberian has exploration planned for 2010,
on concessions surrounding the mine and
regionally.
Condestable Mine - Exploration
Norman Brewster P.Geo, Chairman of the Board, Director – Norman is a geologist who joined IZN in 2002. He also sits on the board of Cadillac Ventures Inc.
Philippe Blavier, Director – Philippe is Chairman of the Company’s Audit Committee and a member of the Remuneration Committee of the Company. He has extensive experience at BNP Paribas, where he was Head of Corporate & Investment Banking and Member of the Executive Committee.
Jesus Fernandez, Director – Jesus has been part of the Trafigura team since 2004 as Manager of the Corporate Finance team, with an emphasis on mining and downstream oil project investments. He joined IZN’s board in 2008.
L. Jack Gunter, P.Eng, FIMM, Director – Jack has over 45 years experience in the mining industry. He has worked previously with Rio Tinto and Phelps Dodge, and also sits on the board of Galantas Gold Corp.
Murray John, Director – Murray is an engineer with more than 25 years experience in the resource industry. He is currently the President & CEO of Dundee Resources.
Jeremy Weir, Director – Jeremy works as Executive Director and Manager at Trafigura, where he has also been head of the metals derivatives trading structured products and risk management departments.
Daniel Vanin, Director – Daniel is the President and CEO of Iberian.
A-8
Board of Directors
Daniel Vanin – P.Eng, President & CEO – Daniel has worked in the mining industry for over 30 years and has strong
international mine development and management skills with extensive experience in Canada, South
America, Africa and Russia. He is a professional mining engineer and graduated from McGill University,
Montreal, in 1975. Most recently, Daniel was Executive VP & Chief Operating Officer at High River Gold.
Prior to that, he was Chief Executive Officer of RBG Resources Plc, in Bolivia, where he managed all
operations, project development and construction at the Vinto smelter and Huanuni tin mine.
Jeff Hillis, CFO - Jeff joined Iberian in June 2009. He has worked in the mining industry for over 5 years in progressively
more senior finance and reporting positions. He most recently served as CFO of a TSX listed mining
company based in Toronto. Jeffrey is a Chartered Accountant (Ontario, 2001). He worked for three years
in the audit group of Ernst & Young with major clients in the mining industry.
Johny Orihuela Avila, Operations Manager, Condestable Mine - Johny is a Mining Engineer, graduated from
Universidad Nacional de Ingeniería in 1990. With a postgraduate degree in Mining Management from
Universidad San Ignacio de Loyola. With extensive experience in the mining industry having worked with
numerous companies including Perubar, Iscaycruz and Exsa, he has worked as a General Superintendent
of Mines at Volcan and General Superintendent at Companía Minera Atacocha. Johny has Operations
Manager at Condestable since November 2005.
Robert L. Byrd, General Manager, Aguas Tenidas Mine - Bob joined Iberian in April of 2010, and has over 30 years in
the mining industry in both base and precious metals, principally in Latin America. He is a graduate of the
Colorado School of Mines, and Boston University. Most recently, Bob was President and General
Manager for Pan American Silver in Bolivia. Prior to that, he held positions with Breakwater Resources Ltd
as General Manager, El Mochito in Honduras, through Vice-President, Latin America overseeing
operations in Honduras, Nicaragua and Chile. Prior to joining Breakwater Bob was employed by ASARCO
at both the Southwest Mining Department, and the Tennessee Mines Division.
A-9
Management