Click to edit Master title style

June 2011

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

Forward Looking Statements

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 30, 2011. 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 8, 2011. Unless otherwise stated, all dollars are

US$.

2

• Toronto Venture Exchange listed: IZN

• Stable Countries of Operations

• Peru – Condestable Mine (Cu/Ag/Au)

• Spain -Aguas Tenidas (Cu/Zn/Pb/Ag)

Corporate Summary

2010 Metal Production 2011 Production Estimate

95,840,940 lbs Cu

38,636,120 lbs Zn

107,775,600 lbs Cu

74,715,600 lbs Zn

• Recently awarded Sotiel Mine in Spain

• Consolidated Reserves 29Mt+

• More than 2,000 employees and contract

workers worldwide

• Strong management and operations teams

• Excellent environmental, social and safety

record

• Headquartered in Seville, with offices in

Toronto and Lima.

3

Common Shares 366.5M

Balance Sheet (in US$ '000s) Dec 31, 2010

Cash 12,964

Restricted Cash 3,809

Total Assets 567,042

Long Term Debt 128,577

Convertible Debenture 28,648

Shareholder's Equity 265,020

(All other figures on this page in Cdn$)

Capital Structure

Common Shares 366.5M

Options 10.9M

Warrants1, 7.6M

Debentures 2 44.6M

Fully Diluted 429.6M(as at June 8, 2011)

Major Shareholders

Trafigura Beheer B.V 48.4%Hedgehog Capital LLC 10.7%

4

IZN six month chart

52 week range $0.39-$1.09Market Cap June 1, 2011 $351MAverage daily volume (3 mo) 234,371

1 Warrants:

- 7.6M warrants exercisable at $1.30 expiring June 30, 2013.

2 Includes $25M convertible debenture, bearing interest at 7%, payable quarterly in arrears and mature on December 31,

2011. Exercise of warrants reduces remainder payable. Conversion results in 44.6M share issuance.

Analyst Coverage

Institution Analyst

BMO David Cotterell

Canaccord Capital Corp. Orest Wowkodaw

Cormark Securities Inc. Cliff Hale-Sanders

5

Cormark Securities Inc. Cliff Hale-Sanders

GMP Securities David Charles

Macquarie Capital Markets Canada Ltd Pierre Vaillancourt

Paradigm Capital Jeff Woolley

Versant Partners Anthona Curic

Wellington West Capital Markets Steve Parsons

Price to Net Asset Value Comparison

0.60x

0.80x

1.00x

1.20x

1.40x

Price / Net Asset Value

Developer Producer Average

6

Source: Bloomberg as at March 8, 2011; NAVs based on research analyst consensus.

0.00x

0.20x

0.40x

0.60x

Duluth

Candente

Baja

PolyMet

Amerigo

Quadra FNX

Iberian

Developer Average

Inmet

Mirabela

Imperial Metals

Breakwater

Anvil

Taseko

Nevada Copper

Producer Average

Augusta

Equinox

Mercator

HudBay

Lundin

Capstone

Copper Mountain

First Quantum

Katanga

Price / Net Asset Value

Iberian – Strong Copper Producer

2011E Production

0

50

100

150

200

250

300

350

MNB

BWR

CUM

ML

ARG III

AVM

CS

TKO

HBM

IZN

IMN

KAT

LUN

QUX

EQN

FM

2011E C

u Production (kt)

Developer Producer

7

Source: Research analyst consensus

2012E Production 2013E Production

MNB

BWR

CUM

ML

ARG

AVM

CS

TKO

HBM

IZN

IMN

KAT

LUN

QUX

EQN

FM

0

50

100

150

200

250

300

350

BWR

MNB III

ARG

ML

CS

HBM

TKO

CUM

IZN

AVM

IMN

LUN

QUX

KAT

EQN

FM

2012E Cu Production (kt)

Developer Producer

0

50

100

150

200

250

300

350

BWR

MNB III

TKO

ML

HBM

CUM

CS

AVM

IZN

IMN

QUX

LUN

KAT

EQN

FM

2013E Cu Production (kt)

Developer Producer

Year Gold Silver Copper Zinc Lead

2011E $1,398.30 $26.65 $4.25 $1.10 $1.06

2012E $1,447.86 $27.50 $4.21 $1.14 $1.06

2013E $1,296.26 $23.75 $3.66 $1.11 $1.01

Iberian – Strong in Peer Group (Cu Eq)

2011E Production

0

50

100

150

200

250

300

350

400

450

CUM

ARG

AVM III

TKO

ML

CS

BWR

MNB

IZN

HBM

KAT

IMN

EQN

QUX

LUN

FM

2011E C

u Eq. Production (kt)

Developer Producer

8

Source: Research analyst consensus

2012E Production 2013E Production

CUM

ARG

AVM III

TKO

ML

CS

BWR

MNB

IZN

HBM

KAT

IMN

EQN

QUX

LUN

FM

0

50

100

150

200

250

300

350

400

450

500

ARG III

ML

CS

CUM

AVM

BWR

TKO

IZN

MNB

HBM

IMN

KAT

EQN

QUX

LUN

FM

2012E Cu Eq. P

roduction (kt)

Developer Producer

0

50

100

150

200

250

300

350

400

450

500

III

TKO

AVM

CUM

BWR

CS

ML

IZN

MNB

HBM

IMN

KAT

QUX

EQN

LUN

FM

2013E Cu Eq. Production (kt)

Developer Producer

Year Gold Silver Copper Zinc Lead

2011E $1,398.30 $26.65 $4.25 $1.10 $1.06

2012E $1,447.86 $27.50 $4.21 $1.14 $1.06

2013E $1,296.26 $23.75 $3.66 $1.11 $1.01

• Commercial Production at Aguas Tenidas (1.7mtpa) (Oct 2009)

• Additional reagent permits for Aguas Tenidas (Feb 2010)

• Raul Mine $28M lease and royalty purchase (Mar 2010)

• Completed $55M debt refinancing at Condestable (Mar 2010)

• Completed $50M debt financing at Aguas Tenidas (Apr 2010)

• Received €10,093,472 grant from Junta De Andalucia (Jun 2010)

• Completed 30% expansion of Aguas Tenidas Plant – now at 2.2mtpa or 6,000 tpd (Sept

2010)

Accomplishments

2010)

• Drill program initiated at Condestable (Sept 2010)

• Awarded Sotiel Copper Zinc Mine in Spain (May 2011)

• Announced $66M bought deal financing (May 2011)

9

• 5th largest underground copper producer in Peru

• 90km from Lima, with excellent access to infrastructure

• Two mines – Condestable and Raul.

• One plant, operating at 6,000tpd

• Low direct costs due to minimal ground support and no

required backfilling

• Promising exploration potential

Condestable Mine – Excellent Infrastructure

10

Condestable

Mine

• Purchased in 2008 for US$ 115M in equity –

deemed at $1.80 per share.

• Reserves – 10Mt @ 1.27% copper (as of

June 30, 2008)

• Historically replaces reserves each year

Key Facts

• Continuously operated for last 10 years

• 3 year collective labour agreement ongoing

(Jan 2012)

• Awarded 2009 & 2010 safest underground

mine in Peru

• 1,200 permanent employees

11

Condestable – Production & Guidance

Production Unit 2010 2011*

Ore Processed t 2,234,500 2,290,600

Concentrate DMT 92,300 92,700

Contained copper T 23,155 23,900

Contained copper lbs 51,033,620 52,675,600

Fine gold oz 13,800 15,500

Fine silver oz 291,000 289,300

12

• 2011 cash cost guidance US$ 1.15 per payable pound of copper

• 2010 estimated cash operating costs of US$ 1.03 per payable pound of copper.

• 2011 estimated average head grade of approximately 1.15% Cu, and recovery rate of

90% per year.

• Capex 2011 - US$ 10.2M

• 2011 Exploration Budget - US$ 1.9M (included in US$ 10.2 overall budget)

• Sustaining Capex - US$ 5M-7M

*Forecast as of Jan 2011

Geology

Raul MineCondestable Mine

200m

13

Copper mineralization at Condestable

occurs in stratiform sulphide-rich

replacement bodies (mantos) and

crosscutting sulphide bearing quartz veins

CMC - Modern Mining Operations

14

Near Mine Exploration Prospects

N

Condestable10

N

Future Exploration

15

Pacifico Sur

80 Ha

Cerro Pacay

210 Ha

Cerro Perico

175 Ha

Vinchos Sur

85 Ha

San Marcos

New prospects

Mala

Condestable

Mine

Future Exploration

Targets

5km

Exploration – Vinchos Sur

• Part of Raul purchase, test work began at Vinchos Sur

in May 2010

• 1,800m drill program underway

• Recent drilling has confirmed continuity of

mineralization some 230m deeper than the current

mantos stope operations

16

Karina Vein

Exploration - Cerro Pacay (IOCG)

N SNros.174-175

Nros:104-126 Cu 0.73%

Nros: 1684 – 1699 Cu 0.91%

Nros:1648-1656 Cu 1.14%

17

Sample No. 174

Vein – fault de 0.3 m, 230º/80NW,

Boxes of diorita

Cu: 7.73%

Au: 12.1 g/t

Ag: 18.25 ppm

Sample No. 175

Structure 340ºN, cataclastita,

with quartz veins of 0.1m

Cu: 7.93%

Au: 6.07 g/t

Ag: 19.4 ppm

Exploration (Oct – Dec 2010)

Scale1:2,000 210 Ha

Trenching and geochemical sampling

• Located in the Andalucia province of Huelva in southwest Spain.

• 80km from Huelva, 120 km from Seville.

• Part of a roughly east-west striking chain of VMS deposits

Aguas Tenidas – in Prolific Iberian Pyrite Belt

Aguas TenidasRio Tinto

Seville

AznalcollarLas Cruces

La Zarza

striking chain of VMS deposits which includes:

18

Huelva

Cadiz

- Neves Corvo (Lundin Mining)

- Las Cruces (INMET Mining)

- Rio Tinto (EMED Mining)

- Aznalcollar (Boliden)

- Aljustrel (Almina)

- La Zarza (Antofagasta & Ormonde)

Algeciras

Mine & Processing Infrastructure in Place

Paste Plant

Processing Plant

Tailings Area

19

Santa Barbara Ramp

Crusher

• New processing plant & low debt

• Two types of ore: cupriferous &

polymetallic

• Commercial production @ 1.7mtpa

declared October 2009

Key Facts

declared October 2009

• 30% Expansion Complete 2010 – now

operating at 2.2mtpa (6,000tpd)

• Exploration potential on strike and in

vicinity

• JV with Cadillac Ventures on strike with

mine

20

Production Unit 2010 2011

Total Ore Processed t 1,681,200 2,200,000

Copper Ores t 1,173,200 1,310,000

Copper concentrate DMT 80,540 97,500

Contained copper t 17,860 21,500

Contained copper lbs 39,363,440 47,386,000

Copper recovery rate % 83 83

Copper concentrate grade % 22 22

Copper grade % 1.84 1.97

Polymetallic Ores t 508,000 890,000

Copper concentrate DMT 8,460 17,500

Contained copper t 2,470 3,500

• 2011 Operating costs of

US$1.75 per payable pound of

copper.

• 2010 YTD operating costs of

US$ 2.05 per payable pound

Aguas Tenidas – Production & Guidance

21

Contained copper t 2,470 3,500

Contained copper lbs 5,443,880 7,714,000

Copper recovery rate % 37 42

Copper concentrate grade % 22 22

Copper grade % 1.18 1.00

Zinc concentrate DMT 36,190 69,000

Contained zinc t 17,320 33,900

Contained zinc lbs 38,173,280 74,715,600

Zinc recovery rate % 63 66

Zinc concentrate grade % 47-49 49

Zinc grade % 5.51 5.80

Lead concentrate DMT 1,180 8,500

Contained lead t 220 3,700

Contained lead lbs 484,880 8,157,100

Lead concentrate grade % 18-20 43.5

Lead recovery rate % n/a 50

Fine silver (from Copper & Poly) oz 696,530 730,000

US$ 2.05 per payable pound

of copper (as of Q3 2010)

• Capex 2011 – US$ 28M

• Exploration 2011 – US$ 2.6

for surface exploration

• Sustaining Capex US$ 15-

20M

Operations – Modern Fleet

22

Operations – Newly Expanded

23

Newly Expanded Processing Plant

24

Long Section – Potential to the West

25

Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101

500m

Exploration – Potential Expansion

26

Metal Production

70,125 74,97377,448

91,126

60,000

70,000

80,000

90,000

100,000

Metal Production Life-of-Mine(tonnes)

27

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

43,860

0

10,000

20,000

30,000

40,000

50,000

60,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

t

Copper Lead Zinc

Based on Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

Sotiel Mine – near term potential

• Sotiel is located 35km from Aguas Tenidas, which will allow

materials to be transported by road or railway for processing

at an expanded processing plant.

• The newly awarded property consists of 17 concessions and

covers approximately 200ha2.

• Similar to Aguas Tenidas, Sotiel has 1/3 cupriferous and 2/3

polymetallic ores and was in operation until 2002.

• The mine previously operated at 3,000tpd, and similar results

28

• The mine previously operated at 3,000tpd, and similar results

are expected going forward.

• While operating, the mine produced approximately 8.4MT of

polymetallic ores at 4.52% Zn (1983-2000) and approximately

1.1MT of cupriferous ores at 3.27% copper (1994-2000)

• The Company intends to undertake a new drilling

program to further define the inferred resource

category.

• Further drilling at the Migollas Este deposit could

add more tonnage to existing resource.

• Work at Sotiel is scheduled to begin in June 2011

Cross section of the Mine, including historical drilling

Copper Reserves at Migollas

Sotiel – Historic Resources

SOTIEL

POLYMETALLIC ORE CUPRIFEROUS ORE

T %Cu Zn Pb Tones %Cu Zn Pb

ORE MINED 1983-2000 8,438,500 4.52 1,102,000 3.27

RESOURCES MEAS. 2000

SOTIEL 577,000 0.56 5.57 2.24

SOTIEL EAST 941,000 0.73 5.71 2.62

MIGOLLAS ZONE 2 279,000 6.20 0.75 0.39

29

MIGOLLAS ZONE 2 279,000 6.20 0.75 0.39

RESOURCES IND. 2000

SOTIEL 4,100,000 0.5 5.7 2.3

SOTIEL EAST 2,338,000 0.61 5.24 2.19

MIGOLLAS ZONE 1 4,940,000 0.60 4.77 2.24

MIGOLLAS ZONE 2 151,000 4.6 1.11 0.52

In 2000, a resource and reserve estimate was included in the final report to the government

authorities as part of the mine closure plan and was compiled using an earlier resource estimate

(prepared in accordance with the Australasian Code for Reporting of Mineral Resources and Ore

Reserves (the “JORC Code”)) along with substantiated drilling and block modelling.

Hedging 31

Condestable Mine – Resources Tables 34

Aguas Tenidas Mine - Resource Tables 35

Appendix

Aguas Tenidas Mine - Resource Tables 35

Aguas Tenidas Mine – JV Property 38

Board of Directors 39

Management 40

Hedging

0

5,000

10,000

15,000

20,000

2011 2012 2013 2014

Ou

nce

s

Gold Hedging - Condestable

Production

Hedged

0

10,000

20,000

30,000

40,000

50,000

60,000

Po

un

ds

in '0

00

s

Copper Hedging - Condestable

Production

Hedged

29

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2011 2012 2013 2014

Po

un

ds

in 0

00

's

Copper Hedging - Aguas Tenidas

Production

Hedged

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2011 2012 2013 2014

Po

un

ds

in 0

00

's

Zinc Hedging - Aguas Tenidas

Production

Hedged

2011 2012 2013 20140

2011 2012 2013 2014

As of February 11, 2011, production at the Condestable Mine has been hedged as follows:

Forward Contracts:

Hedging - Condestable

Metal Period Unit Pricing (U.S.$)

FMT Pounds (000s) $/tonne $/lb

Copper 2011 20,625 45,457 3,494 1.59

Copper January 2012 1,750 3,857 3,408 1.55

Ounces $/oz

Gold 2011 2,400 741.50

30

Period Unit Pricing (U.S.$)

Floor Ceiling

FMT Pounds (oos) $/tonne $/pound $/tonne $/pound

February 2012 - March 2013 7,000 15,428 $6,500 $2.95 $8,760 $3.97

1,050 2,314 $7,500 $3.40 $10,450 $4.97

1,960 4,320 $8,000 $3.63 $10,970 $4.98

3,990 8,794 $8,000 $3.63 $10,950 $4.97

Copper Collar Hedge Ranges:

• The hedging has been executed using a zero cost collar hedging strategy whereby positions

have been entered into to achieve a minimum hedge price (floor) and a maximum hedge price

(ceiling). There is no cost to the Company for this collar hedging strategy.

• The counter party to all contracts is Condestable's senior secured lender (Societe Generale) and

is without any margin call requirements.

The hedging forwards for Aguas Tenidas Mine, as of June 30, 2010 are as follows:

Hedging – Aguas Tenidas

Metal Period Unit Price (U.S.$)

FMT Pounds (000s) $/tonne $/lb

Copper 2011 19,602 43,203 4,865 2.21

31

Copper 2011 19,602 43,203 4,865 2.21

Copper 2012 17,496 38,561 7,390 3.35

Copper January-March 2013 1,800 3,667 7,319 3.32

Zinc 2011 16,848 37,133 1,601 0.73

Zinc 2012 13,446 29,635 2,042 0.93

Zinc January-March 2013 1,125 2,479 2,272 1.03

Mineral Resources as at June 30, 2008

Classification 000's tonnes % Copper

Measured 5,246 1.76

Indicated 2,433 1.82

Total Measured & Indicated 7,679 1.77

Condestable – Reserves & Resources

• Strong record of reserve replacement

• Mine continuously operated for 10+ years

32

Extracted from SRK Consulting 43-101 Technical Report dated January 2009

Inferred 8,806 1.24

Proven and Probable Reserves as at June 30, 2008

Classification 000's tonnes % Copper

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

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 – Multi year mine life

33

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

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009

Combined Resources

Class Mt

Measured 11.72

Indicated 15.78

Total 27.50

Aguas Tenidas Resources – 9 years + growing

34

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

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

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

Aguas Tenidas - Inferred Resources

35

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

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

Aguas Tenidas - Exploration

• The properties, totalling 232 km2 are in

AGUAS TENIDAS

36

• The properties, totalling 232 km2 are in

various stages of exploration and many are

contiguous with the Aguas Tenidas

property.

• Located on the Iberian Pyrite Belt- one of

the largest concentrations of sulphides in

the earth’s crust, the area contains eight

known massive sulphide deposits larger

than 100mt along with many smaller

deposits

• By expending $3 million in exploration

expenditures, Cadillac may earn a 90%

participating interest in the properties.

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.

Board of Directors

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.

37

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.

Management

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.

38