Trafigura Beheer B.V. takes up shares of Iberian Minerals Corp.

GENEVA, SWITZERLAND, Feb. 29, 2012 /CNW/ - Reference is made to the offer dated December 15, 2011 (the "Offer"), as amended and supplemented, by Urion Mining International B.V. (the "Offeror"), an indirect, wholly-owned subsidiary of Trafigura Beheer B.V. ("Trafigura"), to purchase all of the issued and outstanding registered shares ("Registered Shares") in the capital of Iberian Minerals Corp. ("Iberian") which are not already held by Trafigura or its affiliates at a price of C$1.10 per Registered Share, in cash.  As previously announced, the expiry time for the Offer was 8:00 p.m. (Toronto time) on February 23, 2012.

Trafigura announced today that all terms and conditions of the Offer have been complied with or waived, and that the Offeror took up and accepted for payment 271,569,702 Registered Shares validly deposited under the Offer, representing approximately 53.5% of the issued and outstanding Registered Shares.

After taking up and accepting for payment 271,569,702 Registered Shares validly deposited under the Offer, Trafigura and its affiliates now own and control 490,850,221 Registered Shares or approximately 96.7% of the issued and outstanding Registered Shares.

Trafigura currently intends to exercise its rights under the merger provisions of the Merger Act (Switzerland) to acquire the Registered Shares not tendered to the Offer.  Upon completion of a merger thereunder, Trafigura intends to cause Iberian to apply to delist the Registered Shares from the TSX Venture Exchange and to cease being a reporting issuer under Canadian securities laws.

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