Iberian Resources in Armenia JV with Global Gold Corp

RWE Australian Business News
August 16, 2005 Tuesday

Sydney – Tuesday – August 16

(RWE Aust Business News) – Iberian Resourcees Ltd (ASX:IBR) has
entered a joint venture agreement with Global Gold Corp USA to acquire,
finance and develop the Lichkvaz gold project in Armenia.

The company’s shares have been reinstated to quote on the announcement
and last traded at 36 cents.

The Lichkvaz project is a very large, high-grade gold/silver/copper
project that can be quickly brought into production.

The target estimate based on former soviet category estimates is
approximately 3.6 to 4.0 tonnes containing 650,000 to 750,000 ounces
of gold at a grade of 5.5 to 6.0 grams per tonne gold.

In addition to gold the estimates show the above tonnage could hols
silver at grades between 35 and 40 g/t and copper at 0.35 to 0.45pc.

Global Gold Corporation has an option agreement to acquire 100oc of
the Lichkvaz gold project.

On successful completion of due diligence Iberian Resources (80pc)
and Global Gold Corp (20pc) will control a 100pc equity interest in
the Lichkvaz.