IBERIAN RESOURCES POURS FIRST GOLD AT LICHKVAZ, ARMENIA

Australian Stock Exchange
December 6, 2006 Wednesday

Iberian Resources Ltd says first gold has been poured from its 80
percent owned Lichkvaz gold project in southern Armenia.

The company said this was a further step in its stage 1 project.

Other progress in stage 1 to date includes recruiting a management
team, commencing commissioning of the full gravity circuit, installing
additional milling capacity, installing a floatation circuit,
commencing and increasing production at the Terterasar underground
mine, commencing open cut mining at the Lichvaz-Tey deposit and
commencing an additional mine at Lichvaz-Tey.

The company expects the full gravity circuit to be commissioned in
three months.

Progress to date in stage 2 of the project includes commencing a
study into mechanised mining, commencing CIL plant design, early
test work indicating that 97 percent of gold reports to cyanide,
finalising site selection, commencing land acquisition, commencing
a hydrological study and setting the future production target at
between 100,000 and 150,000 ounces per anum.

Iberian Resources said it was in a strong financial position, had
more than 1.7 million ounces of gold resources and was positioned to
grow rapidly.

STOCK DASHBOARD: DECEMBER 5, 2006

IBERIAN RESOURCES

Closing Price: 74.5c

Price change from previous trading day: +2.05%

Relative Strength (6 months percentile rank): 65.6

Market capitalisation: $53.27 million

Turnover volume: 76,317

Volume Index (1 is average): 0.4

Turnover value: $56,423

Turnover period: 387 days

Value of $1,000 invested 1 year ago: $1,656

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