Aker Kvaerner Wins Project at Aguas Teñidas Mine in Spain

Aker Kvaerner has been awarded a letter of intent for deliveries to Iberian Minerals Corporation's (formerly PGM Ventures) new processing plant at its Aguas Teñidas mine in southwest Spain. The scope includes engineering, procurement, commissioning and construction management services. This award follows the successful completion by Aker Kvaerner of the design study for the copper, zinc and lead processing plant at the mine.

The order for the main milling and grinding equipment has already been placed and work on the engineering will begin immediately. The plant is scheduled to be completed in 2008.

"We are delighted to be working with Iberian Minerals Corporation on this world-class ore deposit, and believe our extensive experience in ore processing facilities will be valuable in optimising process routes," said Dave Ley, President of Aker Kvaerner Engineering Services. The Aguas Teñidas mine is located in the northern most portion of the Iberian Pyrite Belt in southwest Spain, about 80 km west-northwest of the city of Seville. Iberian Minerals Corporation completed the acquisition of the mine last year.

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PGM Ventures Corporation is engaged in the acquisition of properties or projects that are in the advanced stage of development, and are ready to be placed into production, or be bought back into production in a reasonable period of time. Presently PGM Ventures is focused on the re-opening of the Aguas Teñidas Mine in southwest Spain. In addition PGM maintains an interest, in conjunction with their joint venture partner Richview Resources, in the Thierry mine, another former producer positioned to be an ongoing concern. As well the Company continues exploration activities to identify other overlooked opportunities.

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Posted 11/09/06

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