Iberian Appoints Norman Brewster President and CEO

TORONTO, ONTARIO ("Iberian" or the "Company") is pleased to announce that Mr. Norman Brewster, in addition to Executive Chairman, has been appointed interim President and Chief Executive Officer of the Company. Iberian would like to thank departing CEO, Mr. Peter Miller, for his extensive contributions to the Company during his tenure as CEO and wish him well in his future endeavors. Mr. Miller will continue as a director, also providing consulting services to the Company on an ongoing basis, and assisting the Company and Mr. Brewster during this transition period.

The Company looks forward to closing the acquisition of Compania Minera Condestable ("CMC") in the near future, as approved by shareholders at the Special Meeting held December 19th, 2007. On closing of the acquisition, Iberian will own approximately 92% of CMC, the owner and operator of the Condestable Mine and lessee of the Raul Mine (collectively the "Condestable Mine") located 90 km south of Lima in Peru. The Condestable Mine has been in continuous production since 1998. For detailed information in respect of CMC and the acquisition, as well as the proforma financial information which gives effect to the closing of the acquistion, please refer to the Management Information Circulated of Iberian dated November 20, 2007, available at www.sedar.com.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws concerning Iberian's transactions with Trafigura. 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", "except", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. 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 uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that transactions will be completed, that all required third party regulatory and governmental approvals for transactions will be obtained and all other conditions to completion of the transactions will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Iberian or Trafigura 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 failure to reach definitive agreements in respect of the contemplated transactions, as well as changes in market conditions and other risk factors discussed or referred to in the management information circular of Iberian dated November 20, 2007 and in the annual Management's Discussion and Analysis for Iberian filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Iberian 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. Iberian 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Iberian Minerals Corp. Norman Brewster (416) 815-8558

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