Iberian Minerals Corp. to Issue Common Shares in Satisfaction of Interest Payment

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES


Iberian Minerals Corp. ("Iberian") (TSX VENTURE:IZN) announces that pursuant to
the convertible subordinated debenture (the "Debenture") in the amount of
$25,000,000 issued to Dundee Resources Limited ("Dundee") on July 26, 2006,
Iberian has agreed to issue an aggregate of 675,146 common shares in
satisfaction of the January 26, 2008 interest payment of $756,164.38. The number
of shares to be issued was calculated by dividing interest payable to Dundee by
the closing prices of the Iberian common shares on the TSX Venture Exchange on
January 25, 2008. The Debenture bears interest at a rate of 6% per annum,
payable semi-annually on January 26th and July 26th in each year. This share
issuance is subject to the approval of the TSX Venture Exchange.


This press release, required by applicable Canadian securities law, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer of the securities described herein. These
securities have not been registered under the United States Securities Act of
1933, as emended, or any state securities laws, and may not be offered or sold
in the United States or to U.S. persons unless registered or exempt therefrom.


FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and
"forward-looking information" under applicable securities laws. 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 will be obtained. Many of these assumptions are based on
factors and events that are not within the control of Iberian 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 changes in market conditions and other risk factors discussed or
referred to 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.

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