Iberian Minerals Corp.: Press Release

TORONTO, ONTARIO is pleased to report on the ongoing development at the Aguas Tenidas copper/zinc project located in Andalucia, SW Spain. Several recent key developments onsite include the completion of the pilot plant, now installed, which is operational and capable of treating 240kg of material per hour. As well installation of tertiary mills is completed along with the completed assembly of the regrinding mills onsite, onsite assembly of the SAG and ball mills is ongoing.

The Company is extremely pleased that these long lead time critical pieces of equipment are in place at the project.

Civil works on the north stockpile tunnel have been completed, polishing pond infrastructure is complete, general warehousing infrastructure is complete, and the UVR4 ventilation shaft construction is complete. Additionally the Company has recently initiated construction of the tailings deposit facility, commenced the main electrical substation civil works, and begun the installation of flotation cells. Development of the Santa Barbara ramp continues in competent rhyolite rock.

MATSA has approved a 4500m stockwork drilling program designed to test the extent of the copper stockworks in the eastern end of the Aguas Tenidas mineralization. Additional to the underground program there will be several surface holes drilled to test the extent of the stockworks system under the central and western portions of the known mineralization at Aguas Tenidas.

The technical update information above has been provided by Mr. Americo Villafuerte, General Manager at Aguas Tenidas and COO for the Company. Mr. Jose Malave B.Sc, the Geology and Exploration Manager at Aguas Tenidas and a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and verified the technical information contained in this press release and has approved the contents of this press release.

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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