RETRANSMISSION: Iberian Closes Acquisition of Producing Copper Mine in Peru

TORONTO, ONTARIO ("Iberian") is pleased to announce that the acquisition of 92% of the issued and outstanding shares of Compania Minera Condestable ("CMC") from Trafigura Beheer B.V. ("Trafigura") has closed.

The closing of the CMC acquisition means that Iberian now owns 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 acquisition, please refer to the Management Information Circular of Iberian dated November 20, 2007, available at www.sedar.com.

As partial consideration for the acquisition the Company has issued to Trafigura 65,990,833 common shares in the capital of the Company ("Common Shares") at a deemed price of $1.80 per Common Share for a deemed aggregate issue price of US$115 million (exchange rate of US$1.00 equals $1.0329). Trafigura has also been granted a 46% net operating profit ("NPI") of CMC for a term of four years commencing January 1, 2011 payable in cash or, at the option of Trafigura and subject to regulatory approval, including the approval of the TSX Venture Exchange, in Common Shares. Iberian shall have the right until June 30, 2011 to purchase the NPI from Trafigura for US$60 million. The Common Shares issued to Trafigura will be subject to a hold period that expires June 12. 2008.

Iberian would like to thank Mr. Michael Newbury, Mr. Peter Gleeson, Mr. Maurice Stekel and Mr. Jose Arnau for their contributions to Iberian as directors and wish them well in their future endeavours. Joining the board of Iberian are Mr. Jesus Fernandez, Co-head of Corporate Finance for Trafigura, and Mr. Thomas Savage, General Manager of CMC.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and operational interests in both Spain, the Aguas Tenidas Project and Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in it's largest shareholder, Trafigura Beheer B.V.

About Trafigura Beheer B.V. Amsterdam

Trafigura is one of the largest independent commodities traders worldwide today, with 1500 people operating 50 offices in 35 countries. Incorporated in the Netherlands and privately owned by management and personnel, Trafigura is the 3rd largest independent oil trader and 2nd largest base metal trader in the world. Company turnover in 2006 was $45 billion.

Including the Common Shares issued on closing of the Acquisition, Trafigura currently holds approximately 42% of the issued and outstanding Common Shares of Iberian.

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. Norm Brewster (416) 815-8558

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