IZN InZinc Mining Ltd

TORONTO, ONTARIO ("Iberian")

Iberian, in conjunction with it's wholly owned subsidiary Minas de Aguas Tenidas S.A.U. ("MATSA") is pleased to announce that Investec Bank (UK) Limited, BNP Paribas and Societe Generale are willing to arrange and underwrite project finance debt and hedging facilities comprised of;

- A term Loan facility of US $170 million

- A Cost Overrun facility of US $30 million

- A Convertible Loan facility of US $10 million

- Associated hedging facilities for Copper, Zinc and Silver over the term of the debt facilities, this hedging program has been initiated

Mr Norman Brewster, Interim President and CEO, Executive Chairman of Iberian states "Iberian is gratified at forming a strong relationship with the banking community during a period of difficult credit conditions. Being able to do so bespeaks to the underlying economic robustness of the Aguas Tenidas project."

In addition Iberian is pleased to announce that the "Aguas Tenidas Plant Engineering, Procurement, and Construction Management" EPCM contract has been signed with AKER KVAERNER Engineering Services Ltd. which encompasses the period until October 4th 2008 or mechanical completion, whichever occurs first. As well the "Aguas Tenidas Mine Development during the Construction Stage" contract has been signed with INSERSA and encompasses 13,755 metres of underground development.

Certain aspects of the above noted facility are subject to the approval of the TSX Venture Exchange.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing 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.

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 for transactions 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 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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