Iberian Minerals Agrees to Purchase Raul Lease and Royalty at Condestable Mine

Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that an
agreement has been entered into with Corianta S.A., a subsidiary of Cementos
Pacasmayo S.A.A., member of Hochschilds Group to purchase all remaining interest
in the Raul Mine. The purchase price is US$ 28 million, and is to close by March
31, 2010.


The Condestable Mine is comprised of two mines - Condestable and Raul.
Consisting of 6,600 hectares, the Raul Mine is located south-west of the
Condestable Mine, and also has 364 hectares of surface rights and buildings.
Raul has been under lease with a term ending February 2011 with an option to
renew to February 2014, subject to monthly royalty payments being made comprised
of base, production and price components, which currently are annualized at
approximately US$ 6 million.


The transaction is subject to financing, regulatory approval, and other usual
conditions.


About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals company with
interests in Spain and Peru. The Condestable Mine, located in Peru approximately
90 km south of Lima, operates at 2.2 million tonnes per year producing copper,
and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in
the Andalucia region of Spain approximately 110 km north-west of Seville and
operates a 1.7 million tonnes per year underground mine and concentrator that
produces copper, zinc and bulk copper/lead concentrates that also contain gold
and silver.


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
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 and Annual Information Form 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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