Iberian Minerals Receives Aguas Tenidas Reagent Permits

Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that the
relevant authority of the Junta de Andalucia has issued the environmental
authorization which will permit the use of six new reagents for the operation of
the new modular Cu/Pb flotation separation circuit at the Aguas Tenidas Mine.
The six permitted flotation reagents are zinc cyanide, sodium dichromate,
activated carbon, cellulose, sodium hypophosphate, and sodium bisulphite. The
permitted use of zinc cyanide and sodium dichromate are considered the key
reagents required for the new copper and lead separation circuit. With this
authorization the Aguas Tenidas Mine is able to proceed with ordering zinc
cyanide and the other reagents to be delivered to the site by mid-February.


As previously announced, the installation of the modular copper and lead
separation circuit is within the existing polymetallic flotation circuit at the
Aguas Tenidas processing plant. The mechanical and electrical installation of
this circuit is now completed and the circuit is in the commissioning phase with
water testing of the circuit now underway. The modular Cu/Pb flotation
separation circuit will process bulk copper and lead concentrate from the
polymetallic circuit to produce separate copper and lead concentrates, and is
expected to be fully operational by the end of February 2010. 


The Company will either blend copper concentrate produced from the modular Cu/Pb
flotation separation circuit with copper concentrate produced from processing
copper ore, or ship each copper concentrate separately with the objective to
continually maximize revenue from copper concentrate sales. Lead concentrate
produced from the separation circuit, which will contain important quantities of
silver, will be shipped by container to overseas customers located primarily in
Asia. 


Daniel Vanin said: "This is another important step and milestone achievement for
Aguas Tenidas. We will now be producing our three separate concentrates -
copper, zinc and lead - in a manner that is acceptable to us. Full environmental
controls and safeguards are in place for the use of the additional reagents."


Related Party Transaction

Iberian also announces that its wholly-owned subsidiary, Minas de Aguas Tenidas
S.A. ("MATSA"), has entered into an unsecured loan agreement with Trafigura
Beheer B.V. ("Trafigura") in the principal amount of US$2.4 million. The loan is
considered to be in the ordinary course of business and intended to give MATSA
immediate access to cash while it awaits payment from the Spanish authorities of
a Spanish VAT receivable of approximately EUR1.9 million, which payment is
expected to occur on or before March 31, 2010. The loan is consistent with past
practice.


Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the loan is a related
party transaction with Trafigura. Iberian is relying on the exemptions from the
formal valuation and minority approval requirements contained in sections 5.5(a)
and 5.7(a) of MI 61-101 as neither the fair market value of the subject matter
of, nor the fair market value of the consideration for, the transaction will
exceed 25% of Iberian's market capitalization.


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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