Iberian Minerals Announces New Hedging for Condestable

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that its subsidiary,
Compania Minera Condestable S.A. ("Condestable"), has executed required hedging
in connection with the US$ 55 million senior secured debt facility which was
completed on March 31, 2010. 


The hedging has been executed using a zero cost collar hedging strategy whereby
positions have been entered into to achieve a minimum hedge price and a maximum
hedge price. This ensures that Condestable will realize a minimum price of
$6,500 per FMT of copper and market price participation up to $8,760 per FMT of
copper. There is no cost to the Company for this collar hedging strategy.


This hedging requirement is at a reasonable level of approximately 25% of
forecast payable copper production from February 2012 to March 2013. During this
period Condestable will realize the market copper price on the hedged copper
volume so long as the market copper price is within the collar price range. The
remaining 75% un-hedged copper volume will be fully exposed to copper market
price fluctuations. The Company has no plans to hedge additional copper
production at Condestable.


Existing and proposed hedging is set out in the following table:



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                       2010   2010   2011   2011   2012   2012   2013  TOTAL
                         S1     S2     S1     S2     S1     S2     S1       
Existing Hedging                                                            
 Volumes                                                                    
----------------------------------------------------------------------------
                                                                            
Cu Forwards    FMT   10,200 10,275 10,275 10,350  1,750               42,850
                                                                            
Cu price       USD/t  4,419  4,419  3,583  3,408  3,408                3,933
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New Collar Hedging
 Volumes                                                  
Copper                                                                      
---------------                                                             
Volume         FMT                                2,500  3,000  1,500  7,000
Minimum price  USD/t                              6,500  6,500  6,500       
Maximum price  USD/t                              8,760  8,760  8,760       
                                                                            
----------------------------------------------------------------------------
Cu % hedged             82%    83%    83%    83%    34%    24%    24%    62%
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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", "expect", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward looking information may
include, but is not limited to, statements with respect to the future financial
or operating performances of the Corporation, its subsidiaries and their
respective projects, the timing and amount of estimated future production,
estimated costs of future production, capital, operating and exploration
expenditures, the future price of copper, gold and zinc, the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the costs and timing of future exploration, requirements for additional capital,
government regulation of exploration, development and mining operations,
environmental risks, reclamation and rehabilitation expenses, title disputes or
claims, and limitations of insurance coverage. 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. Many
of these assumptions are based on factors and events that are not within the
control of the Corporation 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 section
entitled "Risk Factors" in the Corporation's annual information form dated March
29, 2010. Although the Corporation 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. The Corporation 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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