Iberian Minerals Closes Private Placement of Convertible Debentures

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has closed its
previously announced private placement of 7% convertible debentures due December
31, 2011 (the "Debentures") in the aggregate principal amount of $3,609,750 (the
"Offering") to certain insiders of Iberian. The Debentures are convertible into
registered shares of Iberian (the "Shares") at a conversion rate of $0.56 per
share and, if fully converted, would convert into 6,445,982 Shares.


At any time prior to the maturity date, if the volume weighted average price of
the Shares on the TSX Venture Exchange for any consecutive 20 day period is
equal to or greater than a 60% premium to the conversion rate, then Iberian
shall have the right to accelerate the conversion of the Debentures upon
delivery of written notice to the holders. The Debentures are unsecured.


The TSX Venture Exchange has conditionally approved the Offering and the listing
for trading of the Shares issuable upon conversion of the Debentures.


Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), each insider
subscription is a "related party transaction". Iberian is exempt from the formal
valuation requirement of MI 61-101 in connection with the insider subscriptions
in reliance on section 5.5(b) of MI 61-101 as no securities of Iberian are
listed or quoted for trading on the Toronto Stock Exchange, the New York Stock
Exchange, the American Stock Exchange, the NASDAQ Stock market or a stock
exchange outside of Canada and the United States. Additionally, Iberian is
exempt from obtaining minority shareholder approval in connection with the
insider subscriptions in reliance on section 5.7(1)(a) of MI 61-101 as the fair
market value of the insider subscriptions does not exceed 25% of Iberian's
market capitalization. The Offering closed less than 21 days after the date of
the required material change report in order to address the Company's immediate
corporate operations funding requirements.


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 lead concentrates that also contain gold and silver.
Plans are underway for a plant expansion resulting in a capacity of 2.2 Mtpa at
Aguas Tenidas.


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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