Iberian Minerals Increases Condestable Senior Debt Facility by US$ 15 Million

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that its subsidiary,
Compania Minera Condestable S.A. ("Condestable"), has arranged for amended terms
to its senior, secured debt facility with Societe Generale. The amended term
facility will provide an additional US$ 15 million to the Company primarily for
working capital purposes at Condestable and also for general corporate purposes.
Drawdown on the amended facility is expected to occur on or around May 20, 2011.


Currently the senior debt facility at Condestable, with Societe Generale acting
as Sole Lead Arranger, is a term facility in the amount of US$55 million with
maturity date of March 31, 2013. The current principal outstanding is US$ 45
million. Upon drawdown of the amended facility the principal outstanding will
increase to US$ 60 million and the maturity date will be extended to September
30, 2013. Principal repayments under the amended facility will be as follows:
US$ 4 million on December 31, 2011 followed by quarterly repayments of US$ 8
million commencing on March 31, 2012 to the new maturity date. As part of the
amended facility Condestable will have increased hedging lines available without
margin call requirements. However, there are no additional, mandatory hedging
requirements. The closing of the amended facility is subject to execution of
definitive documentation.


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 2.2 million tonnes per year underground mine and concentrator that
produces copper, zinc and 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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