Iberian Minerals Announces Closing of $76 Million Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has closed its
previously announced underwritten offering of 84,444,500 registered shares (the
"Shares") at a price of $0.90 per Share for gross proceeds of $76,000,050. The
Shares sold today included the exercise in full of a 15% over-allotment option
previously granted to the underwriters.


The Shares were sold pursuant to an underwriting agreement with a syndicate of
investment dealers led by Wellington West Capital Markets Inc. and including
Cormark Securities Inc. The underwriters were paid a cash fee equal to 5.0% of
the gross proceeds of the offering other than in respect of 40,617,805 Shares
purchased by Trafigura Beheer B.V. ("Trafigura").


The net proceeds of the offering will primarily be used to finance the purchase
from Trafigura (the "NPI Buy-out") of its interest to 45.96% of the after tax
net operating profit of Compania Minera Condestable S.A. ("Condestable"), which
is the subsidiary through which Iberian holds its approximately 98.73% interest
in the Condestable Mine. As partial consideration for the NPI Buy-out, Iberian
announces that it will issue to Trafigura 1,236,551 registered shares at a
deemed issue price of $0.90, subject to regulatory approval. The NPI Buy-out is
expected to close as soon as commercially possible and, in any event, not later
than fifteen business days from today. 


The net proceeds of the offering will also be used to fund Iberian's work
program at its Sotiel property and for general working capital purposes.


To assist in the evaluation of the NPI Buy-out, a third-party financial advisor
was engaged by an independent committee of Iberian's board of directors. The
financial advisor concluded that the consideration to be paid by Iberian to
complete the NPI Buy-out is fair from a financial point of view to Iberian
shareholders.


Daniel Vanin, the Chief Executive Officer of Iberian commented, "We are very
pleased with the support that this financing received. The proceeds will allow
the Company to complete two important priorities being the NPI Buy-out, which we
believe to be accretive to our shareholders, and also to pursue a potential
strategic growth opportunity in Spain by advancing our study of the Sotiel
property."


Related Party Transactions

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the purchase of Shares by
Trafigura is and the NPI Buy-out will be "related party transactions" as
Trafigura, following completion of the offering, holds 217,199,968 registered
shares representing approximately 48.1% of the issued and outstanding registered
shares of Iberian. Iberian is exempt from the formal valuation requirement of MI
61-101 in connection with the NPI Buy-out and the purchase of Shares by
Trafigura 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 any
other stock exchange outside of Canada and the United States. Additionally the
Corporation is exempt from obtaining minority shareholder approval in connection
with the NPI Buy-out and the purchase of Shares by Trafigura in reliance on
section 5.7(1)(a) of MI 61-101 as the fair market value of the NPI Buy-out and
the purchase of Shares by Trafigura does not 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 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 purchase of the
NPI, the use of proceeds, 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.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares will not be
and have not been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
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