Toronto - August 7, 2007 - Iberian Minerals Corp. (TSX-V: IZN)

Pursuant to the convertible subordinated debenture (the "Debenture") in the amount of $25,000,000 issued to Dundee Resources Limited ("Dundee") on July 26, 2006, Iberian Minerals Corp. ("Iberian") proposed to pay the July 26, 2007 interest payment of $743,835.62 owing to Dundee by the issuance to Dundee of 473,780 common shares in the capital of Iberian (the "Common Shares") as provided for in the Debenture, subject to the approval of the TSX Venture Exchange. The Debenture bears interest at a rate of 6% per annum, payable semi-annually on January 26th and July 26th in each year. The number of Common Shares was calculated by dividing the $743,835.62 payment owed by the market price of the Common Shares.

Iberian Minerals Corp. trades on the TSX-V under the symbol IZN. As of August 1, 2007 there were 168,414,103 shares issued and outstanding.

To find out more about Iberian Minerals Corp. (TSX-V:IZN), please contact Peter Miller or Norm Brewster at 1-416-815-8558.

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as emended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release may include certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.

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