Toronto - September 21st 2007 - Iberian Minerals Corporation (IZN-TSXV)

Iberian Minerals Corp. (IZN-TSXV) (Iberian) is pleased to announce that it has signed a revised and updated mandate letter (the previous mandate letter for US$65 million was press released on July 13th 2005) with Investec Bank (UK) Ltd (Investec) to act as lead underwriter in providing debt and hedging facilities, which include the following:

a) A five and a half year amortising term loan facility of US$160 million. The facility will be repaid in semi-annual instalments starting on or before 30 June 2009;

b) A cost overrun facility of US$30 million, which will have the same tenure as the term loan and will be available to fund capital cost overruns and the debt service reserve account;

c) A five and a half year convertible loan facility of US$10 million which will be used alongside the term loan to fund development capital costs of the project.

d) Arranging with a local Spanish bank a VAT receivables facility of up to US$20 million.,The terms and conditions, such as fees, hedging requirements and interest rates, of the credit facility reflect:

i) those generally available today for base metal mines operating in a First World country, and ii) the results of the recently completed update to the January 2006 SRK Feasibility Report.

Both Iberian and Investec anticipate that the signing of the final credit agreement will take place in approximately 4-6 weeks time and that the first drawdown on the loan facility will occur late in 2007 or early next year.

About Iberian Minerals Corp.

Iberian Minerals Corp., through its wholly owned subsidiary MATSA, is currently proceeding with the re-opening of the Aguas Tenidas copper/zinc project located in the Region of Andalucia, SW Spain. In January 2006, a feasibility report on the project was prepared by SRK Consulting of Cardiff UK, which demonstrated the technical feasibility and economic viability of the project (press release January 20, 2006). Elements of this feasibility report have been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press release of May 22, 2007), which is available at www.sedar.com. In addition to the LOI regarding the purchase of approximately 92% of the issued and outstanding shares of Compania Minera Condestable (CMC) from Tafigura Beheer B.V. Amsterdam (Trafigura) (press release September 19th 2007) the Company has also signed a long-term offtake agreement with Trafigura for the sale of all its metal concentrates from Aguas Tenidas.

In addition to the Aguas Tenidas project the Company, through MATSA, holds an extensive land position of exploration properties within the Iberian Pyrite Belt.

To find out more about Iberian Minerals Corp., please contact Peter Miller or Norm Brewster at1-416-815-8558.

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, except, project, intend, believe, anticipate, estimate, and other similar words, or statements that certain events or conditions may or will occur. 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. Assumptions upon which such forward-looking statements are based included that transactions will be completed, that all required third party regulatory and governmental approvals will be obtained. Many of these assumptions are based on factors and events that are not within the control of Iberian 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 annual Management's Discussion and Analysis for Iberian filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Iberian 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. Iberian undertakes no obligation to update forward-looking statements if circumstances or managements 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.