TORONTO, ONTARIO -- (MARKET WIRE) -- 12/05/08 -- Iberian Minerals Corp. (TSX VENTURE: IZN)("Iberian") yesterday issued two releases via Marketwire at 14:37 and 17:01 pm EST announcing an increase in the ore reserves at its subsidiary Compania Minera Condestable ("CMC") mining operation south of Lima, Peru.

The first release contained arithmetic errors in the figures in the second and third columns in the table entitled "Mineral Resources for Condestable as at June 30, 2008". The second release contained the correct figures, which are as follows.

Mineral Resources for Condestable as at June 30, 2008

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Classification                           000's tonnes            Grade %Cu
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Measured                                        5,256                 1.76
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Indicated                                       2,433                 1.82
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Total Measured & Indicated                      7,689                 1.77
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Mineral resources include mineral reserves and have been classified
according to the "CIM Standards on Mineral Resources and Reserves:
Definitions and Guidelines" (December, 2005).

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in Spain and Peru. The Condestable mine, located in Peru approximately 90 km south of Lima operates at 6,000 tonnes per day producing copper and associated silver and gold in a concentrate. The Aguas Tenidas mine is a copper-zinc project in the Andalucia region of Spain approximately 110 km north-west of Seville. Construction is nearing completion on a 1.7 million tonne per year underground mine and concentrator that will produce 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", "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 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 management information circular of Iberian dated November 20, 2007 and 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 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.

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

Contacts:
Iberian Minerals Corp.Victoria Vargas
Vice President Investor Relations
and Corporate Communications
(416) 815-8558