Toronto, Ontario – October 1st, 2008 – Iberian Minerals Corp. (IZN – TSXV) Iberian Minerals Corp. (“Iberian” or the “Company”) announces that Norman Brewster who was previously the Executive Chairman of the Company has resigned that position but will continue as non-executive Chairman of the Company.

Iberian also announces a grant of incentive stock options to Philippe Blavier following his recent appointment to the Board of Directors (see release dated September 8th, 2008). Mr. Blavier has been granted options to purchase up to 100,000 common shares of Iberian at an exercise price of $0.80 per share with a five-year expiry term.

Mr. Blavier has also been appointed as Chairman of the Company’s Audit Committee and a member of the Remuneration Committee of the Company.

About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in Spain, the Aguas Tenidas Project and Peru, the Condestable Mine.  Iberian Minerals Corp. is well-funded with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.

To find out more about Iberian Minerals Corp., please contact:
Victoria Vargas, Vice President Investor Relations and Corporate Communications at
1-416-815-8558

This press release does not constitute an offer of securities in the United States, Canada or elsewhere. The securities of Iberian have not been registered under the United States Securities Act of 1933, as amended, 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.

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 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 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 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.