TORONTO, ONTARIO--(Marketwire - Nov. 7, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Iberian Minerals Corp. (TSX VENTURE:IZN) Pursuant to a formal offer made on August 14, 2008 to the minority shareholders of Compania Minera Condestable S.A. ("Condestable") Iberian Minerals Corp. ("Iberian") announces that it has acquired 2,927,723 shares of Condestable at a price of New soles 9.67 (approximately US$ 3.13) per share, This price was established in accordance with the requirements of the Lima Stock Exchange and the Peruvian securities authorities based on a formal offer made on August 14, 2008 to all of the minority shareholders of Condestable. The Company paid approximately US$ 9.19 million for 2,927,723 shares of CMC and to fund this transaction, Trafigura Beheer B.V. provided a bridge loan.

As a result of this acquisition Iberian now owns 42,404,752 shares of Condestable (98.73%) with 546,565 outstanding as the minority shares. On November 6, 2008, the shares of Condestable were delisted from the Lima Stock exchange, resulting in Condestable becoming a private company. The Peruvian regulatory environment does not provide a mechanism of compelling shareholders to tender their shares to Iberian. Those shareholders of Condestable who did not tender their shares to Iberian's offer will continue to hold shares in Condestable following its delisting and privatization.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global base metal company with developing and producing interests in Spain and Peru. The Company operates the 6,000 tonnes per day Condestable mine in Peru approximately 90 Km south of Lima that produces copper and associated silver and gold in a concentrate. The Aguas Tenidas mine is a major copper-zinc project in the Iberian Pyrite Belt in Andalucia region of Spain approximately 110 km west of Seville. Construction is nearing completion on a 1.7 million tonne per annum underground mine and concentrator that will produce copper and zinc concentrates that also contain gold, silver and lead. Iberian Minerals Corp. is a fast-growing company with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.

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 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 transactions will be completed, that all required third party regulatory and governmental approvals for transactions 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.