Toronto, Ontario – June 24, 2008 – Iberian Minerals Corp. (IZN–TSXV) Iberian Minerals
Corp. (“Iberian”) is pleased to announce that, as required pursuant to the terms of the
US$210 million Aguas Tenidas Project Financing (see release dated June 2, 2008) a portion
of the planned future production of Aguas Tenidas has been hedged for the years 2009 to
2013. The realized hedge prices are in all instances substantially higher than the baseline
metal prices used in the bankable feasibility study prepared by SRK Consulting Cardiff UK,
for the Aguas Tenidas Project in April, 2006. This document is available in Iberian’s
documents on www.sedar.com

The hedge program consists of forward hedge contracts with expiry dates ramping up from
January 2009 to June 2013. The terms of these contracts are summarized as follows.

o The copper quantities hedged under these contracts are for an aggregate of 61,625
metric tonnes covering the period from January 2009 to June 2013.

o The Zinc quantities hedged under these contracts are for an aggregate of 59,275
metric tonnes during the period January 2009 to December 2011.

o The Silver quantities hedged under these contracts are for an aggregate of 4,014,750
ounces during the period January 2009 to June 2013

The appendix table shows the deliveries amounts and prices achieved for the above noted
hedges. The hedge program was a condition precedent for the draw down under the Aguas
Tenidas Project Financing.

About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing
and producing interests in both 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 it's 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 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.

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 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.