Toronto, Ontario – June 12, 2008 – Iberian Minerals Corp. (IZN–TSXV) (“Iberian”)

Iberian is pleased to announce that, as part of an ongoing corporate development strategy, Victoria Vargas has joined Iberian as Vice-President Investor Relations. Ms.
Vargas has demonstrated expertise in corporate communications and institutional relationship management. In addition to expertise gained while employed by Alamos
Gold Inc., Ms. Vargas also has over 15 years experience gained working with a broad range of mining companies active in Canada and South America, in addition to several
advisory board capacities with Peruvian, Mexican and Canadian mining industry organizations and authorities.

Daniel Vanin, President and CEO of Iberian, would like to welcome Ms. Vargas to Iberian, and states “Iberian is pleased to have Victoria join our team, and focus on
communicating that Iberian is building to be the next intermediate base metal producer.” Trafigura Beheer B.V., holder of approximately 42% of Iberian’s shares, is supportive of
Ms. Vargas in her new role. Jeremy Weir, Director of Iberian, Executive Director of Trafigura, states, “Trafigura will endeavour to extend whatever support we can to Ms.
Vargas, leveraging our extensive network and relationships within the mining and metals concentrates markets.”

In conjunction with her appointment Ms. Vargas has been granted 250,000 options to purchase shares of Iberian at a price of $1.01 per share. The options have a 5 year
term and vest over 36 months, 1/3 after 12 months, 1/3 after 24 months, and 1/3 after 36 months. The appointment and issuance of options is subject to customary regulatory
approval.

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 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 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 “forwardlooking
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. 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.