TORONTO, ONTARIO -- (MARKET WIRE) -- 02/03/09 -- Iberian Minerals Corp. ("Iberian") (TSX VENTURE: IZN) announces that pursuant to the convertible subordinated debenture, as amended (the "Debenture") in the amount of $25,000,000 originally issued to Dundee Resources Limited ("Dundee") on July 26, 2006, Iberian has issued an aggregate of 2,356,557 common shares (the "Common Shares") in satisfaction of the January 26, 2009 interest payment of $754,098.36. The Common Shares are subject to a four-month and one day hold period under securities laws and are not freely tradable until the hold period expires on June 4, 2009. The number of common shares to be issued was calculated by dividing the interest payable to Dundee by the closing price of Iberian's common shares on the TSX Venture Exchange on January 25, 2009. The Debenture bears interest at a rate of 6% per annum, payable semi-annually on January 26th and July 26th in each year.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with interests in Spain and Peru. The Condestable mine, located in Peru approximately 90 km south of Lima operates at 2.2 million tonnes per year 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. Commissioning is underway on a 1.7 million tonnes per year underground mine and concentrator (1.5 million tonnes during ramp up) that will produce copper and zinc concentrates that also contain gold, silver and lead.

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