TORONTO, ONTARIO--(Marketwire - April 4, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") -

Iberian is pleased to announce that the Peruvian securities legislator, CONASEV (Comision Nacional Supervisora de Empressas y Valores) has granted Iberian the requested exemptive relief allowing the Company to combine the two stage going private process of recently acquired Compania Minera Contestable S.A. (CMC). This is the first time CONASEV has allowed the merger of the two stage process. Accordingly, the Company intends to launch a modified going private offer in Peru to acquire the remaining 8% of the outstanding CMC shares not otherwise held by the Company. This exemption should allow Iberian to save both time and money while taking CMC private.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Iberian Minerals Corp. Norm Brewster  (416) 815-8558