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Iberian Minerals Corp.-Update on Aguas Tenidas Stockwork Drilling Program

09:02 EDT Tuesday, September 23, 2008

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) Iberian Minerals Corp. ("Iberian") announces assay results from an additional underground and surface drilling as part of its 2008 copper stockworks drilling program on the Agua Tenidas mining project.

The stockwork program from the existing underground infrastructure is focused at the East end of the deposit between sections 690.790E and 690.960E. It will be extended to the East to section 691.200E where previous exploration from old surface and production drilling has indicated the presence of high grade copper stockwork mineralization.

The assay results shown in Table 1, detail the copper and other metals content of the drill sections received since the beginning of the drilling campaign.

The stockwork mineralization underlies the massive sulphide zone and was known in the past but was never systematically explored and has not been included in the Agua Tenidas resources. The stockwork occur along the extension of the deposit however the copper grade varies with the high grade zones occurring in the Eastern part of the deposit. This zone is being evaluated to determine its resource potential. There is also potential for mineralized zones to exist in the Western portion of the deposit that is planned to be drilled in the future.

The stockwork mineralization contains Chalcopyrite and Pyrite with a coarser grain than massive sulphide zones and has a lesser sulphur content. It occurs in the remnants of the fracture systems that was used by the hydrothermal solutions that formed the massive sulphides at the sea floor.

The surface program results from the hole AM-8 shows the down-dip continuity of the old Aguas Tenidas mine that produced 0.5 MT at 4% Cu and the continuity of the Aguas Tenidas horizon at 2.8 Km from the Eastern part of the deposit.

A drilling cross section of the Stockwork and a summary table of the entire drill program detailing the assay results from these drill holes, along with results from the drill holes previously reported (Press Releases dated April 29th 2008 and November 22nd , October 16th, and July 25th 2007) are available on the Company's website www.iberianminerals.com or by clicking here www.iberianminerals.com/index.php?op...

The drill core from this program was examined and logged, and samples selected, by Jose Malave B.Sc, Eur.Geol, chief geologist for the Aguas Tenidas project.

The selected samples were split, bagged and tagged under the supervision of the qualified person, and sent by bonded air courier to Omac Laboratories (Ireland) for analysis by 19 element Agua-Regia ICP-ORE assay and fire assay for gold.

QA/QC procedures were designed under the guidance of Mike O'Neill B.Sc, P.Geo, Eur.Geol (an Independent Qualified Person), which included the submission of systematic duplicates, blanks and both low and high grade standard samples within the batches submitted to Omac Laboratories. In conjunction with this, 10% of all samples were submitted to ALSChemex in Vancouver for external laboratory check assays.

Mike Newbury P.Eng is the Qualified Person who has reviewed the technical information in this press release on behalf of the Company.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global copper and zinc company with developing and producing interests in 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 its 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 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 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.

                              TABLE 1
                              -------

-------------------------------------------------------
Underground Copper Stockwork Drilling Program
 (From East to West)
Hole #             From       To   Length  Cu(%)  Ag(%)
-------------------------------------------------------

-------------------------------------------------------
ATSW-34          18.0m    54.0m    36.0m    0.4   65.4
 And             82.0m   116.0m    34.0m      1    0.7
 And             62.3m    82.0m    19.7m    3.7    8.1
 And            116.0m     120m     4.0m    1.1      0

ATSW-35         40.35m     256m     215m   1.05   0.71
 Incl.           96.6m     114m    17.4m   1.79    1.2
 Incl.            148m     190m      42m   2.11    1.5
 Incl.            200m     212m      12m   2.19    2.1

-------------------------------------------------------

-------------------------------------------------------
ATSW-54         118.0m   142.0m      24m    0.3   19.4
 And           144.50m   148.2m     3.7m    4.7   46.4
 And            162.2m   192.8m    30.6m    2.6    3.2
 Incl.         166.35m   182.1m   15.75m      4    5.4

ATSW-55        209.05m   233.2m   24.15m    1.4      0
 Incl.         209.05m   223.2m   14.15m      2      0
-------------------------------------------------------


-----------------------------------------------------------------
Hole #    Au(%)  Pb(%) Zn(%)            Dip  Section    Lithology
-----------------------------------------------------------------

-----------------------------------------------------------------
ATSW-34    0.9    2.7   8.2    55 degrees S  690880E Polymetallic
 And         0      0   0.1    55 degrees S  690880E    Copper MS
 And       0.1    0.1   0.1    55 degrees S  690880E    Stockwork
 And         0      0     0    55 degrees S  690880E    Stockwork

ATSW-35      0    0.1  0.04    85 degrees S  690880E    Stockwork
 Incl.       0   0.02  0.09    85 degrees S  690880E    Stockwork
 Incl.       0    0.1  0.03    85 degrees S  690880E    Stockwork
 Incl.       0      0   0.1    85 degrees S  690880E    Stockwork

-----------------------------------------------------------------

-----------------------------------------------------------------
ATSW-54    0.3    0.5   3.4  33.5 degrees S  690844E Polymetallic
 And       0.7    0.2   0.5  33.5 degrees S  690844E    Copper MS
 And       0.4      0     0  33.5 degrees S  690844E    Stockwork
 Incl.       0      0     0  33.5 degrees S  690844E    Stockwork

ATSW-55      0      0     0    49 degrees S  690844E    Stockwork
 Incl.       0      0     0    49 degrees S  690844E    Stockwork
-----------------------------------------------------------------

Note: Due to the variation of drill angles in the drill results the true
widths of the intersections cannot be conclusively determined.



----------------------------------------------------------
                Surface Drilling Program
Hole #           From      To  Length  Cu(%)  Ag(%)  Au(%)
----------------------------------------------------------

----------------------------------------------------------
 AM-8           459.6   462.6       3  0.42   81.7    1.0
 And           897.00  897.80    0.80  1.42  80.84   0.93

AM-8-D1(WEDGE) 876.5m  881.2m    4.7m  1.37   72.8   0.53
 Incl.         877.05   881.2   4.15m  1.51  78.96   0.58

----------------------------------------------------------
----------------------------------------------------------
 AE-65         593.0m  656.0m   63.0m  1.03  18.37   0.36
 Incl.         593.0m  613.0m   20.0m  1.43   20.4    0.6
 Incl.         652.0m  656.0m    3.5m   2.7  25.12   0.08
----------------------------------------------------------


----------------------------------------------------------------------------
Hole #         Pb(%)  Zn(%)           Dip  Section                 Lithology
----------------------------------------------------------------------------

----------------------------------------------------------------------------
 AM-8           2.2    8.7     90 degrees  688469E Old Aguas Tenidas Horizon
 And           2.39   2.52     90 degrees  688469E     Aguas Tenidas Horizon

AM-8-D1(WEDGE) 1.78   6.53     90 degrees  688469E              Polymetallic
 Incl.         1.94    7.2     90 degrees  688469E              Polymetallic

----------------------------------------------------------------------------

----------------------------------------------------------------------------
 AE-65         0.15    0.2   87 degrees S  689958E                 Copper MS
 Incl.         0.14   0.14   87 degrees S  689958E                 Copper MS
 Incl.         0.38   0.75   87 degrees S  689958E                 Copper MS
----------------------------------------------------------------------------

Note: Due to the variation of drill angles in the drill results the true
widths of the intersections cannot be conclusively determined.

To view the preceding tables in their original format, please visit the following link:

http://media3.marketwire.com/docs/iz...

FOR FURTHER INFORMATION PLEASE CONTACT:

Iberian Minerals Corp.
Victoria Vargas, Vice President Investor Relations
and Corporate Communications
(416) 815-8558


Website: www.iberianminerals.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.