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Iberian Minerals Corp.: Augas Tenidas Stockworks Resource Estimate

09:28 EST Wednesday, November 05, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) Iberian Minerals Corp. ("Iberian") announces that it has an initial estimate of the stockworks resources, as a result of its 2008 copper stockworks drilling program (See Press Released Dated September 20, 2008) on the Aguas Tenidas mining project.

The stockwork mineralization contains Chalcopyrite and Pyrite with a coarser grain than the massive sulphide zones and has a lower sulphide content. It is the remnants of the fracture systems that were used by the hydrothermal solutions that formed the massive sulphides at the sea floor. The stockwork mineralization underlies the massive sulphide zone and was known in the past, but never was systematically explored, and was not formerly included in the Aguas Tenidas resource estimates. The part which has now been evaluated occurs along a 200m strike length, towards the eastern end of the Aguas Tenidas mineralized zones.

The mineral resources of the stockworks zone were estimated by A. Wheeler, a registered Chartered Engineer (C. Eng and Eur. Ing) a Qualified Person and independent consultant to Iberian. The resources were calculated using a block model method and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005 are:

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RESOURCE                   Tonnes     Cu     Zn     Pb       Ag        Au
CLASS                          kT      %      %      %      g/t       g/t
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Measured                      147   3.13   0.31   0.07      8.6      0.04
Indicated                   1,220   2.25   0.24   0.06      7.1      0.06
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Measured + Indicated        1,366   2.35   0.25   0.06      7.3      0.06
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RESOURCE                   Tonnes     Cu     Zn     Pb       Ag        Au
CLASS                          kT      %      %      %      g/t       g/t
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Inferred                      248   1.96   0.15   0.05      5.6      0.04
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Notes:

Cut-off of 1% Cu applied

(1) The estimate of mineral resources may be materially affected by 
    environmental, permitting, legal, title, taxation, socio-political, 
    marketing or other relevant issues.

(2) The quantity and grade of reported Inferred resources in this 
    estimation are uncertain in nature and there has been insufficient 
    exploration to define these Inferred resources as an Indicated or 
    Measured mineral resource and further exploration drilling is required 
    to determine whether they can be upgraded to an Indicated or Measured 
    mineral resource category.

Iberian is continuing its drilling program on the stockworks zone to further delineate the extent of the mineralization. Additional analysis is being conducted to prepare a mining plan to upgrade these resources to a reserve and to integrate them into the mine plan for eventual production.

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 and Peru. The Company operates the 6,000 tpd Condestable mine in Peru approximately 90 km south of Lima that produces copper and associated silver and gold in a concentrate. The Aguas Tenidas mine is a major copper-zinc project in the Iberian Pyrite Belt in Andalucia region of Spain approximately 110 km west of Seville. Construction is nearing completion on a 1.7 million tonne per annum underground mine and concentrator that will produce copper and zinc concentrates that also contain gold, silver and lead. 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, 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 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 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.

To view Table 1 of the 2008 Copper Stockwork Drilling Program, please visit the following: http://media3.marketwire.com/docs/ib...

To view Figure 1 of the 2007-2008 Copper Stockwork Drilling Program, please visit the following: http://media3.marketwire.com/docs/ib...

FOR FURTHER INFORMATION PLEASE CONTACT:

Iberian Minerals Corp.
Victoria Vargas
Vice President Investor Relations
and Corporate Communications

(416) 815-8558

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