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Iberian Minerals Corp. Acquires 2.93 Million Shares of Compania Minera Condestable From the Minority Shareholders

09:03 EST Friday, November 07, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2008) -

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Iberian Minerals Corp. (TSX VENTURE:IZN) Pursuant to a formal offer made on August 14, 2008 to the minority shareholders of Compania Minera Condestable S.A. ("Condestable") Iberian Minerals Corp. ("Iberian") announces that it has acquired 2,927,723 shares of Condestable at a price of New soles 9.67 (approximately US$ 3.13) per share, This price was established in accordance with the requirements of the Lima Stock Exchange and the Peruvian securities authorities based on a formal offer made on August 14, 2008 to all of the minority shareholders of Condestable. The Company paid approximately US$ 9.19 million for 2,927,723 shares of CMC and to fund this transaction, Trafigura Beheer B.V. provided a bridge loan.

As a result of this acquisition Iberian now owns 42,404,752 shares of Condestable (98.73%) with 546,565 outstanding as the minority shares. On November 6, 2008, the shares of Condestable were delisted from the Lima Stock exchange, resulting in Condestable becoming a private company. The Peruvian regulatory environment does not provide a mechanism of compelling shareholders to tender their shares to Iberian. Those shareholders of Condestable who did not tender their shares to Iberian's offer will continue to hold shares in Condestable following its delisting and privatization.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based global base metal company with developing and producing interests in Spain and Peru. The Company operates the 6,000 tonnes per day 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 a fast-growing company with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.