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Iberian Minerals Corp.: Aguas Tenidas Progress Update

09:36 EST Tuesday, November 11, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2008) -

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Iberian Minerals Corp. (TSX VENTURE:IZN) Iberian Minerals Corp. ("Iberian") announces that construction by its wholly owned subsidiary Minas de Aguas Tenidas ("MATSA") of the 1.7 million tonne per year copper/polymetallic Agua Tenidas mining project is nearing completion.

Overall construction of the project is approximately 89% complete and engineering is 96% complete. Outstanding items are minor and are not anticipated to impact achieving the start-up target.

The construction progress has included completion of the 66kv power line to the project and the main substation has been energised.

The copper circuit has been completed and is now being tested with no load pre-commissioning. Early December the project will commence processing approximately 25,000 tonnes of copper mineralization with an average grade of 1.94% stockpiled for the concentrator start-up.

The polymetallic circuit is being completed and no load pre-commissioning is expected to commence in early December.

Iberian is continuing to add to its team of experienced professionals along with the project manager Aker Solutions for the commissioning. On September 15th, 2008, Ken Norris, officially joined the company as Chief Operating Officer for the Aguas Tenidas Project. Mr. Norris has a B.Sc. in Mineral Process Engineering from the University of British Columbia and over 19 years of mining industry experience in both open pit and underground operations. He has over 10 years of international experience and has been involved in the permitting, development and operation of a number of large gold and copper projects. Mr. Norris speaks several languages including French and Spanish.

Iberian is hiring and conducting training programs to assure that it has adequate competent plant operators. MATSA now has approximately 170 employees that are supported by approximately 650 contractor construction workers on site.

Underground development of the main Santa Barbara ramp is continuing and completion including surfacing is expected by mid December. Connecting the new ramp with the underground workings and the old ramp will improve ventilation and allow mineralized material to be delivered directly to the concentrator. Drilling, stope development and a major ventilation raise continues to progress in preparation for full production. The mine contractor has approximately 150 employees underground.

Management expects to publish an updated development and production schedule and operating and capital budget for the Mine during the first quarter of 2009.

In addition, exploration drilling on surface has been suspended pending assays. Two underground drill rigs are currently completing geotechnical work to provide information for better stope planning. Two additional underground drills are continuing the definition drilling for reserves and stope planning and also continuing to delineate the copper stockwork mineralization (See Press Release November 5, 2008).

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 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 well-funded with a strong, experienced management team and a significant partner in its largest shareholder, Trafigura Beheer B.V.