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Iberian Minerals Corp. Announces Increase of Reserves at Condestable

14:37 EST Thursday, December 04, 2008

TORONTO, ONTARIO--(Marketwire - Dec. 4, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") announces an increase in the ore reserves at its wholly owned subsidiary Compania Minera Condestable ("CMC") mining operation south of Lima, Peru. The reserve estimates have been prepared by SRK Consulting Chile S.A. an independent geological consulting firm. Mr. Raul Paredes, MAusIMM, MSAIMM a Qualified Person was the lead author for the evaluation.

The new reserves have been compared to the previous reserve estimate that was prepared by SRK in 2007 (NI 43-101 Technical Report Iberian Minerals Corp. Condestable and Raul Deposits Peru) dated October 18, 2007 and filed on Sedar (www.sedar.com)

Mineral Reserves for Condestable as at August 30, 2007

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Classification                   000's tonnes          Grade %Cu
-----------------------------------------------------------------
Proven                                  4,133               1.25
Probable                                3,320               1.34
Total Proven & Probable                 7,453               1.29
Stocks (Proven)                           256               0.95
Total                                   7,709               1.28
-----------------------------------------------------------------

Reported at a cut-off grade of 0.7 percent copper.
Mineral reserves are included in mineral resources, classified according
to the "CIM Standards on Mineral Resources and Reserves: Definitions and
Guidelines" (December, 2005).
All figures rounded to reflect the relative accuracy of the estimate.

During the intervening period the mine operations have mined ore and conducted an underground evaluation program that has delineated new resources and reserves using underground workings and an ongoing underground drilling program. The mineral resources have been estimated using a polygonal method on vertical sections and levels plans.

Mineral Resources for Condestable as at June 30, 2008

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Classification                   000's tonnes          Grade %Cu
-----------------------------------------------------------------
Measured                                5,256               1.76
Indicated                               2,433               1.82
Total Measured & Indicated              7,453               1.29
-----------------------------------------------------------------

Mineral resources include mineral reserves and have been classified
according to the "CIM Standards on Mineral Resources and Reserves:
Definitions and Guidelines" (December, 2005).

The cut off grade has been established at 0.70% Cu based on the mine operating costs of $21.60 per tonne. Viability of the operations is reported in the Company's most recent financial statements that have been filed on Sedar. Accordingly the new reserves are:

Mineral Reserves for Condestable as at June 30, 2008

-----------------------------------------------------------------
Classification                   000's tonnes          Grade %Cu
-----------------------------------------------------------------
Proven                                  6,696               1.27
Probable                                3,120               1.30
Total Proven & Probable                 9,816               1.28
Stocks (Proven)                           262               0.80
Total                                  10,078               1.27
-----------------------------------------------------------------

Recovery and dilution are variable to reflect the different mining methods.
Mineral reserves are included in mineral resources. Classified according
to the "CIM Standards on Mineral Resources and Reserves: Definitions and
Guidelines" (December, 2005).
All figures rounded to reflect the relative accuracy of the estimate.

During the period Sept 1, 2007 to June 30, 2008 the mine was in full operation and produced from the reserves 1,783,000 tons at a grade of 1.23% Cu. This resulted in the production of 78,580 t of concentrate containing 41,000 lbs of Cu, 12,800 oz Au and 194,900 oz of Ag.

Production Balance

----------------------------------------------------------------------------
Reserves                     Production     New Reserves           Reserves
Sept 1, 2007    (Sept 2007 to June 2008)   (000's tonnes)   at July 1, 2008,
(000's tonnes)            (000's tonnes)                      (000's tonnes)
----------------------------------------------------------------------------
7,709(1)                          1,783            4,152           10,078(2)
----------------------------------------------------------------------------

1. SRK Report NI 43-101 Technical Report Iberian Minerals Corp. Condestable
   and Raul Deposits, October 18, 2007
2. SRK Report NI 43-101 Technical Report Condestable and Raul Deposits
   will be filed within 40 days from the date of  this release

The mine has now increased its throughput to average 6,000 tonnes per day (2.1 million tonnes per year) as a result the new reserves are adequate for approximately 5 years of operation.

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 its wholly owned Condestable mine, located in Peru approximately 90 km south of Lima, operating at 6,000 tonnes per day, producing copper and associated silver and gold in a concentrate. The wholly owned Aguas Tenidas mine is a major copper-zinc project in the Iberian Pyrite Belt in Andalucia region of Spain approximately 110 km north-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 does not constitute an offer of the securities in the Unites 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 there from.

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 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

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