09:01 EDT Monday, August 24, 2009

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) announced today that in connection with the previously announced purchase of the underground mining division of Insersa at Aguas Tenidas, which closed on July 31, 2009, the Company will issue a total of 1,459,073 registered shares (the "Insersa Shares") on or about September 4, 2009. Failure to issue renders the Company liable to return to Insersa Euros 480,000, being the amount of the subscription price received for the Insersa Shares.

As noted in the press release of July 22, 2009, the exact number of shares to be issued was subject to calculation. The Insersa Shares are being issued at price of $0.485 each, for total consideration of $707,650.56. Conditional approval of the TSXV for the issuance of the Insersa Shares has been received.

For Swiss corporate purposes, the issuance of the Insersa Shares is currently being completed with registration before the appropriate authorities expected shortly.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals company with interests in Spain and Peru. The Condestable Mine, located in Peru approximately 90 km south of Lima, operates at 2.2 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville. Ramp-up continues on a 1.7 million tonnes per year underground mine and concentrator that will produce copper, zinc and lead concentrates that also contain gold and silver