09:02 EDT Tuesday, October 20, 2009

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) announced today that it has completed the first draw under the previously announced bridge financing of up to US$21,000,000 with Trafigura Beheer, B.V. ("Trafigura") The first draw was for a total of US$16,000,000. On drawdown, 16,761,905 warrants were issued to Trafigura. Each warrant is exercisable for one registered share of Iberian at $0.52 for a period of one year.

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.