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Iberian Minerals Makes Formal Offer to Acquire Remaining 8% of Compania Minera Condestable

16:30 EDT Thursday, August 28, 2008

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2008) - Iberian Minerals Corp. (TSX VENTURE:IZN) Iberian Minerals Corp. ("Iberian") announces that it has filed an offer of purchase in Peru to acquire up to 3,474,288 shares of Compania Minera Condestable S.A. ("Condestable") at a price of 9.67 Nuevos Soles (Cdn$3.47) in accordance with the requirements of the Lima Stock Exchange and the Peruvian securities authorities. The 3,474,288 Condestable shares represents the remaining 8.09% of the share capital of Condestable not already owned by Iberian. The offer price for the Condestable shares was determined by an independent valuator appointed in Peru as required by applicable Peruvian regulatory requirements. The offer to purchase the Condestable shares will take place through the Lima Stock Exchange over a period of 40 trading days commencing September 4, 2008 and ending October 30, 2008. All Condestable shares tendered to the offer will be purchased by Iberian at a closing scheduled for November 5, 2008. Upon closing of the offer, the shares of Condestable will be delisted from the Lima Stock Exchange.

As previously announced and as disclosed in Iberian's Management Information Circular of November 20, 2007, the offer to purchase the Condestable shares being made by Iberian is a requirement of the Lima stock exchange and the Peruvian securities authorities following Iberian's acquisition of the approximate 92% interest in Condestable from Trafigura Beheer B.V. which was completed early this year and in the intent of Iberian to privatize Condestable and delist it from the Lima Stock Exchange. The Peruvian regulatory environment does not provide a mechanism of compelling shareholders to tender their shares to Iberian. Those shareholders of Condestable who do not tender their shares to the Iberian 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 copper and zinc company with developing and producing interests in Spain, the Aguas Tenidas Project and Peru, the Condestable Mine. 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, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities 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 therefrom.

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", "expect", "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 transactions will be completed, that all required third party regulatory and governmental approvals for transactions 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
and Corporate Communications

(416) 815-8558

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.