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Iberian Minerals Corp. Announces Completion Of $40 Million Bought Deal Financing

13:43 EDT Tuesday, May 26, 2009

TORONTO, ONTARIO--(Marketwire - May 26, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Iberian Minerals Corp. Tuesday, May 26, 2009 - (TSX VENTURE:IZN) ("Iberian" or the "Company") is pleased to announce that it has completed its previously announced underwritten financing and has issued a total of 76,925,000 special warrants of the Company ("Special Warrants") at a price of $0.52 per Special Warrant for gross proceeds of $40,001,000 (the "Offering"). The syndicate of underwriters for the Offering was led by Cormark Securities Inc. and included Canaccord Capital Corporation, Wellington West Capital Markets Inc. and Paradigm Capital Inc. (the "Underwriters").

Each Special Warrant is exercisable into one common share ("Common Share") of Iberian. The Company will use its best efforts to obtain a receipt for a final short-form prospectus which will qualify for sale the Common Shares underlying the Special Warrants issued pursuant to the Offering. In the event that a receipt for a final short-form is not received within 60 days of the closing, each Special Warrant will thereafter entitle the holder thereof to receive, at no additional cost, 1.1 Common Shares (instead of one Common Share).

Trafigura Beheer B.V. ("Trafigura") purchased 31,693,000 Special Warrants under the Offering to maintain its approximate pro rata ownership interests in Iberian. Trafigura currently holds approximately 41.2% of Iberian's issued and outstanding Common Shares. The Underwriters received a commission of 6% of the aggregate purchase price for the Special Warrants other than the Special Warrants purchased by Trafigura.

Iberian plans to use the net proceeds from the Offering to fund its 2009 capital program and for general corporate purposes.

This press release is not an offer of Special Warrants for sale in the United States. The Special Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based 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 concentrates that also have associated silver and gold. 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.