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Iberian Minerals Agrees to Purchase Raul Lease and Royalty at Condestable Mine

09:02 EST Wednesday, December 23, 2009

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that an agreement has been entered into with Corianta S.A., a subsidiary of Cementos Pacasmayo S.A.A., member of Hochschilds Group to purchase all remaining interest in the Raul Mine. The purchase price is US$ 28 million, and is to close by March 31, 2010.

The Condestable Mine is comprised of two mines - Condestable and Raul. Consisting of 6,600 hectares, the Raul Mine is located south-west of the Condestable Mine, and also has 364 hectares of surface rights and buildings. Raul has been under lease with a term ending February 2011 with an option to renew to February 2014, subject to monthly royalty payments being made comprised of base, production and price components, which currently are annualized at approximately US$ 6 million.

The transaction is subject to financing