09:05 EST Tuesday, February 02, 2010

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that the relevant authority of the Junta de Andalucia has issued the environmental authorization which will permit the use of six new reagents for the operation of the new modular Cu/Pb flotation separation circuit at the Aguas Tenidas Mine. The six permitted flotation reagents are zinc cyanide, sodium dichromate, activated carbon, cellulose, sodium hypophosphate, and sodium bisulphite. The permitted use of zinc cyanide and sodium dichromate are considered the key reagents required for the new copper and lead separation circuit. With this authorization the Aguas Tenidas Mine is able to proceed with ordering zinc cyanide and the other reagents to be delivered to the site by mid-February.

As previously announced, the installation of the modular copper and lead separation circuit is within the existing polymetallic flotation circuit at the Aguas Tenidas processing plant. The mechanical and electrical installation of this circuit is now completed and the circuit is in the commissioning phase with water testing of the circuit now underway. The modular Cu/Pb flotation separation circuit will process bulk copper and lead concentrate from the polymetallic circuit to produce separate copper and lead concentrates, and is expected to be fully operational by the end of February 2010.

The Company will either blend copper concentrate produced from the modular Cu/Pb flotation separation circuit with copper concentrate produced from processing copper ore, or ship each copper concentrate separately with the objective to continually maximize revenue from copper concentrate sales. Lead concentrate produced from the separation circuit, which will contain important quantities of silver, will be shipped by container to overseas customers located primarily in Asia.

Daniel Vanin said: "This is another important step and milestone achievement for Aguas Tenidas. We will now be producing our three separate concentrates - copper, zinc and lead - in a manner that is acceptable to us. Full environmental controls and safeguards are in place for the use of the additional reagents."

Related Party Transaction

Iberian also announces that its wholly-owned subsidiary, Minas de Aguas Tenidas S.A. ("MATSA"), has entered into an unsecured loan agreement with Trafigura Beheer B.V. ("Trafigura") in the principal amount of US$2.4 million. The loan is considered to be in the ordinary course of business and intended to give MATSA immediate access to cash while it awaits payment from the Spanish authorities of a Spanish VAT receivable of approximately EUR1.9 million, which payment is expected to occur on or before March 31, 2010. The loan is consistent with past practice.

Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the loan is a related party transaction with Trafigura. Iberian is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(a) of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction will exceed 25% of Iberian's market capitalization.

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 and operates a 1.7 million tonnes per year underground mine and concentrator that produces copper, zinc and bulk copper/lead concentrates that also contain gold and silver