08:32 EST Wednesday, March 10, 2010

TORONTO, ONTARIO--(Marketwire - March 10, 2010) - Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that its subsidiary, Compania Minera Condestable S.A. ("Condestable") has entered into a mandate letter dated March 8, 2010 with Societe Generale to arrange an amended senior, secured debt facility. The proposed facility will provide funding for the completion of the Raul lease and royalty purchase, as previously announced on December 23, 2009, which is scheduled to close not later than March 31, 2010.

Currently, the senior debt financing at Condestable held by a syndicate of banks, including Societe Generale has a balance due of US$ 25.4 million with maturity date of February 28t, 2011. It is intended that the total facility, as amended, will increase to US$ 55 million and extend its maturity until March 31, 2013. The closing for the facility remains subject to execution of definitive documentation.

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