TORONTO, ONTARIO--(Marketwire - June 24, 2011) -

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Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has closed its previously announced underwritten offering of 84,444,500 registered shares (the "Shares") at a price of $0.90 per Share for gross proceeds of $76,000,050. The Shares sold today included the exercise in full of a 15% over-allotment option previously granted to the underwriters.

The Shares were sold pursuant to an underwriting agreement with a syndicate of investment dealers led by Wellington West Capital Markets Inc. and including Cormark Securities Inc. The underwriters were paid a cash fee equal to 5.0% of the gross proceeds of the offering other than in respect of 40,617,805 Shares purchased by Trafigura Beheer B.V. ("Trafigura").

The net proceeds of the offering will primarily be used to finance the purchase from Trafigura (the "NPI Buy-out") of its interest to 45.96% of the after tax net operating profit of Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. As partial consideration for the NPI Buy-out, Iberian announces that it will issue to Trafigura 1,236,551 registered shares at a deemed issue price of $0.90, subject to regulatory approval. The NPI Buy-out is expected to close as soon as commercially possible and, in any event, not later than fifteen business days from today.

The net proceeds of the offering will also be used to fund Iberian's work program at its Sotiel property and for general working capital purposes.

To assist in the evaluation of the NPI Buy-out, a third-party financial advisor was engaged by an independent committee of Iberian's board of directors. The financial advisor concluded that the consideration to be paid by Iberian to complete the NPI Buy-out is fair from a financial point of view to Iberian shareholders.

Daniel Vanin, the Chief Executive Officer of Iberian commented, "We are very pleased with the support that this financing received. The proceeds will allow the Company to complete two important priorities being the NPI Buy-out, which we believe to be accretive to our shareholders, and also to pursue a potential strategic growth opportunity in Spain by advancing our study of the Sotiel property."

Related Party Transactions

Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the purchase of Shares by Trafigura is and the NPI Buy-out will be "related party transactions" as Trafigura, following completion of the offering, holds 217,199,968 registered shares representing approximately 48.1% of the issued and outstanding registered shares of Iberian. Iberian is exempt from the formal valuation requirement of MI 61-101 in connection with the NPI Buy-out and the purchase of Shares by Trafigura in reliance on section 5.5(b) of MI 61-101 as no securities of Iberian are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock market or any other stock exchange outside of Canada and the United States. Additionally the Corporation is exempt from obtaining minority shareholder approval in connection with the NPI Buy-out and the purchase of Shares by Trafigura in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the NPI Buy-out and the purchase of Shares by Trafigura does not 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 2.2 million tonnes per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain gold and silver.

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