Iberian Minerals Reports Hedging Update at Condestable

TORONTO, ONTARIO -- (Marketwire) -- 02/11/11 -- Iberian Minerals Corp. (TSX VENTURE: IZN) today announced an update to the hedging positions at Condestable Mine.

In light of the current buoyant copper pricing environment the Board of Directors decided to set some high pricing ranges on a reasonable level of future copper production. This action provides a degree of revenue protection on the downside as these current high copper market prices may not be sustainable over the long term and also provides upside copper price participation to current high prices, if sustained.

Condestable Mine has added the following copper hedge collars to its overall position from February 2012 to March 2013, inclusive (the 'Period'):

--  75 FMT per month with floor price of $7,500/FMT ($3.40/lb) and ceiling
    price of $10,450/FMT ($4.74/lb)

--  140 FMT per month with floor price of $8,000/FMT ($3.63/lb) and ceiling
    price of $10,970/FMT ($4.98/lb)

--  285 FMT per month with floor price of $8,000/FMT ($3.63/lb) and ceiling
    price of $10,950/FMT ($4.97/lb)

This new hedging represents an additional 25% of forecast production in the Period and is in addition to previously hedged volumes of copper production, bringing the overall hedging for the Period to 50% of total production. The counter party to these contracts is Condestable's senior secured lender (Societe Generale) and is without any margin call requirements.

The hedging has been executed using a zero cost collar hedging strategy whereby positions have been entered into to achieve a minimum hedge price (floor) and a maximum hedge price (ceiling). There is no cost to the Company for this collar hedging strategy.

Corporate Development

Iberian reports that the C$ 3,609,750, 7% convertible debenture (the 'Debenture'), placed with certain insiders of Iberian in June 2010, was converted to registered shares (the 'Shares') of the Company. Iberian had a contractual option such that at any time prior to the maturity date, if the volume weighted average price of the Shares on the TSX Venture Exchange for any consecutive 20 day period was equal to or greater than a 60% premium to the conversion rate of C $0.56 per share, then the Company had the right to accelerate the conversion of the Debentures upon delivery of written notice to the holders. Iberian exercised this option and issued 6,445,983 to the holders of the Debenture on February 11, 2011.

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.

FORWARD LOOKING STATEMENTS:

This news release contains certain 'forward-looking statements' and 'forward-looking information' under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled 'Risk Factors' in the Corporation's annual information form dated March 29, 2010. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:

Iberian Minerals Corp.

Laura Sandilands

Investor Relations and Corporate Communications

416-815-8558