Iberian Minerals Announces Shareholder Meeting, Proposed Swiss Continuance and Funding Requirements

TORONTO, ONTARIO, May 11 (MARKET WIRE) --
Iberian Minerals Corp. (TSX VENTURE: IZN) announced today that it will
hold its Annual Meeting of Shareholders on Wednesday, June 10, 2009. The
Meeting will be held at 2 p.m. at the Toronto Stock Exchange (Gallery
Room), 130 King Street West, Toronto. Immediately following the Meeting,
Iberian will host a reception, and attendance by shareholders and members
of the media as well as other interested parties is welcomed.

Materials for the Meeting will be posted on SEDAR at www.sedar.com and on
the Company's website.

Continuation as a Swiss Corporation

As part of the special business to be considered at the Meeting, Iberian
will be asking shareholders to approve a special resolution authorizing
the re-domicile of the Company by way of corporate law continuance from
being governed by the laws of Canada to those of Switzerland. The
Continuation will not otherwise change Iberian, its assets, its office in
Toronto or the economic or voting interest in shares held by
shareholders. The Continuation is being proposed to create an opportunity
for Iberian and its group of companies to optimize the structuring of
future transactions. The Continuation is not expected to result in
negative tax consequences for either the Company or its shareholders.

Iberian's board of directors has unanimously recommended that
shareholders vote FOR the Continuation. The Continuation must be approved
by a majority of two-thirds of the votes cast at the Meeting, and
assuming such approval, is subject to final confirmation by the board of
directors. The Continuation is also subject to receipt of all regulatory
approvals, including conditional approval from the TSX Venture Exchange
as to the continued listing of the Company's shares.

Funding

As noted previously, as a result of Aguas Tenidas Mine delays during
ramp-up, cash on hand at December 31, 2008 has been used to fund
operations, and additional funds will be required until such time as cash
flow at Aguas Tenidas becomes positive which is currently forecast for
the end of 2009.

Capex at Aguas Tenidas for 2009 and for 2010 is as follows:

----------------------------------------------------------------------------
2009 2010
US$ (millions) US$ (millions)
----------------------------------------------------------------------------
Mine Infrastructure and $ 21.6 $ 7.0
Equipment
Process Plant 35.8 0.4
Electrical installations (surface) 0.8 -
Building Licence 1.1 1.2
Tailings Deposit (Phase II - 2010) 1.0 5.0
Paste Plant 2.8 -
Modifications for Bulk Flotation 1.0 -
Diamond Drilling 1.9 -
TOTAL $ 66.0 $ 13.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Capex at the Company's Condestable Mine is as set out in the press
release dated May 4, 2009.

Based on current cash flow models, the Company has determined that it
will require a funding in the amount of approximately $40 million to meet
2009 cash requirements. The Company is considering various alternatives.

Clarification on Hedging

In the press release dated May 4, 2009, the Company's hedging position for
Aguas Tenidas should have indicated that the position was calls "sold";
accordingly, the forward contracts in force are:

-----------------------------------------------------------
Copper FMT Fixed price
(Fine metric tons) US$/FMT
-----------------------------------------------------------
2009 6,775 3,854
-----------------------------------------------------------
2010 7,900 3,820
-----------------------------------------------------------

-----------------------------------------------------------
Copper call options FMT Fixed price
sold (Fine metric tons) US$/FMT
-----------------------------------------------------------
2010 6,100 4,200
-----------------------------------------------------------

-----------------------------------------------------------
Zinc FMT Fixed price
(Fine metric tons) US$/FMT
-----------------------------------------------------------
2009 5,750 1,340
-----------------------------------------------------------
2010 6,600 1,330
-----------------------------------------------------------

-----------------------------------------------------------
Zinc call options FMT Fixed price
sold (Fine metric tons) US$/FMT
-----------------------------------------------------------
2010 4,900 1,500
-----------------------------------------------------------

As reported in Iberian's MD&A as at December 31, 2008, the following table
summarizes the forward contracts in force with regards to the Company's
Condestable Mine:

------------------------------------------------------
Copper FMT Fixed price
(Fine metric tons) US$/FMT
------------------------------------------------------
2009 19,825 4,419
------------------------------------------------------
2010 20,475 4,420
------------------------------------------------------
2011 20,625 3,492
------------------------------------------------------

------------------------------------------------------
Gold Foz Fixed price
(Fine ounces) US$/Foz
------------------------------------------------------
2009 2,400 741.50
------------------------------------------------------
2010 2,400 741.50
------------------------------------------------------
2011 2,400 741.50
------------------------------------------------------

------------------------------------------------------
Silver Foz Fixed price
(Fine ounces) US$/Foz
------------------------------------------------------
January 2009 65,000 13.89
------------------------------------------------------

Iberian will continue to monitor and review hedging requirements, and
depending on all circumstances including mine plans, actual results, and
economic and market conditions from time to time, amend or change all or
any of the Company's then outstanding commodity or currency positions.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian-based 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 concentrates that also have associated silver and gold.
The Aguas Tenidas Mine is in the Andalucia region of Spain approximately
110 km north-west of Seville. Ramp-up continues on a 1.7 million tonnes
per year underground mine and concentrator that will produce 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", "except", "project",
"intend", "believe", "anticipate", "estimate", and other similar words,
or statements that certain events or conditions "may" or "will" occur.
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.
Assumptions upon which such forward-looking statements are based included
that all required third party regulatory and governmental approvals will
be obtained. Many of these assumptions are based on factors and events
that are not within the control of Iberian 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 management information circular of Iberian dated
November 20, 2007 and in the annual Management's Discussion and Analysis
and Annual Information Form for Iberian filed with the applicable
securities regulatory authorities and available at www.sedar.com.
Although Iberian 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. Iberian 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.

Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

Contacts:
Iberian Minerals Corp.
David Poynton, Senior Vice-President,
General Counsel and Corporate Secretary
416-815-8558

Iberian Minerals Corp.
Laura Sandilands
Investor Relations and Corporate Communications
416-815-8558

Copyright 2009, Market Wire, All rights reserved.

-0-