Iberian Minerals Announces New Hedging for Condestable

TORONTO, ONTARIO, Apr 06 (MARKET WIRE) --
Iberian Minerals Corp. (TSX VENTURE: IZN) today announced that its
subsidiary, Compania Minera Condestable S.A. ("Condestable"), has
executed required hedging in connection with the US$ 55 million senior
secured debt facility which was completed on March 31, 2010.

The hedging has been executed using a zero cost collar hedging strategy
whereby positions have been entered into to achieve a minimum hedge price
and a maximum hedge price. This ensures that Condestable will realize a
minimum price of $6,500 per FMT of copper and market price participation
up to $8,760 per FMT of copper. There is no cost to the Company for this
collar hedging strategy.

This hedging requirement is at a reasonable level of approximately 25% of
forecast payable copper production from February 2012 to March 2013.
During this period Condestable will realize the market copper price on
the hedged copper volume so long as the market copper price is within the
collar price range. The remaining 75% un-hedged copper volume will be
fully exposed to copper market price fluctuations. The Company has no
plans to hedge additional copper production at Condestable.

Existing and proposed hedging is set out in the following table:

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2010 2010 2011 2011 2012 2012 2013 TOTAL
S1 S2 S1 S2 S1 S2 S1
Existing Hedging
Volumes
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Cu Forwards FMT 10,200 10,275 10,275 10,350 1,750 42,850

Cu price USD/t 4,419 4,419 3,583 3,408 3,408 3,933
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New Collar Hedging
Volumes
Copper
---------------
Volume FMT 2,500 3,000 1,500 7,000
Minimum price USD/t 6,500 6,500 6,500
Maximum price USD/t 8,760 8,760 8,760

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Cu % hedged 82% 83% 83% 83% 34% 24% 24% 62%
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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.

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.

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

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