Iberian Minerals Publishes Preliminary Q3 2011 Production Results Operations Continue on Track

TORONTO, ONTARIO -- (Marketwire) -- 10/11/11 -- Iberian Minerals Corp. (TSX VENTURE: IZN) today announced preliminary production results for the three and nine months ended September 30, 2011.

Mr. Daniel Vanin, President and CEO, stated 'Overall both mining operations continue to deliver in line with 2011 targets. At Aguas Tenidas the labour interruptions that occurred during Q3 were recovered by the operation and we continue to maintain expected metal production guidance for 2011. Condestable's throughput rate in Q3 increased as the plant expansion was put into operation.'

Peruvian Operations - Condestable Mine:

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Production                                  Unit      Q3 2011            YTD
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Ore processed                                 T       597,100      1,769,200
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Copper grade                                  %          1.05           1.09
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Concentrate                                  DMT       24,500         72,100
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Contained copper                             FMT        5,700         17,410
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Fine gold                                    Oz         3,500         10,500
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Fine silver                                  Oz        79,400        240,700
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Spanish Operations - Aguas Tenidas Mine:

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Production                                  Unit      Q3 2011            YTD
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Copper ores
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Ore processed                                 T       274,200        867,300
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Copper grade                                  %          2.20           2.20
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Concentrate                                  DMT       22,600         73,200
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Contained copper                             FMT        5,180         16,410
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Recovery rate                                 %            86             86
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Fine silver                                  Oz        62,000        217,000
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Polymetallic ores
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Ore processed                                 T       244,400        631,800
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Zinc grade                                    %          5.38           5.71
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Zinc concentrate                             DMT       18,300         50,900
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Contained zinc                               FMT        8,630         24,430
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Recovery rate                                 %            66             68
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Copper grade                                  %          1.17           1.10
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Copper concentrate                           DMT        6,100         11,200
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Contained copper                             FMT        1,450          2,580
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Copper recovery rate                          %            51             38
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Lead grade                                    %          1.54           1.69
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Lead concentrate                             DMT        7,300         23,500
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Contained lead                               FMT        1,220          4,220
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Lead recovery rate                            %            33             39
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Fine silver                                  Oz       173,600        504,400
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Q3 comments for Aguas Tenidas operation:

--  Contained copper metal production was in line with budget.
--  The copper ore circuit copper recovery was 86% versus budget of 83%.
--  The zinc recovery rate for the polymetallic circuit was 66% (target of
    66%).
--  Ores processed (combined copper and polymetallic) were 5,635 tpd. Ore
    throughput in Q3 was impacted by the rolling strikes in August and
    September with a loss of 4 days of production. Despite lower ore
    throughput the metallurgical performance of the poly-metallic circuit
    was improved as a better grinding of the ore was achieved. This resulted
    in metal production within budgeted parameters.

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.

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