Iberian Minerals Corp. Announces Increase in Bought Deal Financing to $66 Million

11:05 EDT Tuesday, May 31, 2011

TORONTO, ONTARIO--(Marketwire - May 31, 2011) -

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Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Wellington West Capital Markets Inc. and including Cormark Securities Inc. (the "Underwriters") to increase its previously announced offering to $66,087,000. Under the agreement, the Underwriters will now purchase from Iberian 73,430,000 registered shares (the "Shares") at an issue price of $0.90 per Share. The over-allotment option has also been proportionately increased to 11,014,500 Shares representing 15% of the increased offering. As a result, the total gross proceeds from the offering would increase to approximately $76,000,000 if the over-allotment option is fully exercised. All other terms and conditions of the offering remain the same as previously announced earlier today.

The net proceeds of the offering will be used to finance the NPI Buy-out, to fund Iberian's work program at its Sotiel property and for general working capital purposes.

The Shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada (other than the Province of Quebec) pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in other jurisdictions as permitted.

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