Iberian Minerals Corporation announced the receipt of exploration concessions for the Sotiel Mine a formerly producing underground copper and zinc mine.

Located 25 kilometers from the Company's Aguas Tenidas Mine in Spain, the 17 new concessions cover approximately 200 ha2, encompass a formerly operating mine and were awarded by the Junta de Andalucia government after a public bidding process.

The Company intends to undertake a work program consisting of de watering, underground drilling and studies to confirm resources. Iberian intends to commission a pre feasibility study in 2011. Rehabilitation of the mine is expected to take place over an 18 to 24 month period. All the annotated activities will be carried out concurrently and are planned to start immediately. Pre feasibility study costs are expected to be covered by operating cash flows.

The Sotiel Mine previously operated at approximately 3,000 tonnes per day and Iberian anticipates similar production results which could be transported by rail or road to Aguas Tenidas for processing. To accommodate material from the Sotiel Mine, the existing Aguas Tenidas plant will require a further expansion for which plans are now being prepared.

The Sotiel Mine is part of the Sotiel Migollas complex, located on the same pyritic mineral belt as Aguas Tenidas. It is copper, zinc and lead mine which has been intermittently active since Roman times and was in operation until 2002 when low metal prices contributed to its closure.

While in operation, the mine produced approximately 8.4 MT of polymetallic ores at 4.52% zinc from 1983 to 2000 and approximately 1.1 MT of cupriferous ores at 3.27% copper from 1994 to 2000. The deposit is very similar to Aguas Tenidas, with 2/3 polymetallic and 1/3 cupriferous ores. The Company expects that recoveries from the Sotiel ores will be similar to those of Aguas Tenidas.

Mr Daniel Vanin president and CEO of Iberian said that "We are very pleased to have been awarded these concessions and the rights to the Sotiel Mine. Preliminary reviews of the resources and reserves of the mine, along with knowledge of past production, indicate that this project could significantly add to our production. With excellent infrastructure in the area, we believe ore can be reliably transported to an expanded Aguas Tenidas plant. The various options and any potential production decision will be reviewed in due course."