TORONTO, ONTARIO–(Marketwire – Nov. 16, 2012) – Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and nine month periods ended September 30, 2012, with comparative figures for the three and nine month periods ended September 30, 2011. The condensed interim consolidated financial statements and related notes, and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net loss of $33.24 million for Q3 2012, representing a loss of $0.07 per share.

• Recorded net loss of $33.24 million or $(0.07) per registered share which included:
  • Sales of $115.85 million and gain after cost and expenses of mining operations of $16.26 million;
  • A realized gain of $2.67 million on commodity hedges (included in sales) which contributed to the gross gain;
  • An unrealized non-cash loss of $41.92 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and silver.
• Cash flow provided by operations before changes in working capital items was $28.47 million.

• Recorded net loss of $20.07 million or $(0.04) per registered share which included:
  • Sales of $326.63 million and gain after cost and expenses of mining operations of $54.13 million;
  • A realized loss of $8.76 million on commodity hedges (included in sales) which partly net off the gross gain;
  • An unrealized non-cash loss of $28.21 million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and silver.
• Cash flow provided by operations before changes in working capital items was $94.51 million.

• MATSA processed 527,430 tonnes of ores in 2012 versus 518,682 tonnes of ores in 2011 (increase of 8,748 tonnes or 1.7%).
• Produced 28,689 DMT of copper concentrate (2011 – 28,707 DMT), 11,885 DMT of zinc concentrate (2011 – 18,260 DMT) and 2,162 DMT of lead concentrate (2011 – 7,280 DMT). Contained metal production was 6,541 FMT of copper (2011 – 6,638 FMT), 5,338 FMT of zinc (2011 – 8,632 FMT), 0,38 FMT of lead (2011 – 1,217 FMT) and 177,640 ounces of silver (2011 – 235,549 ounces).
• The Cash Operating Cost (non-IFRS measure – refer to section 6) was $1.52 per payable pound of copper (2011 – $1.56 per payable pound of copper). Reduction in Cash Operating cost in 2012 was due to a reduction in direct cost (US$23,68 million in 2012 versus US$25,78 in 2011), with similar copper production levels but significantly net off by lower by-credits of lead, Zinc and silver (US$9,99 million in 2012 versus US$11,69 in 2011).

• MATSA processed 1,606,960 tonnes of ore in 2012 versus 1,499,209 tonnes of ore in 2011 (increase of 107,750 tonnes or 7.2%).
• Produced 85,885 DMT of copper concentrate (2011 – 84,064 DMT), 46,916 DMT of zinc concentrate (2011 – 50,893 DMT) and 13,483 DMT of lead concentrate (2011 – 23,525 DMT). Contained metal production was 19,829 FMT of copper (2011 – 18,916 FMT), 21,936 FMT of zinc (2011 – 24,390 FMT), 3,240 FMT of lead (2011 – 4,216 DMT) and 707,085 ounces of silver (2011 – 725,101 ounces).
• The Cash Operating Cost was $1.28 per payable pound of copper (2011 – $1.67 per payable pound of copper). Year-to-date Cash Operating cost was substantially reduced in 2012. Driver for the reduction is a reduction on direct cost (US$69,83 million in 2012 versus US$76,94 in 2011) with higher copper production levels.
• During the nine months ended September 30, 2012, the Company terminated an agreement with Cadillac Venture Inc. which extinguishes their 90% interest on 14 of MATSA’s properties located in the Iberian Pyrite Belt of southern Spain. The consideration for the transaction was CAD$2.50 million. The transaction was accepted by TSX Venture Exchange. As of September 30, 2012, the transaction was paid.

• The average copper ore grade was 0.89% in 2012 versus 1.05% in 2011.
• CMC processed 627,929 tonnes of ore in 2012 versus 597,139 tonnes of ore in 2011 (increase of 30,790 tonnes or 5.16%).
• Copper concentrate production in 2012 was 21,733 DMT versus 24,551 DMT in 2011 (decrease of 2,818 DMT or 11.47%).
• Contained copper production in 2012 was 5,061 FMT versus 5,688 FMT tonnes in the prior year (decrease of 627 FMT or 11.02%).
• The Cash Operating Cost in 2012 was $2.14 per payable pound of copper versus prior year of $1,19. Higher Cash Operating Cost in 2012 are driven by (i) an increase in operating cost mainly due to FX rate of Nuevos Soles versus USD and higher wages cost and (ii) the impact of lower head grade levels (from 1.05% in 2011 to 0.89% in 2012).

• The average copper ore grade was 0.93% in 2012 versus 1.09% in 2011.
• CMC processed 1,854,031 tonnes of ore in 2012 versus 1,769,167 tonnes of ore in 2011 (increase of 84,864 tonnes or 4.8%).
• Copper concentrate production in 2012 was 67,399 DMT versus 72,428 DMT in 2011 (decrease of 5,029 DMT or 6.4%).
• Contained copper production in 2012 was 15,586 FMT versus 17,387 FMT in the prior year (decrease of 1,801 FMT or 10.36%).
• The Cash Operating Cost in 2012 was $1.89 per payable pound of copper versus prior year of $1.12, driven by decrease in head grades of copper in 2012 (from 0.93% in 2011 to 1.09% in 2012).

Summarized Financial Results

The following table presents a summarized Statement of Operations for the three and nine months ended September 30, 2012 with comparatives for the three and nine months ended September 30, 2011.

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 2.4 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.

Note 1 – The Cash Operating Cost per pound of payable copper is a non-IFRS performance measure. It includes cash operating costs, including treatment and refining charges (“TC/RC”), freight and distribution costs, and is net of by-product metal credits (zinc, gold and silver). The Cash Operating Cost per pound of payable copper indicator is consistent with the widely accepted industry standard established by Brook Hunt and is also known as the C1 cash cost.

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.