Iberian Minerals Corp. announced that its subsidiary, Compania Minera Condestable S.A. ("Condestable") has entered into a mandate letter dated March 8, 2010 with Societe Generale to arrange an amended senior, secured debt facility. The proposed facility will provide funding for the completion of the Raul lease and royalty purchase, as previously announced on December 23, 2009, which is scheduled to close not later than March 31, 2010.

Currently, the senior debt financing at Condestable held by a syndicate of banks, including Societe Generale has a balance due of US$ 25.4 million with maturity date of February 28t, 2011. It is intended that the total facility, as amended, will increase to US$ 55 million and extend its maturity until March 31, 2013. The closing for the facility remains subject to execution of definitive documentation.