GENEVA, SWITZERLAND--(Marketwire - Jan. 18, 2012) - Reference is made to the offer dated December 15, 2011 (the "Offer") by Urion Mining International B.V. (the "Offeror"), an indirect, wholly-owned subsidiary of Trafigura Beheer B.V. ("Trafigura") to purchase all of the issued and outstanding registered shares ("Registered Shares") in the capital of Iberian Minerals Corp. ("Iberian") which are not already held by Trafigura or its affiliates at a price of C$1.10 per Registered Share, in cash.

The Offeror has extended the Offer, from 8:00 p.m. (Toronto time) on January 23, 2012, until 8:00 p.m. (Toronto time) on February 10, 2012, unless the Offer is further extended or withdrawn.

The Offeror has retained Georgeson Shareholder Communications Canada Inc. ("Georgeson") as information agent to respond to inquiries from holders of Registered Shares regarding the Offer. Georgeson may be contacted toll-free at 1-866-374-0472 in North America or (+1) 781-575-2168 from outside North America or by e-mail at askus@georgeson.com. The Depositary for the Offer is Computershare Investor Services Inc. ("Computershare"). Inquiries to Computershare should be directed to 1-800-564-6253 in North America or (+1) 514-982-7555 from outside North America or by e-mail at corporateactions@computershare.com.

THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SUBSTITUTE FOR THE FILED OFFER AND TAKEOVER BID CIRCULAR AND IBERIAN DIRECTORS' CIRCULAR (COLLECTIVELY, THE "OFFER DOCUMENTS"). THERE CAN BE NO ASSURANCE THAT THE CONDITIONS OF THE OFFER WILL BE SATISFIED, OR THAT THE TRANSACTION WILL BE COMPLETED AS PROPOSED OR AT ALL. THE SOLICITATION AND THE OFFER TO BUY REGISTERED SHARES OF IBERIAN IS MADE ONLY PURSUANT TO THE OFFER DOCUMENTS. IBERIAN SHAREHOLDERS AND OTHER INVESTORS SHOULD READ THE OFFER DOCUMENTS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.