Iberian Minerals Corp. (Iberian) is involved in mining and development of base metal deposits in Spain and Peru. As of December 31, 2008, the Company is in the process of completing the construction and commissioning of the Aguas Teridas copper/zinc project (Aguas Teridas) located in the region of Andalucía province of Huelva in southwest Spain. Iberian holds approximately 98.7% of Compania Minera Condestable S.A. (CMC), the owner and operator of the Condestable mine and lessee of the Raul mine (collectively the Condestable Mine) located in Lima, Peru. CMC’s principal business is the mining, processing and sale of copper concentrates. It sells its concentrates to Consorcio Minero S.A. (Cormin), a subsidiary of Trafigura Beheer B.V. (Trafigura) a company, which controls approximately 42% of Iberian.