Using angular resolved X-ray Photoelectron Spectroscopy (XPS), Magneto Optic Kerr Effect (MOKE) and X-ray Absorption Spectroscopy (XAS), we characterize the structural and magnetic evolution upon annealing of two thin Co films (8 and 9 Monolayers) deposited on Ir(111). The XAS data collected in the near Co K edge region (XANES), interpreted with ab-initio simulations, show that intermixing takes place at the Co-Ir interface. Using a linear combination analysis, we follow the intermixing during the thermally driven diffusion process. At 500 °C, the interface between Co and Ir(111) roughens slightly, but no alloy formation is detected. At 600 °C, the Co film loses integrity and MOKE data show a rearrangement of the magnetic domains. Annealing to higher temperatures results in CoxIr1 −  x alloy formation and Ir segregation on the surface.