Iwelumo faces up to three months on the sidelines after suffering a broken metatarsal in Wolves's pre-season win over Perth Glory earlier this week.
The news is a blow for Iwelumo as he had just returned to fitness after a knee ligament injury, which ruled him out of the final five matches of last season.
The 30-year-old is determined to make a quick recovery as he looks to help Wolves back in the top flight.
"It is a low point. I have worked very hard through the summer to come back in the shape I am part, but it is part and parcel of football and you have just got to take it on the chin," Iwelumo told Sky Sports News.
"I am a little bit gutted at the minute.
"I was feeling it [the injury] for a couple of days before the match I was thinking it must have been a knock I had in training I thought it was jusy bruised boning.
"Basically I was just running it wasn't a tackle and I just felt it crack and I am unlucky at the minute.
"I have got to take it on the chin, try and stay positive and come back.
"I think I will be gettng an operation on Tuesday then a rigourous rehab programme to just try and maintain the fitness I am in just now.
"I have been trying for seven years to get to the Premier League and hopefully I can keep on top of it and get myself back as quickly as possible and then make an impact which is what I wanted to do from the start."
Iwelumo looks set to miss Scotland's World Cup qualifier with Norway in August and he faces a race against time to be fit for the games against Macedonia and Holland in September.
The big forward is determined to do his best to recover in time to be available for Burley for the crucial qualifiers.
"Obviously I will do whatever I can to get myself fit for them as the importance of those matches is unbelievable," added Iwelumo.