International Minerals Corporation
FRANKFURT : MIW
TSX : IMZ
Swiss : IMZ

International Minerals Corporation

January 31, 2007 08:30 ET

International Minerals/Hochschild Expand Mineralized Zone at Pallancata Silver-Gold Project, Peru

Drill Results Include 5.4m At 711 g/t Silver, 2.8 g/t Gold

SCOTTSDALE, ARIZONA--(CCNMatthews - Jan. 31, 2007) - International Minerals Corporation ("IMC") (TSX VENTURE:IMZ)(SWX:IMZ)(FWB:MIW) announces results of the 2006 exploration drilling program at the Pallancata silver-gold property in Peru. This drilling program comprised 18 core drill holes totaling 6,938m and has expanded the strike length of mineralization in the main Pallancata vein by a minimum of 300m to over 2.0km.

Pallancata Holding S.A.C. and Compania Minera Ares S.A.C. (wholly-owned subsidiaries of Hochschild Mining plc ("Hochschild")) are IMC's joint venture partner and project operator respectively and intend to bring the main Pallancata Vein into production in the third quarter of 2007.

In September 2005, IMC announced an Inferred Mineral Resource estimate of approximately 39 million ounces of silver and 147,000 ounces of gold at an average grade of 445 g/t silver and 1.7 g/t gold (at a cut-off grade of 150 g/t silver) contained within 2.7 million tones. Mineralization was open in all directions. This inferred resource was calculated for the Pallancata Vein only and it excludes the drill results below, which are all located to the west of the previous IMC drilling. A new resource estimate (in the measured and indicated categories) will be produced by Hochschild in the first quarter of 2007 based on IMC's previous drilling and new infill and definition drilling carried out by Hochschild in 2006.

The 2006 exploration drilling campaign tested a number of mineralized targets: (a) the main Pallancata Vein; (b) the Diagonal Vein (a subsidiary vein in the hanging wall of the Pallancata Vein); (c) the Huararani stockwork/vein zone, 130m to 180m north of the Pallancata Vein; and (d) the Mariana Vein, approximately 1.5km north of the Pallancata Vein. A summary of theses target areas is provided below. All assay results are uncut and mineralized intercepts are true widths, unless indicated.

- The main Pallancata Vein was intersected in four drill holes, including 5.4m at 711 g/t silver and 2.8 g/t gold in drill hole A-14. Results from these drill holes have extended the previously identified silver-gold mineralization by a minimum of 300m west of IMC's previous drilling.

- The Diagonal Vein was intersected in one drill hole (A-14) and reported 1.5m at 1,261 g/t silver and 4.0 g/t gold.

- A number of new veins were intersected in the Huararani stockwork/vein zone. Assay results from the 12 drill holes included a drill intercept of 2.2m at 1,269 g/t silver and 4.7 g/t gold in drill hole A-47. True widths were not calculated for the Huararani veins as the orientation of these veins is currently not known.

- The Mariana Vein was intersected in one drill hole (A-61) which included 0.1m at 1,374 g/t silver and 4.1 g/t gold.

A summary of all 18 core drill holes is provided in the following table and drill hole locations are shown on the attached map.

To view the map attached to this release please click on the following link: http://www.ccnmatthews.com/docs/0131imz.pdf



TABLE 1. PALLANCATA PROJECT - EXPLORATION DRILL RESULTS (ALL UNCUT VALUES)

-------------------------------------------------------------------------
Drill Est.
Drill Hole Inter- True
Hole Length From To section Width Silver Gold
Target Section Number (m) (m) (m) (m) (m) (g/t) (g/t)
-------------------------------------------------------------------------
Diagonal 850 A-14 433 359.7 361.6 1.9 1.5 1,261 4.0
-------------------------------------------------------------------------
Pallancata 850 A-14 433 402.2 409.2 7.0 5.4 711 2.8
-------------------------------------------------------------------------
Pallancata 850 A-47 504 215.3 221.3 6.1 3.7 176 0.5
-------------------------------------------------------------------------
Pallancata 750 A-49 449 373.0 386.2 13.2 4.9 484 1.7
-------------------------------------------------------------------------
Pallancata 750 A-55 Above mineralized shoot. No significant
intersections
-------------------------------------------------------------------------
Pallancata 750 A-60 Above mineralized shoot. No significant
intersections
-------------------------------------------------------------------------
Pallancata 650 A-44 451 406.1 407.3 1.2 0.5 233 0.8
-------------------------------------------------------------------------
Pallancata 650 A-40 Above mineralized shoot. No significant
intersections
-------------------------------------------------------------------------
Huararani 850 A-47 504 421.4 424.1 2.7 Not
known 602 2.8
-------------------------------------------------------------------------
Huararani 850 A-47 504 456.1 458.2 2.2 Not
known 1,269 4.7
-------------------------------------------------------------------------
Huararani 850 A-47 504 466.2 471.0 4.8 Not
known 271 1.1
-------------------------------------------------------------------------
Huararani 850 A-47 504 493.5 498.5 5.0 Not
known 179 1.0
-------------------------------------------------------------------------
Huararani 850 A-15 No significant intersections
-------------------------------------------------------------------------
Huararani 850 A-22 537 433.0 433.4 0.4 Not
known 273 0.8
-------------------------------------------------------------------------
Huararani 750 A-21 No significant intersections
-------------------------------------------------------------------------
Huararani 750 A-31 415 338.4 339.1 0.8 Not
known 1611 5.2
-------------------------------------------------------------------------
Huararani 750 A-26 481 334.2 335.5 1.3 Not
known 283 1.2
-------------------------------------------------------------------------
Huararani 650 A-36 514 475.5 478.2 2.7 Not
known 316 0.9
-------------------------------------------------------------------------
Huararani 650 A-34 No significant intersections
-------------------------------------------------------------------------
Huararani 650 A-24 No significant intersections
-------------------------------------------------------------------------
Mariana 3150 A-65 No significant intersections
-------------------------------------------------------------------------
Mariana 3250 A-58 No significant intersections
-------------------------------------------------------------------------
Mariana 3250 A-61 417 118.5 118.7 0.22 0.1 1,374 4.14
-------------------------------------------------------------------------


2007 Drill Program

The 2007 exploration drilling program at the Pallancata property will commence in the next few weeks and will continue testing the Pallancata, Huararani and Mariana veins. In addition, initial drilling will take place on the Mercedes Vein (where 75 surface rock chip sample values ranged from 1 g/t to 1,060 g/t silver and trace to 3.3 g/t gold), San Cayetano (where 211 surface rock chip sample values ranged from 1 g/t to 1,505 g/t silver and trace to 13.8 g/t gold), and the Virgen del Carmen veins (where previous drill intercepts included 1.0m at 553 g/t silver and 3.6 g/t gold and 0.8m at 786 g/t silver and 3.0 g/t gold, all values uncut). A total of 16,000m of core drilling have been budgeted for these purposes by IMC and Hochschild.

Hochschild Agreement

Hochschild owns a 60% interest in the Pallancata project and is funding: (a) 100% of all required development and capital requirements to bring the main Pallancata Vein(s) into initial production, starting at 500 tonnes per day (tpd) and rising to 1,000 tpd. These costs are not recoverable by Hochschild from mine production cash flows; and (b) 60% of all exploration expenditures in areas outside of the main Pallancata Vein(s). IMC owns a 40% interest in the Pallancata project and is funding 40% of all exploration expenditures, including drilling. See IMC news release dated July 18, 2006 for details of the agreement between IMC and Hochschild.

Sample preparation and analytical work were carried out by the independent SGS laboratory in Lima, Peru using industry-standard sampling practices and analytical methods for silver and gold. A quality control program was used whereby 10% of all samples sent to the laboratory were standards with known silver and gold content. Results achieved were acceptable. Sample preparation and handling procedures follow industry norms. Drilling was performed by Boart-Longyear, an international drilling company, which uses industry-standard drilling practices. IMC's drilling program was supervised by Qualified Person, IMC Chief Geologist, Mark Cannuli.

Neither Hochschild Mining plc nor any of its subsidiaries accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

About Hochschild

Hochschild Mining plc (symbol HOC.L on Reuters and HOC.LN on Bloomberg) is a publicly-held company listed on the London Stock Exchange. Hochschild is a leading precious metals company with a primary focus on the exploration, mining, processing and sale of silver and gold. In 2006, the company produced approximately 11.6 million ounces of silver and 196,000 ounces of gold. The company has over forty years experience in the exploration, evaluation and extraction of precious metal epithermal vein deposits.

ON BEHALF OF THE BOARD

Stephen J. Kay, President and CEO

The Toronto, Swiss and Frankfurt Stock Exchanges neither approve nor disapprove the information contained in this News Release.

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