International Minerals Corporation
Swiss : IMZ

International Minerals Corporation

October 18, 2006 08:30 ET

Hochschild/International Minerals Commence Infill and Exploration Drill Programs at Pallancata Silver Project, Peru

SCOTTSDALE, ARIZONA--(CCNMatthews - Oct. 18, 2006) - International Minerals Corporation ("IMC") (TSX:IMZ)(SWX:IMZ)(FWB:MIW) is pleased to report that its joint venture partner, the Hochschild Group, has commenced an extensive program of infill, development and exploration core drilling on the Pallancata silver-gold property in southern Peru.

Hochschild holds a 60% interest in the joint venture (but is funding 100% of the development and capital requirements) and IMC holds a 40% interest (and is proportionately funding exploration work). See news release dated July 18, 2006 for details of the joint venture agreement. It is the Hochschild Group's intention to bring Pallancata into production in 2007, subject to permitting.

The infill/development drilling program will consist of approximately 63 drill holes totaling 13,500m, which will be drilled within the western part of the main target, the Pallancata Vein, in order to upgrade IMC's internally prepared inferred resource estimate (see IMC news release dated September 26, 2005) to measured and indicated resources for mine planning purposes. The exploration drilling program will consist of approximately 50 drill holes totaling 10,000m and will target possible western and eastern extensions to the main Pallancata Vein together with other known mineralized veins on the Pallancata property, which include the Huararani, Mercedes, Mariana and Virgen del Carmen veins.

Six drill rigs are currently drilling at the Pallancata property and a seventh drill rig will be mobilized within the next two weeks. Four of these drill rigs are assigned to the infill/development drilling program and three will be used for exploration. Both programs are expected to be completed by December 20, 2006. IMC's Qualified Person, Chief Geologist Mark Cannuli will act as IMC's technical representative to the joint venture for the ongoing drilling programs.

In accordance with National Instrument (NI) 43-101, a Technical Report for the Pallancata project was filed by IMC on SEDAR on October 25, 2005, which includes IMC's internally prepared inferred resource estimate.

The Hochschild Group do not accept any responsibility for the adequacy or inadequacy of the resource estimates, indications of project timing, or any other disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.


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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