International Minerals Corporation
Swiss : IMZ

International Minerals Corporation

August 14, 2007 08:30 ET

International Minerals Commences Drilling at Urbaque Gold-Silver Project, Peru

SCOTTSDALE, ARIZONA--(Marketwire - Aug. 14, 2007) - International Minerals Corporation ("IMC") (TSX:IMZ)(Swiss:IMZ)(FRANKFURT:MIW) is pleased to announce that it has commenced a core drilling program at its Urbaque gold-silver project in southern Peru, which is held under an agreement with Barrick Gold Corporation's Peruvian subsidiary ("Barrick Peru").

IMC's initial drill program at Urbaque will comprise a minimum of 2,000 meters ("m") in approximately 7 drill-holes and is expected to be completed in late September 2007.

The Urbaque property is located adjacent to the north east of IMC's Pallancata silver-gold property. It hosts an extensive high-sulfidation epithermal mineralized systems within Tertiary volcanics. Minimal exploration activity has been carried out to date on the Urbaque property by previous property owners.

Previous surface rock chip sampling by Barrick Peru (344 samples) over a 4km by 6km area reported a range of values from trace amounts to 8.3 g/t gold and 0.1 g/t to 57 g/t silver.

During IMC's initial surface rock sampling program in early 2006, a total of 30 rock-chip samples (quartz veins, breccias and stockworks) were collected over a 5km by 3km area. Sample values ranged from trace to 2.9 g/t gold and 0.1 g/t to 72 g/t silver.

During IMC's 2007 detailed geological mapping and surface rock sampling program, a further 864 rock chip samples were collected over the same area as the 2006 program. These rock samples reported values ranging from trace to 6.6 g/t gold and 0.2 g/t to 592 g/t silver.

Urbaque Property Agreement

Summarized below are the basic terms of the agreement between Barrick Peru and IMC's wholly-owned Peruvian subsidiary company, Minera Oro Vega S.A.C. ("Oro Vega")

- Oro Vega must complete 9,000m of drilling (with a minimum of 2,000m in year one) within a period of three years to acquire a 51% interest in the property.

- Once Oro Vega has acquired its 51% interest, Barrick will have a one-time back-in right to increase its interest from 49% to 60% (and become operator) if Oro Vega has established a total mineral resource in excess of 2.0 million ounces of gold, by paying three times Oro Vega's drilling costs up to the date of the back-in.

- If Barrick's interest is reduced to less than 20%, then Barrick may exchange its interest for a 2% Net Smelter Return ("NSR") royalty payable on all minerals extracted from the property upon commencement of commercial production.

Drilling is being carried out by Bradley-MDH SAC. The assay laboratories used for sample preparation and gold and silver analyses on historical samples collected from previous work carried out on the property are unknown. Sample preparation and analyses for IMC samples were carried out by ALS Chemex in Peru using industry-standard sample preparation and assaying methods for gold and silver.

The technical information presented in this news release has been reviewed and verified by IMC's Qualified Person, Exploration Manager, Mark Cannuli.


Stephen J. Kay, President and CEO

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

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

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