International Minerals Corporation
Swiss : IMZ

International Minerals Corporation

March 29, 2006 09:00 ET

International Minerals Commences Feasibility Study Drill Program at Gaby Gold Property, Ecuador

SCOTTSDALE, ARIZONA--(CCNMatthews - March 29, 2006) - International Minerals Corporation ("IMC") (TSX:IMZ)(SWISS:IMZ)(FWB:MIW) is pleased to announce the commencement of a feasibility drilling program at the Gaby gold porphyry project in southern Ecuador, as part of an overall feasibility study to evaluate the economic potential of a mining operation on the Gaby property. The initial drill program will consist of approximately 20,000m of core drilling over a period of approximately 12 months.

Exploration activity on the project was essentially suspended by the Company in 1997 due to low gold prices (in the $300 to $350/oz range) and the relatively low-grade of the deposit. With the uptrend in gold prices over the past two years, the Company believes that the timing is right to commence a feasibility study on the project. The success of the project could be expected to significantly impact IMC's goal of becoming a mid-tier gold producer in the near future, following expected gold and silver production within the next two years from IMC's Rio Blanco gold-silver project in Ecuador and its Pallancata silver-gold project in Peru.

The Gaby property comprises the Main Gaby deposit (interests varying between 55%-100% IMC) and the Papa Grande deposit (50% IMC), together with the much smaller Mollopongo deposit (100% IMC option). It was last drilled in 1996 by IMC and previous operators. Two separate, independent prefeasibility studies, including resource estimates, were completed on the Gaby project in 1997, one commissioned by IMC on the Main Gaby deposit and the other commissioned on the Papa Grande/Mollopongo deposits by the former operator.

As part of the feasibility study IMC intends to verify the historical data presented below and augment it where necessary with new data in order to bring these resource estimates into a NI 43-101 compliant format. At that time a Technical Report pursuant to NI 43-101 will be filed on SEDAR.

Historical Main Gaby Deposit-Resource Estimates from June 1997
Tonnes Gold g/t Contained Gold
Gold Cut-off grade 0.50 g/t (millions) grade Ounces (millions)
"Proven + Probable Resources" 60.4 0.79 1.54
"Possible Resource" 103.5 0.72 2.38
Total 165.9 0.73 3.92

Historical Papa Grande/Mollopongo-Resource Estimates from June 1997
Gold Cut-off grade Tonnes Gold g/t Contained Gold
(weighted) 0.70g/t (millions) grade Ounces (millions)
"Indicated + Inferred
Resources" Total 46.1 1.09 1.62


1. The mineral resources presented in the table above cannot be
relied upon as they are historical resource estimates and have not
been reviewed or verified by an independent qualified person, nor has
an NI 43-101 Technical Report been prepared by IMC for the Gaby
property. The mineral resource terms: "Proven", "Probable",
"Possible", "Indicated" and "Inferred", were used in 1997 to define
the breakdown of the historical mineral resource estimates and do not
relate in any way to the current definitions as determined by NI
43-101 and should not be relied upon.

2. IMC has not completed the work necessary to verify the historical
classification of the mineral resource estimates and is not treating
them as current resource estimates as defined by NI 43-101.

3. These historical mineral resources have no demonstrated economic
viability and in no way reflect quantities of gold expected to be
economically extractable from the Gaby property.

4. IMC believes that these historical resource estimates are relevant
in so far as they indicate the existence of a large low-grade gold
mineralized system that justifies further investigation as part of a
feasibility study.

The first year of the drill program and the feasibility study are expected to be funded by IMC's existing working capital. Completion of the study may require additional financing. A total cost of approximately US$10 million is estimated by IMC for the feasibility study.

The technical disclosure in this news release has been prepared under the supervision of IMC's Qualified Person, Technical Manager, Nick Appleyard.


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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