SOURCE: International Minerals Corporation

April 22, 2008 07:30 ET

International Minerals Comments on New Ecuadorian Mining Mandate

SCOTTSDALE, AZ--(Marketwire - April 22, 2008) - International Minerals Corporation ("the Company" or "IMZ") (TSX: IMZ) (SWX: IMZ) (FRANKFURT: MIW) has made a preliminary review of a new mining mandate approved by the National Constituent Assembly in Ecuador on April 18, 2008. The Company is currently analyzing the impact of the mandate on its Rio Blanco gold-silver project (currently in the permitting process) and the Gaby gold project (currently in the preliminary feasibility stage of development).

IMZ will seek clarification from the government of the terms of the mandate as they may impact the Company's projects and the future of the mining industry, in general, in Ecuador.

IMZ is one of a select group of companies that have been engaged for several months in discussions with the government regarding investment stability agreements and other mining issues related to the development of the mining industry in Ecuador, including a modified mining law. IMZ had a positive meeting with the Ministry of Mines and Petroleum as recently as March 20, 2008, with no indications at the time that the Ministry had concerns about IMZ's projects.

While the full impact of the mining mandate is not yet known, it establishes a moratorium on the granting of new mining concessions. As far as IMZ is aware, its concessions are still in good standing. However, it is unclear at this time whether the mandate will change this. In addition, the mandate stipulates that:

--  All exploration activities are suspended until a new legal framework
    for mining (a new mining law) is approved. (In this regard, IMZ will
    temporarily cease all exploration drilling and field activities at Rio
    Blanco and Gaby, but off-site engineering activities related to the Rio
    Blanco project and tonnage and economic optimization studies for the Gaby
    project will continue).
--  No more than three mining concessions can be held by any individual or
    entity. (The effect on the Company's holdings still requires evaluation).
--  A new legal framework for mining (mining law) will be issued within a
    period of 180 days.
--  Only metallic mining concessions that are in the "exploitation phase"
    may continue their activities, but such concession holders are required to
    renegotiate their titles under the new legal framework. (IMZ is seeking
    clarification whether its Rio Blanco concessions fall within these
    parameters as it is in the advanced permitting stage of development).
--  Mining concessions located within the areas defined as protected areas
    and their related "buffer" zones are cancelled. (Although Rio Blanco and
    part of Gaby are located within low-level protected areas, IMZ is awaiting
    clarification from the government that Rio Blanco and Gaby will be exempt
    from this ruling).
--  A national mining company be established in Ecuador, which will be
    involved in all phases of mining activities.

Commenting on this mining mandate, President and Chief Executive Officer Stephen J. Kay said, "IMZ has been actively exploring and investing in Ecuador for the past 15 years and we currently employ well over 400 full-time and part-time Ecuadorians. We, and the other mining companies in Ecuador, are urgently seeking clarification from the government as to the impact of this mining mandate on our operations and the overall future of the mining industry in Ecuador. All of the long-standing companies in Ecuador are committed to developing a responsible, stable and fair mining industry, respecting the rights of the Ecuadorian government, its people and the environment, in order to contribute to the future growth of the Ecuadorian economy. We are confident that economics will prevail over complex political issues."

Contact Information