SOURCE: International Minerals Corporation

November 29, 2007 08:30 ET

International Minerals Completes First Drilling Campaign at Urbaque Gold Property, Peru; Results Include an Intercept of 30m at 0.9 g/t Gold

SCOTTSDALE, AZ--(Marketwire - November 29, 2007) - International Minerals Corporation ("IMZ") (TSX: IMZ) (SWISS: IMZ) reports that it has completed an initial core drilling program at its Urbaque gold project in southern Peru, which is held under an option agreement with Barrick Gold Corporation's Peruvian subsidiary ("Barrick Peru"). The Urbaque property is located adjacent to IMZ's Pallancata silver-gold property, where production commenced in September 2007.

A total of 2,385 meters ('"m") of core drilling in eight widely spaced, inclined drill holes were completed by IMZ. Highlights of this drilling program include the following mineralized intersections (all estimated true widths):

--  Drill hole URB-01 with 35.0m at 0.56 grams/tonne ("g/t") gold,
    including 13.0m at 0.90 g/t gold
--  Drill hole URB-02 with 32.0m at 0.91 g/t gold, including 18.0m at 1.22
    g/t gold
--  Drill hole URB-03 with 55.0m at 0.45 g/t gold, including 18.0m at 0.72
    g/t gold
--  Drill hole URB-05 with 35.0m at 0.40 g/t gold

Complete assay results from all eight drill holes are shown in a table below (Appendix 1) and drill hole locations are shown in Appendix 2.

Commenting on the results, Stephen J. Kay, President and Chief Executive Officer of IMZ, said, "These drill results, coupled with surface sampling data, suggest that the gold mineralization (as defined by a 0.3 g/t gold cut-off grade) occurs within a near-surface, 'blanket-like' horizontal zone, whose true thickness varies from between 13m and 55m. The mineralization, which is at least 250m wide and has been partially drill-tested along a strike length of 400m, remains open on three sides."

The principal gold occurrence on the Urbaque property is of the disseminated, high-sulfidation type. The mineralization is localized within a rhyolite flow-breccia, which overlies a sequence of lithic tuffs and is capped by rhyolite flows. Two phases of mineralization have been identified: an early event, associated with silica flooding; and a later event, characterized by hydrothermal breccias and veins. A portion of the mineralization was subjected to post-mineral, normal faulting, and is not exposed at surface.

Previous surface sampling of the surface exposure of this zone by IMZ during 2006 and 2007 returned gold values from trace to 6.6 g/t gold and 0.1g/t to 592 g/t silver.

A second, follow-up drilling campaign, funded by existing working capital, is scheduled to commence at the beginning of calendar year 2008 and will comprise 7 to 10 core drill holes totaling approximately 2,000m.

Urbaque Property Agreement

Under the terms of the agreement between Barrick Peru and IMZ'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, which has now been completed) 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.

Drilling at the Urbaque property was carried out by Bradley MDH S.A.C. of Lima, Peru. Sample preparation and analytical work for IMZ's drilling program were carried out by ALS Chemex in Lima, Peru using industry-standard sampling practices and analytical methods. 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 within acceptable limits.

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

Appendix 1: Urbaque Drill Results (All inclined drill holes))

Drill Hole        Intersection (m)       Interval      True        Gold
(depth m)          From         To         (m)      Widths (m)     (g/t)
                ----------  ----------  ----------  ----------  ----------

URB-01 (345.5)      0.0        63.1        63.1        35.0        0.56
     Including     40.5        63.1        22.6        13.0        0.90
                ----------  ----------  ----------  ----------  ----------
URB-02 (300.0)     29.7        82.5        52.8        32.0        0.91
     Including     51.5        82.5        31.0        18.0        1.22
                ----------  ----------  ----------  ----------  ----------
URB-03 (300.0)     80.2       183.6       103.4        55.0        0.45
     Including    118.0       150.4        32.4        18.0        0.72
                ----------  ----------  ----------  ----------  ----------
URB-04 (363.8)    No Significant Intervals (undercut the mineralization)
                ----------  ----------  ----------  ----------  ----------
URB-05 (355.1)      0.0        58.0        58.0        35.0        0.40
                ----------  ----------  ----------  ----------  ----------
URB-06 (194.1)     62.0        76.0        14.0      Unknown       0.32
                ----------  ----------  ----------  ----------  ----------
URB-07 (187.5)     22.0        50.0        28.0        15.0        0.30
                   70.0        80.0        10.0      Unknown       0.38
                ----------  ----------  ----------  ----------  ----------
URB-08 (338.5)     12.0        28.0        16.0        10.0        0.30
                ----------  ----------  ----------  ----------  ----------

Contact Information