International Minerals Corporation
FRANKFURT : MIW
TSX : IMZ
Swiss : IMZ

International Minerals Corporation

October 23, 2006 08:30 ET

International Minerals Finalizes Two Joint Venture Agreements With Barrick Subsidiaries in Southern Peru

Drilling at Antabamba to Commence in December 2006

SCOTTSDALE, ARIZONA--(CCNMatthews - Oct. 23, 2006) - International Minerals Corporation ("IMC") (TSX:IMZ)(SWX:IMZ)(FWB:MIW) announces the signing of definitive joint venture agreements between its subsidiary, Minera Oro Vega S.A.C. ("Oro Vega") and two of Barrick Gold Corporation's Peruvian subsidiaries ("Barrick") for the Antabamba and Urbaque (previously known as Pallancata East) silver-gold properties in southern Peru. Both properties are close to IMC/Hochschild's Pallancata silver-gold property. The announcement of the signing of Letter Agreements with Barrick for these two properties was previously reported by IMC in March this year (see news release dated March 15, 2006).

The Antabamba and Urbaque properties host extensive low-sulfidation epithermal mineralized systems within Tertiary volcanics. A core drill program is scheduled to commence at Antabamba in December this year, with drilling at Urbaque planned for the first quarter of 2007. Summary information for these properties is provided below:

Antabamba Property

The Antabamba property is located approximately 65km northeast of IMC/Hochschild's Pallancata silver-gold property. There are approximately 20km of mineralized veins in two principal vein systems, ("Santo Domingo" and "Mincasa") based on historical information from surface and underground rock sampling in approximately 3,200m of underground workings and 3,900m of core drilling (16 drill holes).

Historical drill-hole intersections (based on uncut assay results) include 1.1m at 1,085 g/t silver and 0.8 g/t gold and another drill hole with 1.1m containing 1,732 silver and trace gold values.

Oro Vega's initial examination of the property in early 2006 focused on the Santo Domingo vein system, which is the most extensively explored vein system to date. In addition to surface and underground geological mapping, 17 rock chip samples taken by Oro Vega from the vein system reported assays from 1.5 g/t to 579 g/t silver and from trace amounts to 5.8 g/t gold over vein widths ranging from 0.5m to 5.0m. The best surface vein sample intercept obtained by Oro Vega was 3.3m containing 579 g/t silver and 5.8 g/t gold.

Oro Vega's initial 4,000m core drill program will commence in December this year and will be financed by IMC's existing working capital. In addition, Oro Vega will initiate access to, and mapping and sampling of, the underground workings at Santo Domingo and Mincasa.

The terms of the Antabamba joint venture agreement were previously reported in the March 15, 2006 news release and are summarized below:

- Oro Vega must complete 20,000m of drilling (with a minimum of 4,000m in year one) within a period of three years to acquire a 51% interest in the property.

- Once Oro Vega has acquired said 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 (measured, indicated and inferred) 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.

Urbaque (formerly Pallancata East) Property

The Urbaque property is located adjacent to the east of IMC/Hochschild's Pallancata silver-gold property and 10km southeast of Hochschild's Explorador silver-gold mine. It is at a very early stage of the exploration cycle, with minimal exploration activity to date.

Previous surface rock chip sampling by Barrick (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 Oro Vega's initial 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 0.01 g/t to 2.9 g/t gold and 0.1 g/t to 72 g/t silver.

Following detailed mapping and sampling on the property, Oro Vega's initial 2,000m core drilling program is expected to commence in the first quarter of 2007and will be financed by IMC's existing working capital.

The terms of the Urbaque joint venture agreement were previously reported in the March 15, 2006 news release and are summarized below:

- 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 said 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 (measured, indicated and inferred) 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.

The assay laboratories used for sample preparation and gold and silver analyses on historical samples collected from previous work carried out on the two properties 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, Chief Geologist, Mark Cannuli.

Vetaspata Property, Peru

IMC also advises that it has terminated its option to acquire a 100% interest in the Vetaspata gold property in southeastern Peru and has returned the property to the vendor. While IMC management believes that the Vetaspata property hosts a type of gold deposit that is unique to the Slate Belt of southeastern Peru, its decision was primarily based on a combination of IMC's estimates of the ultimate size potential of the gold deposit and the difficult logistics in the area.

ON BEHALF OF THE BOARD

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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