SOURCE: International Minerals Corporation

International Minerals Corporation

September 19, 2013 18:00 ET

International Minerals Provides Gemfield Permitting Update and Earnings Guidance for the Fiscal Year Ended June 30, 2013

SCOTTSDALE, AZ--(Marketwired - Sep 19, 2013) - International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company" or "IMZ") provides an update with respect to the status of permitting progress at the Gemfield project in Nevada and, in addition, the Company provides guidance on its financial results for the fiscal year ended June 30, 2013 ("FY 2013"). The Company expects to release its financial results for FY 2013 after the close of markets on Monday, September 30, 2013.

At the 100%-owned Gemfield project, which is part of the Goldfield property in southern Nevada, the Company has received written confirmation from the US Bureau of Land Management (the "BLM"), that the Company's Mine Plan of Operations ("MPO") is accepted as administratively complete. Acceptance of the MPO is an important milestone in initiating the Environmental Impact Statement ('EIS") process, as well as state and federal permitting. The expected time frame for this process, based on guidance from the BLM, is approximately 18 months. 

For FY 2013, the Company expects to report a net and comprehensive loss, after tax, of approximately $11.0 million compared to net and comprehensive income, after tax, of $4.8 million for the prior fiscal year ended June 30, 2012. The $11.0 million loss for FY 2013 was primarily a result of a combination of $23.8 million in write-downs and exit costs related to the Ecuadorian discontinued operations and total expenses of $8.4 million (including $1.9 million of exploration property write-downs), offset by income from the Pallancata Mine of $20.5 million and other miscellaneous income of $0.5 million.

All dollar amounts in this news release are reported in US Dollars, unless otherwise noted.

Cautionary Statement:

Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding: estimates of financial results and the timing related to completing permitting requirements for the Gemfield project in Nevada. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risk of changes to certain estimates that may change the estimated earnings of the Company; the uncertainty in obtaining information requested by regulatory agencies regarding environmental matters at Gemfield, risks of adequately addressing comments and concerns raised by the public with respect to the environmental impact of the Gemfield project; permitting risks in the USA, and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2012, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • For additional information, contact:

    In North America
    Paul Durham
    VP Corporate Relations
    Tel: +1 203 883 8358

    Or email us at: Email Contact

    In Europe
    Oliver Holzer
    Marketing Consultant
    Tel: +41 44 853 00 47
    Internet Site: http://www.intlminerals.com

    Renmark Financial Communications
    Robert Thaemlitz
    Tel: +1-514-939-3989
    Email Contact