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

International Minerals Corporation

March 29, 2007 08:30 ET

International Minerals Reports Additional Drill Results From Gaby Project

Includes Intercepts of 120m at 1.0g/t Gold and 33m at 2.2g/t Gold

SCOTTSDALE, ARIZONA--(CCNMatthews - March 29, 2007) - International Minerals Corporation ("IMC") (TSX:IMZ)(SWX:IMZ)(FRANKFURT:MIW) has received assay results from an additional eighteen (18) core drill holes totaling 5,152 meters ("m") at its Gaby gold porphyry project in southern Ecuador. This drill program is a part of an estimated 25,000m drill program required for an independent feasibility study that is underway by IMC on the project. To date, IMC has received results for 43 drill holes (totaling 10,430m) of feasibility drilling.

Feasibility Drill Results

The overall Gaby project comprises two main mineralized areas: the Main Gaby Deposit and the Papa Grande Deposit. Significant intercepts (all uncut values) from the recent drilling program are shown in the attached Table 1 and drill-hole locations are shown on the attached map. Significant intercepts include drill hole PPG-031 with 33.2m at an average grade of 2.2 grams per tonne ("g/t") gold and drill-hole PPG-040 with 120m at 1.0g/t gold. Due to the broad irregular shape and sub-vertical control to the gold mineralization at Papa Grande, drill intercept thicknesses can be equated to approximately 80% of the true thickness in most cases. Due to the disseminated nature of the gold mineralization at the Main Gaby Deposit, drill intercept thickness can generally be equated to true thickness.

In a press release dated October 16, 2006 IMC announced a well-mineralized zone of 30m at an average grade of 4.3g/t gold and 1.2% copper in the Santa Monica adit (tunnel), located within the Main Gaby Deposit. This adit has now been extended for a total length of 92m and is still within good-grade mineralization. The best mineralized section of the adit is now 67m long with an average gold grade of 3.2g/t (ranging from 14.7g/t to values below detection level) and an average copper grade of 0.7% (ranging from 0.01% to 2.8%).

Update on Feasibility Study

There are currently two drill rigs operating at Gaby, one focused on resource definition drilling at the Papa Grande Deposit and the other exploring for deep mineralization below the Main Gaby Deposit in areas where previous IMC drill holes (pre-1997) were terminated in good-grade gold mineralization.

The Papa Grande deposit is important to the overall economics of the Gaby project as the expected average gold grade, based on historical data, is slightly higher (at approximately 1.0g/t gold) than the gold grade of the Main Gaby Deposit (approximately 0.8g/t gold). For this reason, IMC's initial feasibility drill program has been focused on Papa Grande. IMC, has also scheduled approximately 10,000m of core drilling within the Main Gaby Deposit to upgrade the resources to the Measured and Indicated resource categories for the feasibility study.

Metallurgical test-work to date by IMC has not yet defined a clear processing option for the overall Gaby project. Historical metallurgical test-work was focused primarily on a conventional milling/cyanide recovery process. Further test-work will be carried out by IMC over the next 6 months, including the evaluation of a coarser-crush heap-leach option and additional flotation test-work.

A geotechnical drilling campaign to determine pit-wall stability and define sub-surface water quantity and quality has been completed for the area of the Main Gaby Deposit, but many of these drill holes have not yet been sampled as the core may be needed for additional geotechnical test-work. The geotechnical drilling program for the Papa Grande Deposit will be carried out when the limits of the deposit have been defined by the current infill/definition drill program, which is expected to be completed in May 2007.

General

Drilling at the Gaby Project was carried out by Paragon Drilling Ecuador S.A. Sample preparation was carried out by ALS Chemex in Quito, Ecuador using standard industry practices. Analytical work was carried out by ALS Chemex in Vancouver, Canada and Lima, Peru using conventional fire assay methods for gold. For quality control purposes, analytical standards with known metal values were included with IMC's samples submitted for assay and in general show good reproducibility. Duplicate analyses of selected drill-hole intervals have been sent to a second independent assay facility (CCI of Kellogg, Idaho) and results are pending. The overall drilling program was supervised by IMC's Qualified Person, Technical Manager, Nick Appleyard.

IMC holds varying interests from 55% to 100% in the mineral concessions that comprise the Gaby project. See the IMC filings on SEDAR for further details.

ON BEHALF OF THE BOARD

Stephen J. Kay, President and CEO



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Table 1
Gaby Project
Drill Intersections & Average Grades (All Uncut)
(International Minerals Corporation -- March 29, 2007 news release)
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Drill Hole # (Depth-m) Interval (m) Length (m) Gold Grade (g/t)

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PAPA GRANDE DEPOSIT
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PPG031 (260.1m) 0 - 33.2 33.2 2.2
includes 0 - 19.0 19.0 3.5
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PPG032 (341.1m) 0 - 22.0 22.0 0.6
48.2 - 82.0 33.8 1.0
180.0 - 193.3 13.3 1.2
222.0 - 250.0 28.0 2.4
includes 222.0 - 226.4 4.4 13.3
264.1 - 287.8 23.7 0.6
302.0 - 312.1 10.1 0.6
-------------------------------------------------------------------
PPG033 (280m) 12.0 - 68.0 56.0 1.0
includes 38.0 - 48.4 10.4 2.2
78.0 - 94.0 16.0 0.4
130.0 - 164.0 34.0 0.9
includes 142.0 - 150.0 8.0 2.4
176.4 - 200.0 23.6 0.6
254.0 - 280.0 26.0 0.5
-------------------------------------------------------------------
PPG034 (267.6m) 0 - 10.0 10.0 0.7
48.0 - 58.0 10.0 1.4
96.0 - 144.0 48.0 0.5
184.6 - 196.0 11.4 0.7
-------------------------------------------------------------------
PPG035 (295m) 0 - 11.5 11.5 0.5
58.0 - 68.0 10.0 0.5
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PPG036 (264.7m) 128.0 - 148.0 20.0 0.8
163.0 - 176.7 13.7 1.3
includes 165.0 - 171.0 6.0 2.0
-------------------------------------------------------------------
PPG037 (276.9m) No Significant Intervals
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PPG038 (271.7m) 160.0 - 232.0 72.0 0.9
includes 162.0 - 168.0 6.0 1.6
and includes 192.0 - 202.0 10.0 1.3
and includes 208.0 - 212.0 4.0 1.9
-------------------------------------------------------------------
PPG039 (456.8m) 120.0 - 130.0 10.0 1.5
310.0 - 368.0 58.0 0.7
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PPG040 (380.3m) 0 - 16.0 16.0 0.6
33.9 - 44.7 10.8 1.4
116.0 - 164.0 48.0 0.5
includes 116.0 - 128.0 12.0 0.8
208.0 - 226.0 18.0 1.1
250.0 - 260.0 10.0 2.6
includes 252.0 - 253.8 1.8 10.8
208.0 - 328.0 120.0 1.0
includes 265.8 - 328.0 62.2 1.1
-------------------------------------------------------------------
PPG041 (313.4m) 6.0 - 32.0 26.0 1.0
35.7 - 183.0 147.3 0.5
includes 211.9 - 218.0 6.1 1.3
240.0 - 254.0 14.0 0.5
-------------------------------------------------------------------
PPG042 (203.6m) 98.0 - 112.0 14.0 0.5
156.0 - 186.0 30.0 0.5
includes 164.0 - 168.4 4.4 1.2
-------------------------------------------------------------------
PPG044 (200.6m) No Significant Intervals
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MAIN GABY DEPOSIT
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GBY022 (283.5m) 194.2 - 240.0 45.8 1.0
includes 204.0 - 222.0 18.0 2.0
248.0 - 262.0 14.0 0.5
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GBY023 (280.7m) 200.0 - 280.7 80.7 0.7
includes 234.0 - 240.0 6.0 1.2
and includes 272.0 - 280.7 8.7 1.4
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GBY024 (392.3m) 0 - 14.6 14.6 3.9
includes 6.0 - 14.6 8.6 6.3
144.0 - 158.0 14.0 0.6
164.0 - 196.0 32.0 0.7
258.0 - 288.0 30.0 0.6
292.0 - 306.0 14.0 0.6
314.0 - 326.0 12.0 1.8
-------------------------------------------------------------------
GBY025 (292.2m) 0 - 21.0 21.0 0.5
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GBY027 (92.0m) 0 - 8.0 8.0 0.8
40.0 - 50.0 10.0 0.6
56.0 - 92.0 36.0 0.7
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To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/imz0329.pdf

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