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

International Minerals Corporation

November 02, 2005 09:00 ET

International Minerals Reports Additional High-Grade Gold Values from Drilling at Rio Blanco, Ecuador; Intercepts Include 1.4m with 224 g/t Gold and 758 g/t Silver

SCOTTSDALE, ARIZONA--(CCNMatthews - Nov. 2, 2005) - International Minerals Corporation ("IMC") (TSX:IMZ)(SWX:IMZ)(FWB:MIW) has received additional high-grade assay results from the core drilling program on the recently discovered San Luis Veins at IMC's 100%-owned Rio Blanco epithermal gold-silver project located in southern Ecuador. IMC previously reported assay results from the initial phase of drilling in this area (1,929m in 13 drill holes) in a news release dated August 25, 2005. To date, a total of 30 drill-holes (3,870m) have been completed in the San Luis area and the results from six drill holes remain outstanding. Additional drilling is planned by IMC.

New drill-hole assay results are summarized in the Table 1 below and drill-hole locations are shown on the attached Plan Map. High-grade intercepts (estimated true widths) include drill-hole BC-209 with 1.7m at an average grade of 32.5 g/t gold and drill-hole BC-216 with 1.4m of 224.0 g/t gold plus 758 g/t silver and a second interval of 0.9m with 81.8 g/t gold plus 299 g/t silver. All assay values are uncut.



Table 1. San Luis Veins (All assays are uncut)

------------------------------------------------------------------------
Estimated Gold Silver
Drill Hole # Interval Intercept True Width Grade Grade
(Depth-meters) (m) (m) (m) (g/t) (g/t) Comments
------------------------------------------------------------------------
BC 206
(137.0m) 8.8 - 9.7 0.9 0.8 12.8 120
44.8 - 45.5 0.7 0.7 7.9 73
------------------------------------------------------------------------
BC 207
(84.5m) 0 - 2.4 2.4 2.0 13.7 16
Includes: 0 - 1.2 1.2 1.0 23.2 21
------------------------------------------------------------------------
BC 208
(59.1m) 30.1 - 30.5 0.4 0.4 3.4 21
------------------------------------------------------------------------
BC 209
(74.4m) 8.9 - 10.3 1.4 1.3 6.7 10
38.7 - 40.7 2.0 1.7 32.5 16
Includes: 40.5 - 40.7 0.2 0.2 232.0 104
------------------------------------------------------------------------
BC 210
(182.0m) No Significant Values Outside
mineralized
shoot
------------------------------------------------------------------------
BC 211
(191.6m) 17.9 - 21.7 3.7 3.4 28.7 191
------------------------------------------------------------------------
BC 212
(141.8m) 33.2 - 33.6 0.5 0.4 59.1 108
Includes: 39.8 - 40.7 0.9 0.8 38.2 170
------------------------------------------------------------------------
BC 213
(181.0m) 75.8 - 78.0 2.2 2.0 5.9 98
Includes: 77.5 - 78.0 0.5 0.5 17.9 312
------------------------------------------------------------------------
BC 214
(84.3m) 54.6 - 55.2 0.6 0.6 4.3 14
------------------------------------------------------------------------
BC 215
(130.4m) 65.2 - 66.1 0.9 0.8 10.7 12
------------------------------------------------------------------------
BC 216
(118.2m) 23.0 - 24.1 1.1 0.9 81.8 299
32.1 - 33.6 1.5 1.4 224.0 758
97.7 - 98.0 0.3 0.2 30.2 248
------------------------------------------------------------------------


The San Luis veins comprise a series of relatively narrow, but high-grade, mineralized veins immediately north of, and roughly paralleling, the principal east-northeast trending Alejandra Vein structure at Rio Blanco (see attached Plan Map). The veins are located in a concealed andesite unit located below a thick overlying sequence of clay-altered tuffs which display anomalous gold values (together with typical epithermal "pathfinder" elements such as arsenic, antimony, and mercury) extending over a surface area of approximately 880m by 500m. These data suggest the potential for locating additional "blind" veins in this underlying andesite sequence below the altered tuffs.

An initial inferred mineral resource estimate for the San Luis Veins is underway and will be released as soon as possible. IMC cannot include this inferred resource estimate in the base-case economic evaluation being completed for the Alejandra Vein feasibility study under the rules of National Instrument 43-101 because economic analyses can only be applied to measured and indicated resources. The San Luis resource estimate can, however, be used by IMC as a separate, extended base-case economic sensitivity scenario to indicate the upside potential of the project. Further drilling is planned to commence immediately in order to upgrade the inferred resource to the measured and indicated resource categories as soon as possible.

The overall drill program in the San Luis area is being carried out under the supervision of IMC's Qualified Person, Technical Manager, Nick Appleyard. Drilling to date has been carried out by Paragon Drilling Ecuador S.A. Sample preparation was carried out at the ALS Chemex laboratory in Quito, Ecuador using standard industry practices. Analytical work was carried out at the ALS Chemex laboratory in Vancouver, Canada using a screen fire assay method for gold and silver. For quality control purposes, analytical standards with known metal values were included with IMC's samples and show good reproducibility. Duplicate analyses on selected samples are to be undertaken by Chris Christopherson, Inc. of Kellogg, Idaho.

Update on Feasibility Study - Alejandra Vein

In January 2005 (see news release dated January 26, 2005), IMC announced estimated measured and indicated resources for the Alejandra Vein of 2.0 million tonnes at an average grade of 8.9 g/t gold and 68 g/t silver containing approximately 592,000 ounces gold and 4.5 million ounces silver, using a 3g/t gold cut-off grade (see Table 2 below).



Table 2.

------------------------------------------------------------------------
Gold Silver Gold Silver
Resource Category Tonnes (g/t) (g/t) Ounces Ounces
------------------------------------------------------------------------
Measured 140,000 12.8 109 59,000 510,000
------------------------------------------------------------------------
Indicated 1,920,000 8.6 65 533,000 4,030,000
------------------------------------------------------------------------
Total Measured+Indicated 2,060,000 8.9 68 592,000 4,540,000
------------------------------------------------------------------------
Note: The contained gold and silver ounces are not mineral reserves and
do not have demonstrated economic viability.


Inferred resources total an additional 49,000 tonnes containing approximately 11,000 ounces gold and 92,000 ounces silver. The mineral resource estimate was prepared in accordance with National Instrument 43-101 by Micon International of Toronto ("Micon") under the supervision of Micon's Qualified Person, Senior Geologist Paul Gribble.

A final feasibility study for the Alejandra Vein at Rio Blanco is being carried out under the supervision of Micon and is scheduled for completion in January 2006. Approval for an Environmental Impact Statement required to obtain production/construction permits is expected to be received by mid-2006 with production then anticipated in the fall of 2007, subject to financing.

ON BEHALF OF THE BOARD

Stephen J. Kay, President and CEO

To view the attached Plan Map, please click on the following link: http://www.ccnmatthews.com/docs/imz1102.jpg


The Toronto, Swiss and Frankfurt Stock Exchanges neither approve nor disapprove the information contained in this News Release.

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