SOURCE: International Minerals Corporation

March 20, 2008 08:30 ET

International Minerals Reports Drill Results From Gaby Project, Ecuador, Including Intercepts of 205m at 1.3g/t and 202m at 0.8 g/t Gold

SCOTTSDALE, AZ--(Marketwire - March 20, 2008) - International Minerals Corporation ("IMZ") (TSX: IMZ) (SWX: IMZ) (FRANKFURT: MIW) has received assay results from an additional 38 core drill holes totaling 10,927 meters ("m") from the Main Gaby Deposit, including a drill intersection of 205m grading 1.3 grams per tonne ("g/t") gold. The Main Gaby Deposit is one of two deposits comprising the Gaby gold porphyry project in southern Ecuador

This drill program was part of an on-going exploration and extension drilling program to define additional mineral resources and upgrade existing Inferred Resources to Measured and/or Indicated Resources. These new drill results were not included in the database used for the recent mineral resource estimates announced in the IMZ news release dated February 11, 2008.

These positive drill results, with long intervals of good grade gold mineralization, continue to indicate the large scale of the Gaby Project and that the ultimate size of the two Gaby deposits are still not fully defined.

The drill results are shown in Appendix 1 below and drill hole locations are shown on the attached map. Significant intercepts are shown below (all representing estimated true widths and average uncut grades).

Main Gaby Deposit Drill Results Highlight:

--  120.0m grading 0.9 grams per tonne ("g/t") gold and 0.13% copper in
    drill-hole GBY053
--  156.0m grading 0.7 g/t gold and 0.08% copper in drill-hole GBY055
--  184.0m grading 0.8 g/t gold and 0.20% copper in drill-hole GBY058
--  220.0m grading 0.7 g/t gold and 0.16% copper in drill-hole GBY063
--  196.0m grading 0.7 g/t gold and 0.16% copper in drill-hole GBY071
--  205.3m grading 1.3 g/t gold and 0.21% copper in drill-hole GBY075
--  158.0m grading 0.9 g/t gold and 0.20% copper in drill-hole GBY076
--  202.0m grading 0.8 g/t gold and 0.17% copper in drill-hole GBY085
    

Due to the disseminated nature of the gold mineralization in the Main Gaby Deposit, drill intercept thickness can generally be equated to true thickness. The current base-case processing option under evaluation by IMZ does not recover copper, although recovery of copper by flotation is still being considered by IMZ as an add-on to the current processing flow sheet, subject to additional metallurgical testwork and sustainable long-term copper prices.

At the Gaby property, IMZ holds a 100% interest in 11 mining concessions ("concessions"), a 55% interest in the concession that hosts the majority of the Main Gaby Deposit, and a 100% interest in the concession that hosts the Papa Grande Deposit.

Update on Project Status

A detailed study is now underway to define both the operating and capital costs that would be associated with increased mining and processing scenarios at Gaby, as compared to those costs used in the recently released preliminary feasibility study, which assumed a throughput of 20,000 tonnes per day ("tpd"). This current optimization study focuses on mine production and plant throughputs of up to 80,000 tpd, in order to define the economically optimum size for the operation. The results of this optimization study are expected to be completed in calendar Q3 2008, with a target of a final feasibility study, if warranted, by the calendar Q2 2009.

General

Drilling at the Gaby Project was carried out by Paragon Drilling Ecuador S.A., a wholly owned subsidiary of Major Drilling of Canada. Sample preparation was carried out by ALS Chemex in Quito, Ecuador using standard industry practices. Analytical work was carried out by ALS Chemex in Lima, Peru using conventional fire assay methods for gold. For quality control purposes, analytical standards with known metal values were included with IMZ's samples submitted for assay. The overall drilling program and the technical information in this news release was supervised by IMZ's Qualified Person, Technical Manager Nick Appleyard.

                                Appendix 1:
                      Gaby Project: Main Gaby Deposit
        Drill Results (All Uncut Grades and Estimated True Widths)
    (International Minerals Corporation - March 20, 2008 news release)




Drill Hole #                                       Gold Grade  Copper Grade
 (Depth-m)             Interval (m)   Length (m)     (g/t)         (%)
                      -------------- ------------ ------------ ------------
GBY049 (324.0m)        230.0 - 244.0         14.0          1.1         0.06
                      -------------- ------------ ------------ ------------
GBY050 (157.2m)          74.0 - 90.0         16.0          1.1         0.11
                      -------------- ------------ ------------ ------------
GBY051 (319.5m)           5.7 - 80.0         74.4          0.5         0.13
                      -------------- ------------ ------------ ------------
                       220.0 - 256.0         36.0          1.5         0.29
                      -------------- ------------ ------------ ------------
            includes   224.0 - 240.0         16.0          2.7         0.53
                      -------------- ------------ ------------ ------------
GBY052 (300.0m)          44.0 - 70.0         26.0          1.8         0.06
                      -------------- ------------ ------------ ------------
                       192.0 - 300.0        108.0          0.6         0.14
                      -------------- ------------ ------------ ------------
GBY053 (251.2m)          0.0 - 120.0        120.0          0.9         0.13
                      -------------- ------------ ------------ ------------
            includes     33.0 - 56.0         23.0          1.7         0.26
                      -------------- ------------ ------------ ------------
                       180.0 - 251.2         71.2          0.6         0.12
                      -------------- ------------ ------------ ------------
GBY054 (253.2m)          62.0 - 86.0         24.0          0.8         0.10
                      -------------- ------------ ------------ ------------
GBY055 (351.0m)         98.0 - 254.0        156.0          0.7         0.08
                      -------------- ------------ ------------ ------------
GBY056 (300.0m)         64.0 - 100.0         36.0          1.2         0.08
                      -------------- ------------ ------------ ------------
                       152.1 - 180.0         27.9          0.6         0.09
                      -------------- ------------ ------------ ------------
                       256.0 - 268.0         12.0          0.9         0.04
                      -------------- ------------ ------------ ------------
GBY057 (258.0m)        140.0 - 180.0         40.0          0.6         0.10
                      -------------- ------------ ------------ ------------
                       190.0 - 222.0         32.0          0.6         0.08
                      -------------- ------------ ------------ ------------
GBY058 (343.7m)         52.0 - 236.0        184.0          0.8         0.20
                      -------------- ------------ ------------ ------------
            includes   118.0 - 142.0         24.0          1.1         0.28
                      -------------- ------------ ------------ ------------
GBY059 (354.0m)           0.0 - 18.0         18.0          0.7         0.10
                      -------------- ------------ ------------ ------------
                       194.0 - 222.0         28.0          1.4         0.15
                      -------------- ------------ ------------ ------------
GBY060 (328.7m)         80.0 - 152.0         72.0          0.5         0.09
                      -------------- ------------ ------------ ------------
                       220.0 - 328.7        108.7          0.6         0.18
                      -------------- ------------ ------------ ------------
GBY061 (252.6m)           0.0 - 28.0         28.0          0.7         0.13
                      -------------- ------------ ------------ ------------
                        78.0 - 102.0         24.0          0.7         0.13
                      -------------- ------------ ------------ ------------
GBY062 (330.1m)        240.0 - 330.1         90.1          0.7         0.16
                      -------------- ------------ ------------ ------------
GBY063 (325.4m)         56.0 - 276.0        220.0          0.7         0.16
                      -------------- ------------ ------------ ------------
GBY064 (323.8m)        220.0 - 254.0         34.0          0.6         0.16
                      -------------- ------------ ------------ ------------
                       264.0 - 323.8         59.8          1.0         0.16
                      -------------- ------------ ------------ ------------
GBY065 (265.2m)           6.9 - 52.0         45.2          0.7         0.12
                      -------------- ------------ ------------ ------------
                        96.0 - 130.2         34.2          1.2         0.30
                      -------------- ------------ ------------ ------------
GBY066 (298.2m)         68.4 - 154.0         85.6          0.9         0.11
                      -------------- ------------ ------------ ------------
            includes   106.0 - 122.0         16.0          1.2         0.14
                      -------------- ------------ ------------ ------------
                       234.0 - 298.2         64.2          0.7         0.12
                      -------------- ------------ ------------ ------------
GBY067 (300.0m)          45.0 - 61.8         16.8          0.7         0.11
                      -------------- ------------ ------------ ------------
                         66.0 - 88.4         22.4          0.8         0.12
                      -------------- ------------ ------------ ------------
GBY068 (219.0m)           0.0 - 21.0         21.0          0.7         0.09
                      -------------- ------------ ------------ ------------
                        41.5 - 114.0         72.5          0.9         0.04
                      -------------- ------------ ------------ ------------
GBY069 (282.9m)        182.0 - 264.0         82.0          0.7         0.22
                      -------------- ------------ ------------ ------------
GBY070 (250.0m)          20.0 - 70.5         50.5          0.8         0.07
                      -------------- ------------ ------------ ------------
            includes     36.0 - 58.0         22.0          1.3         0.08
                      -------------- ------------ ------------ ------------
                       201.5 - 246.0         44.5          0.6         0.07
                      -------------- ------------ ------------ ------------
GBY071 (282.8m)          0.0 - 196.0        196.0          0.7         0.16
                      -------------- ------------ ------------ ------------
GBY072 (805.8m)          15.0 - 86.1         71.1          0.6         0.19
                      -------------- ------------ ------------ ------------
GBY073 (336.7m)                      No Significant Intervals
                      -----------------------------------------------------
GBY074 (231.7m)          40.0 - 66.0         26.0          0.7         0.10
                      -------------- ------------ ------------ ------------
                       108.0 - 132.0         24.0          0.8         0.16
                      -------------- ------------ ------------ ------------
GBY075 (205.3m)          0.0 - 205.3        205.3          1.3         0.21
                      -------------- ------------ ------------ ------------
            includes   119.3 - 158.0         38.8          3.3         0.46
                      -------------- ------------ ------------ ------------
GBY076 (247.5m)          0.0 - 158.0        158.0          0.9         0.20
                      -------------- ------------ ------------ ------------
                         24.0 - 46.0         22.0          1.2         0.27
                      -------------- ------------ ------------ ------------
GBY077 (277.2m)          0.0 - 136.0        136.0          0.8         0.17
                      -------------- ------------ ------------ ------------
                       110.0 - 130.0         20.0          1.3         0.28
                      -------------- ------------ ------------ ------------
                       240.0 - 256.0         16.0          0.7         0.13
                      -------------- ------------ ------------ ------------
GBY078 (255.1m)           0.0 - 36.0         36.0          1.0         0.09
                      -------------- ------------ ------------ ------------
                       118.0 - 174.0         56.0          0.8         0.15
                      -------------- ------------ ------------ ------------
GBY079 (121.2m)           0.0 - 32.0         32.0          0.6         0.15
                      -------------- ------------ ------------ ------------
                       101.4 - 121.2         19.8          0.6         0.06
                      -------------- ------------ ------------ ------------
GBY080 (266.1m)        110.1 - 232.0        121.9          0.8         0.09
                      -------------- ------------ ------------ ------------
            includes   158.0 - 176.0         18.0          1.2         0.11
                      -------------- ------------ ------------ ------------
GBY081 (264.6m)         80.0 - 110.0         30.0          0.6         0.04
                      -------------- ------------ ------------ ------------
GBY082 (205.0m)          0.0 - 136.0        136.0          0.8         0.06
                      -------------- ------------ ------------ ------------
            includes     21.0 - 32.0         11.0          1.1         0.05
                      -------------- ------------ ------------ ------------
GBY083 (360.0m)          0.0 - 282.0        282.0          0.9         0.16
                      -------------- ------------ ------------ ------------
            includes   140.0 - 186.0         46.0         1.31         0.21
                      -------------- ------------ ------------ ------------
                 and   201.5 - 222.5         21.0          3.0         0.43
                      -------------- ------------ ------------ ------------
GBY084 (231.0m)         18.0 - 122.0        104.0          0.7         0.07
                      -------------- ------------ ------------ ------------
GBY085 (299.6m)         30.0 - 232.0        202.0          0.8         0.17
                      -------------- ------------ ------------ ------------
GBY086 (150.0m)           0.0 - 70.0         70.0          0.8         0.06
                      -------------- ------------ ------------ ------------

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