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

International Minerals Corporation

November 14, 2005 14:02 ET

International Minerals Reports First Quarter Financial Results

SCOTTSDALE, ARIZONA--(CCNMatthews - Nov. 14, 2005) - International Minerals Corporation (the "Company") (TSX:IMZ)(SWISS:IMZ)(FWB:MIW) has filed its unaudited, management-prepared September 30, 2005 interim financial statements and management discussion and analysis ("MD&A") on SEDAR. Highlights of these financials for the first quarter of the Company's 2006 fiscal year are shown below (all numbers are reported in US Dollars):

- The Company's consolidated net income for the three-month period ended September 30, 2005 (the "current period") was $255,026 or $0.003 per share. This compares to a net income of $764,877 or $0.009 per share for the same quarter in 2004. The net income for both the current period and the same period in 2004 is generated principally by non-cash foreign exchange gains related to the strength of the Canadian dollar versus the U.S. dollar. The current period reflected a foreign exchange gain of $284,033 compared to $780,988 in the same period in 2004.

- Cash, cash-equivalents and short-term investments decreased by $1,697,197 from $10,211,242 at June 30, 2005 to $8,514,045 as at September 30, 2005 due primarily to significant exploration expenditures on the Company's principal resource projects in Ecuador and Peru.

- Working capital decreased by $1,283,209 from $10,250,748 at year-end June 30, 2005 to $8,967,539 as at September 30, 2005 primarily for the same reasons stated above. The Company had no long-term debt in either period.

- Capitalized resource property expenditures for the current period increased slightly to $1,547,519 compared to expenditures of $1,429,617 for the same period last year reflecting similar levels of exploration activities at the Company's Rio Blanco and Gaby gold properties in Ecuador and the Pallancata silver-gold property in Peru. These expenditures continued to advance the projects towards various important objectives: (a) completion of a feasibility study at Rio Blanco in early 2006, (b) commencement of a feasibility study at Gaby in late 2005 and (c) commencement of a pre-feasiblity study at Pallancata in late 2005 or early 2006.

ON BEHALF OF THE BOARD

Stephen J. Kay, President and CEO


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