International Minerals Corporation
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.


Stephen J. Kay, President and CEO

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

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