SOURCE: International Minerals Corporation

November 27, 2007 08:30 ET

International Minerals Reports Impressive Drill Results at Pallancata Mine, Peru, Including an Intercept of 20m at 760 g/t Silver and 3.5 g/t Gold

SCOTTSDALE, AZ--(Marketwire - November 27, 2007) - International Minerals Corporation ("IMZ") (TSX: IMZ) (SWISS: IMZ) reports positive results from the on-going infill and exploration drilling program at the Pallancata silver-gold mine in southern Peru, confirming the continuity of high-grade silver mineralization in the Central and West zones of the Main Pallancata Vein, where underground production commenced in September 2007 (see news release dated September 18, 2007). The Pallancata Mine is owned by Compania Minera Suyamarca S.A.C. ("Suyamarca"), which is jointly-owned by IMZ (40%) and London-listed Hochschild Mining PLC ("Hochschild," 60%). Hochschild's wholly-owned subsidiary, Compania Minera Ares S.A.C., is the mine operator.

The infill drill program (see the attached map, Appendix 2) focused on the Central and West mineralized zones of the Main Pallancata Vein and comprised 21 core drill holes, totaling 4,597 meters ("m"). The results cover both the Main Pallancata Vein and subsidiary mineralized zones, which are located in the wallrocks adjacent to the Main Pallancata Vein (see the attached map).

Commenting on the results, Stephen J. Kay, President and Chief Executive Officer of IMZ, said, "These results demonstrate the continuity and excellent thicknesses of high-grade silver and associated gold mineralization in the Main Pallancata Vein. Particularly encouraging are high-grade silver intercepts with gold in veins that are parallel to (or are splits from) the Main Pallancata Vein, for example the Ramal and Amelia veins and a new, as-yet unnamed vein. These subsidiary veins should be easily accessible for mining as they are located close to the current development and mining areas. We think it is likely there will be more such subsidiary vein systems to be discovered by drilling in areas adjacent to the Main Pallancata Vein."

Some of the more impressive new drill results include the following (all representing estimated true widths and average uncut grades):

Pallancata West Zone:

--  Drill hole A-89 with 8.5m at 542 grams per tonne ("g/t") silver and
    2.3 g/t gold
--  Drill hole A-93 with 6.6m at 668 g/t silver and 2.4 g/t gold
--  Drill hole A-96 with 14.0m at 562 g/t silver and 3.0 g/t gold

Pallancata Central Zone:

--  Drill hole A-69A with 20.0m at 760 g/t silver and 3.5 g/t gold
--  Drill hole A-74 with 34.0m at 459 g/t silver and 1.5 g/t gold

Unnamed Vein (Central Zone):

--  Drill hole A-77 with 4.3m at 1,422 g/t silver and 4.0 g/t gold

Ramal Vein (Central Zone):

--  Drill hole A-81 with 14.0m at 589 g/t silver and 1.2 g/t gold

Complete assay results from the 21 infill drill holes are shown in the table, Appendix 1 and drill-hole locations are shown on the attached map, Appendix 2.

As part of the exploration drill program, an additional 8 core holes totaling 2,322m were drilled to investigate the Mariana Vein, approximately 500 meters north of the Main Pallancata Vein. These results include an intersection of 1.9m (true width) averaging 537 g/t silver and 2.4 g/t gold. Additional results for the Mariana vein are summarized in the table, Appendix 1.

The recent results from the infill and exploration drill program will be incorporated into the calculation of updated mineral reserves and resources for the Pallancata Mine, which are expected to be issued by Suyamarca in the first quarter of 2008.

About Pallancata

IMZ announced (in a news release dated August 30, 2007) the results of an independent prefeasibility study for the Main Pallancata Vein at the Pallancata mine, including:

--  Probable Reserves estimated at 1.1 million tonnes at an average grade
    of 311 g/t silver and 1.2 g/t gold, containing 11.5 million ounces of
    silver and 45,000 ounces of gold.
    
--  Indicated Resources (not including Reserves) estimated at 1.5 million
    tonnes at an average grade of 412 g/t silver and 1.2 g/t gold, containing
    20.4 million ounces of silver and 59,000 ounces of gold.
    
--  Inferred Resources estimated at 2.6 million tonnes at an average grade
    of 359 g/t silver and 1.5 g/t gold, containing 29.5 million ounces of
    silver and 119,000 ounces of gold.
    

IMZ has a 40% interest in these mineral reserves and resources. Based on the current reserves in the prefeasibility study, IMZ has estimated that Pallancata has an initial 5-year mine life and would produce an average of approximately 2 million ounces of silver per year plus 7,600 ounces of gold per year at a cash cost per ounce of silver (with gold as a credit) of under US$5.00 per ounce. IMZ's share of production is 40% of these estimates.

Hochschild is contractually committed to increase the underground mining rate at the Pallancata mine from the current rate of 500 tonnes per day (tpd) to 750 tpd by September 2008. A further expansion of mine production to 1,000 tpd is subject to approval by both parties, but all new capital expenditures required to expand the mine to 1,000 tpd will be funded solely by Hochschild.

Sample preparation and analytical work were carried out by the independent SGS laboratory in Lima, Peru using industry-standard sampling practices and analytical methods for silver and gold. A quality control program was used whereby 10% of all samples sent to the laboratory were standards with known silver and gold content. Results achieved were acceptable. Sample preparation and handling procedures follow industry norms.

The technical information presented in this news release has been reviewed and verified by IMZ's Qualified Person, Exploration Manager, Mark Cannuli.

Neither Hochschild Mining plc nor any of its subsidiaries accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

For additional information, contact Wendy Yang at Tel: (303) 357-4863

Internet Site: http://www.intlminerals.com

Appendix 1: Pallancata Mine: West & Central Zones - Drill Results (All Uncut)

                                        Estimated     Silver
Drill Hole #     Interval     Length    True Width    Grade     Gold Grade
 (Depth-meters)  (meters)    (meters)    (meters)     (g/t)       (g/t)
                ----------- ----------- ----------- ----------- -----------
A-72 (201.6m)     71.7-78.0     6.3         3.6         387         1.2
                  90.5-95.8     5.3         3.8         341         2.4
                ----------- ----------- ----------- ----------- -----------
A-74 (191.4m)   122.6-191.4    68.8        34.0         459         1.5
                ----------- ----------- ----------- ----------- -----------
A-76 (284.5m;
 Ramal 1 Vein)  116.9-122.4     5.5         2.8         309         1.7
A-76            134.6-143.4     8.8         4.5         286         1.4
                ----------- ----------- ----------- ----------- -----------
A-77 (190.0m)     36.1-42.8     6.7         5.3         656         1.3
(Unnamed Vein)    50.6-53.2     2.6         2.0         677         2.2
(Unnamed Vein)   97.9-103.3     5.4         4.3       1,422         4.0
(Ramal Vein)    122.3-130.8     8.5         6.8         459         1.5
                ----------- ----------- ----------- ----------- -----------
A-79 (324.4m)     62.1-82.1    19.9         6.7         652         2.9
                174.2-190.5    16.3         5.5         525         2.4
                ----------- ----------- ----------- ----------- -----------
A-81 (421.0m)   148.9-153.5     4.6         2.8         241         1.0
A-81            177.4-182.7     5.3         3.2         604         2.4
A-81            245.1-268.4    23.3        14.0         589         1.2
                ----------- ----------- ----------- ----------- -----------
A-85 (296.6m)   253.2-256.2     3.0         1.9         508         1.5
                ----------- ----------- ----------- ----------- -----------
A-87 (340.0)    255.3-256.6     1.8         1.0         344         1.3
                ----------- ----------- ----------- ----------- -----------
A-91 (221.5m)     77.4-80.7     3.3         2.2         252         1.0
                117.6-124.7     7.1         4.6         527         1.7
(Unnamed Vein)  132.5-134.1     1.6         1.1         869         2.0
                ----------- ----------- ----------- ----------- -----------
A-94                                No Significant Values
                ----------- ----------- ----------- ----------- -----------
(Ramal Vein)    234.6-240.9     6.3         3.7         685         2.6
                ----------- ----------- ----------- ----------- -----------
A-97 (96.5m)      88.6-89.8     1.1         0.7         343         1.4
                ----------- ----------- ----------- ----------- -----------
Between Central and West Zones
                ----------- ----------- ----------- ----------- -----------
A-73 (134.7m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
A-78 (269.0m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
A-83 (218.3m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
West Zone
                ----------- ----------- ----------- ----------- -----------
A-75 (221.4m)   172.1-182.1      10         7.5         331         1.4
                ----------- ----------- ----------- ----------- -----------
A-88 (121.0m)     13.8-22.0     8.2         4.8         265         1.6
(Amelia Vein)     74.7-78.9     4.2         2.3         515         3.8
                ----------- ----------- ----------- ----------- -----------
A-89 (110.0m)      0.0-10.0    10.0         8.5         542         2.3

                ----------- ----------- ----------- ----------- -----------
(Ramal 1 Vein)    43.4-45.2     1.8         1.5         610         2.5
                ----------- ----------- ----------- ----------- -----------
A-93 (130.5m)     1.17-11.2      10         6.6         668         2.4
(Ramal 1 Vein)    45.4-47.3     1.8         1.2         264         2.2
(Amelia Vein)     74.1-76.7     2.7         1.7         158         0.9
                ----------- ----------- ----------- ----------- -----------
A-96 (160.0m)      0.0-19.0      19        14.0         562         3.0
                ----------- ----------- ----------- ----------- -----------
Mariana Vein, ~800m north of Central Zone
                ----------- ----------- ----------- ----------- -----------
A-80 (332.2m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
A-82 (315.0m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
A-84 (376.5m)   139.6-139.8     0.2         0.2         310         0.8
                ----------- ----------- ----------- ----------- -----------
A-86 (294.3m)   137.7-138.7     1.0         0.7         939         2.0
                ----------- ----------- ----------- ----------- -----------
A-90 (170.0m)     52.8-54.9     2.0         1.9         537         2.4
                ----------- ----------- ----------- ----------- -----------
A-92 (274.1m)     73.6-74.9     1.3         0.8         207         0.8
                ----------- ----------- ----------- ----------- -----------
A-95 (309.0m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------
A-98 (251.1m)                       No Significant Values
                ----------- ----------- ----------- ----------- -----------

Contact Information

Multimedia