NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION
(formerly Ecuadorian Minerals Corporation)
May 1, 2002
Trading: TSX.IMZ
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS
International Minerals Corporation (“IMC”) is pleased to announce that as of May 1, 2002 the Company has completed the previously announced non-brokered private placement of Cdn$5,040,000 (approximately US$3.15 million). A total of 5.60 million units at a price of Cdn$0.90 per unit were issued to three placees, all located in Europe. Each unit consists of one common share and one half of a share purchase warrant, each whole warrant entitling the holder to purchase one additional common share for two years at Cdn$1.10 for the first year and Cdn$1.30 for the second year. An arm’s length finder’s fee of Cdn$252,000 in cash will be paid with respect to the placement.
Proceeds from the financing will be used principally for drilling at the Beroen gold-silver project in Ecuador (planned to start by the end of May), for additional exploration work at the Vetaspata gold project in Peru, for other exploration activities in Peru and Ecuador, for new project evaluations in South America and internationally, and for general corporate working capital purposes.
The common shares and the warrants (together with the shares deliverable upon the exercise of the warrants) have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration under such act or compliance with an applicable exemption from such registration requirements.
Stephen J. Kay, President and CEO
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
For additional information, contact Investor Relations at Tel: (480) 483-9932 or Fax: (480) 483-9926.