NEWS RELEASE


IMZ

INTERNATIONAL MINERALS CORPORATION

(formerly Ecuadorian Minerals Corporation)

May 22, 2002

Trading: TSX.IMZ

INTERNATIONAL MINERALS COMMENCES PHASE 3 DRILLING PROGRAM
AT RIO BLANCO (BEROEN) GOLD PROPERTY, ECUADOR

International Minerals Corporation (“IMC”) (formerly known as Ecuadorian Minerals Corporation) is pleased to announce that a Phase 3 exploration program has commenced on its 100%-controlled Rio Blanco (formerly Beroen) epithermal gold/silver property in Ecuador. This program comprises approximately 4,000 meters of additional core drilling, 150 meters of underground exploration (tunnels/adits), metallurgical testwork and preliminary engineering studies and is expected to be completed by the end of August. Assay results will be announced on a regular basis when all quality control check sample analyses have been received.

The primary focus of the Phase 3 program will be to expand and test the continuity of the high grade gold mineralization in the Alejandra North Zone and its northeast extension and to test for the possibility of additional “blind” mineralization in the area, both along strike and at depth.

IMC previously announced an in-house calculated inferred resource estimate of approximately 1.1 million gold ounces and 7.6 million silver ounces for the Alejandra and Dorada Zones (see table below and original news release dated November 14, 2000), with significant potential for additional mineralization along strike and at depth. IMC also completed a 30m long exploration tunnel (adit) across the Alejandra Zone that reported average uncut grades of 22 g/t gold and 216 g/t silver from 66 samples, including 4.5m at 83 g/t gold and 1,060 g/t silver and 1.2m at 87 g/t gold and 707 g/t silver. Individual assay values ranged from 0.3 to 159 g/t gold and 9 to 1,450 g/t silver.

Beroen Project - Inferred Resources November 2000 (All assays are uncut) .

Zone

Zone

 

Tonnes

 

Gold Grade (g/t)

Silver Grade   (g/t)

Gold (ozs)

 

Silver (ozs)

 

Alejandra (North and South) Includes:

Alejandra North (high grade)

 

4,689,746

 

1,657,461

 

5.3     

 

10.9

 

40

 

81

 

794,971

 

577,962

 

6,047,227

 

4,289,154

 
Dorada (North and South)

2,332,298

 

3.7

 

21

 

277,450

 

1,544,052

 
TOTAL

7,022,044

4.8

34

1,072,421 7,591,279

ON BEHALF OF THE BOARD

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.

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International Minerals Corporation is not a reporting issuer in the United States and the information provided herein is not a solicitation to sell shares. The Company, however, has maintained a Standard and Poor's Corporate Listing since July 1996.