NEWS RELEASE

INTERNATIONAL MINERALS CORPORATION

(formerly Ecuadorian Minerals Corporation)

December 11, 2002

Trading: TSX & SWX: "IMZ"

INTERNATIONAL MINERALS ANNOUNCES FINAL DRILL RESULTS AND
UPDATED RESOURCE ESTIMATE FOR RIO BLANCO PROPERTY, ECUADOR

International (formerly Ecuadorian) Minerals Corporation (“IMC”) has completed a Phase 3 drilling program at its Rio Blanco gold-silver property in Ecuador. A total of 4,868m in 23 core drill holes were completed during the program, giving a total of 9,507m in 71 core drill holes completed by IMC on the property to date. .

Based on the drilling completed so far, an internally-prepared, updated Inferred Mineral Resource estimate for the three main zones (Alejandra North, Alejandra South and Dorada, (see attached map) outlines approximately 881,000 ounces of gold and 6.7 million ounces of silver contained within 5 million tonnes of material at average uncut grades of 5.5 g/t gold and 42 g/t silver.

In Alejandra North, a higher-grade mineralized zone (“shoot”) within a distinctive vein-breccia structure yields an Inferred Mineral Resource of approximately 1.5 million tonnes of material at 11.2 g/t gold and 99 g/t silver containing 553,000 ounces gold and 4.9 million ounces of silver. As delineated so far, this shoot measures approximately 400m in length (plus a possible faulted extension of approximately 100m strike length to the west) with a vertical dimension varying between 120m and 280m and an average true width of approximately 6m (the latter being unusually wide for this type of epithermal precious metal deposit) and in places achieves a maximum width of 30m.

From an economic perspective, an important aspect of the Alejandra North shoot is the presence of two particularly high-grade (“bonanza”) mineralized zones. One of these zones, seen at surface in the western portion of the shoot, was intersected in IMC’s previous drilling programs and also by IMC’s 30m long exploration tunnel (adit). The adit contains a continuously mineralized zone of 27.2m grading 23.2 g/t (0.75 oz/t) gold and 250 g/t (8.0 oz/t) silver, including 4.5m at 83 g/t (2.67 oz/t) gold and 1,060 g/t (34.1 oz/t) silver, with individual assay values ranging from 0.3 to 159 g/t (5.11 oz/t) gold and 9 to 1,450 g/t (46.6 oz/t) silver. Some 300m east of this bonanza zone, Phase 3 drill holes BC-50 and 51 (see attached map) intercepted a previously unknown, “blind” bonanza zone approximately 250m below surface. Drill hole BC-50 recorded the best intercept on the property to date, with 8.6m grading 29.3 g/t gold (0.94 oz/t) and 321 g/t (10.3 oz/t) silver, including 5.3m at 43.9 g/t gold (1.41 oz/t) and 508 g/t (16.3 oz/t) silver. Drill hole BC-51 reported 2.1m at 24.2 g/t (0.78 oz/t) gold and 140 g/t (4.5 oz/t) silver.

The completion of IMC’s Phase 3 drill program has provided a higher level of confidence in the resource estimate because of the additional drilling and for the first time has outlined the geometry of the shoot within the Alejandra North vein-breccia structure. In addition, the drilling has shown that the shoot is inclined (“pitches”) gently to the east-northeast, with potential for the mineralization to continue beyond its presently known eastern limit. The presence of multiple high-grade mineralized shoots (and bonanza-grade zones) within a vein system is a common characteristic of similar-style epithermal deposits worldwide, indicating the potential for additional high-grade mineralized shoots within the Alejandra North vein-breccia zone. Some strongly mineralized areas of the upper and lower margins of the Alejandra North shoot still remain open and will require further drill testing.

The Table below shows details of the updated Inferred Mineral Resource that was carried out by IMC’s Qualified Person, geologist Dr. Barry D. Rayment who is a consultant to, and director of, IMC.

Rio Blanco Project - Inferred Mineral Resource - November 2002

Note: All gold and silver grades are based on original, uncut assays.

The resource estimate utilized a polygonal calculation method based on vertical cross-sections generally spaced at 40m-70m intervals. Discrete vein intercepts were assigned a maximum dip length of 40m.

The bulk of mineralization in Alejandra South and Dorada is present at shallow depth but the Alejandra North shoot contains both shallow and deeper mineralization. Based on typical economic cut-off grades for open-pit (approximately 1.0 g/t gold) and underground mines (approximately 5.0 g/t gold) worldwide, a cut-off grade of 1.0 g/t gold was utilized in the resource estimate for Alejandra South/Dorada and for mineralization within 50m of surface in the Alejandra North shoot (present only at the western end). A cut-off grade of 5g/t gold was used for mineralization deeper than 50m in the Alejandra North shoot and the estimate excluded low-grade (1.0 g/t) material deeper than 50m. Figures for deeper low-grade material had been included in the previous Inferred Mineral Resource estimate (November 2000).

It is important to note that the presence of a steep slope cutting through the Alejandra North Zone is significant since it would allow deeper mineralization to be exploited by relatively lower cost adit (tunnel) development rather than by expensive shaft sinking.

Complete results of IMC’s Phase 3 drilling program for Alejandra North (16 core drill holes) are given below. Note that all gold and silver assays are uncut.

*Drill Holes Previously Reported:
News Release Sept. 3, 2002

Orquidea Zone

Results have also been received for all six drill holes (totaling 490m and ranging from 26m to 133m depth) drilled as a first test of this newly discovered zone of mineralization on the Rio Blanco property (see attached map). The drill holes were located over an area of outcrop carrying erratic high-grade gold/silver mineralization in veins and mineralized wallrocks previously panel sampled by IMC in May of this year.

The best intercepts (previously reported) were obtained in drill hole BC-53 containing two separate intercepts of 1.0m at 20.6g/t gold with 39g/t silver and 1.2m at 10.9g/t gold with 36g/t silver.

Results of the drilling program are given below. Note that all gold and silver assays are uncut.

*Drill Holes Previously Reported:
News Release Sept. 3, 2002

These initial results from this little known, poorly exposed area are considered sufficiently encouraging to warrant further work during a future field program.

The Phase 3 drilling program was carried out by Paragon Drilling Ecuador, S.A. under the supervision of a Canadian drilling consultant. Sample preparation of drill hole samples was undertaken by ALS Chemex, Quito, Ecuador using standard industry practices. The primary laboratory for analytical work was ALS Chemex, Vancouver, Canada using conventional fire-assay methods for gold and silver. Duplicate assays for selected samples were carried out by Acme Geochemical Inc. (also in Vancouver) and show good reproducibility, particularly for high-grade samples (greater than 5g/t gold and 15g/t silver). In addition, analytical standards (with known gold values) and blanks (with zero gold/silver values) were included for quality control purposes.

Future Work Program

Gold/silver mineralization has now been encountered in 3 main zones (Alejandra North, Alejandra South and Dorada) on the Rio Blanco property covering a mineralized strike length of approximately one kilometer within an overall mineralized trend of about 1.5 kilometers. The high-grade shoot in Alejandra North, containing an estimated Inferred Mineral Resource of 553,000 ounces of gold and 4.9 million ounces of silver at grades of 11.2 g/t gold and 99 g/t silver, is clearly of key interest because of the high-grade nature of the zone, in particular the known bonanza-grade zones. In addition, potential exists for extensions to the known mineralization together with additional high-grade shoots and bonanza zones to the northeast.

In Dorada, located at the southern end of the mineralized zone, where only limited drilling has been completed, the zone remains open to the south and mineralization has only been tested to shallow levels.

Subject to additional financing in 2003, further drilling, coordinated with appropriate geophysical techniques, is planned to test for extensions to the Alejandra North high-grade zone and for the presence of other shoots using the geometry of the known shoot as a guide to the new drill program. In addition, more drilling is planned to test the full potential of the Dorada Zone, the newly discovered mineralization at Orquidea and other previously identified mineralized targets on the property.

Stephen J. Kay, President and CEO

The Toronto and Swiss Stock Exchanges neither approve nor disapprove 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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