NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION
(formerly Ecuadorian Minerals Corporation)
February 24, 2003
Trading: TSX & SWX: "IMZ"
International Minerals Corporation (formerly Ecuadorian Minerals Corporation) has arranged a non-brokered private placement with private investors in Europe that will provide gross proceeds to the Company of Cdn$5.10 million (approximately US$3.3 million). Under the agreed upon terms, the Company will issue a total of 3.0 million units at a price of Cdn$1.70 per unit. Each unit consists of one common share and one half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at Cdn$2.20 for two years. An arm’s length finder’s fee of 5% of the gross proceeds is payable (half in cash and half in units) upon closing of the placement, which is expected to take place by March 14, 2003. The financing and the finder’s fee are subject to regulatory approval.
Proceeds from the financing will be used principally for further drilling at the Rio Blanco (formerly Beroen) gold-silver project in Ecuador, for additional exploration work at the Vetaspata and Pallancata gold/silver projects in Peru, for other exploration activities in South America, and for working capital for general corporate purposes.
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.