NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION
(formerly Ecuadorian Minerals Corporation)
March 6, 2003
Trading: TSX & SWX: "IMZ"
NORTHERN SECURITIES WITHDRAWS LEGAL ACTION
International Minerals Corporation (“IMC”) is pleased to announce that as of March 5, 2003 the Company has completed the previously announced non-brokered private placement of Cdn$5,100,000 (approximately US$3.3 million). A total of 3.0 million units were issued at a price of Cdn$1.70 per unit to placees in Europe, with each unit consisting 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$2.20. An arm’s length 5% finder’s fee of Cdn$127,500 in cash and 75,000 Units will be paid with respect to the placement.
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 Pallancata and Vetaspata gold/silver projects in Peru, for other exploration activities in South America, and for working capital for general corporate purposes.
With regard to the legal proceeding filed by Northern Securities, Inc. (“Northern”) against IMC and the Toronto Stock Exchange (see news release dated February 19, 2003), the matter has now been resolved by IMC and Northern and Northern has withdrawn the legal action. The issue related to a proposed “best efforts” private placement in Canada with Northern acting as agent for IMC. This Canadian placement did not proceed because Northern provided potential investors whose specific investment requirements did not meet IMC’s parameters for the proposed private placement.
The Board is also pleased to announce the appointment of Mr. Gabriel Bianchi, a Swiss private portfolio manager, as a new director of IMC. A current director, Mr. Walter Wehrli, has stepped down from the Board in order to focus on his current business commitments. The Board thanks Mr. Wehrli for his constructive advice and assistance over the past three years and wishes him continued success in the future.
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.