May 15, 2003 News Release

INTERNATIONAL MINERALS DISCOVERS EXTENSIVE HIGH-GRADE
SILVER-GOLD MINERALIZATION AT PALLANCATA, PERU

International Mineral Corporation (“IMC”) has completed the first phase of exploration on its 100%-held Pallancata silver-gold prospect, located approximately 500km southeast of Lima, Peru. IMC’s program comprised the rehabilitation and detailed sampling of 29 previously inaccessible underground workings (many of which date back to the Spanish colonial era), together with surface rock sampling and geological mapping.

The Pallancata epithermal vein structure strikes west-northwest and is approximately 1.7km in length and 1.5 to 4m in width (see map). It displays many of the characteristics found in similar veins in the numerous small-to-medium scale, underground, high-grade silver-gold mines in this part of the Peruvian Andes. Mines such as Arcata, Orcopampa, Caylloma have each produced between 40 and 115 million ounces of silver and 100,000 to 1 million ounces of gold at grades ranging from 15 to 20 oz/t silver (470 to 620 g/t) and 2 to 12 g/t gold, based on data published by the Peruvian government mining department.

IMC collected a total of 231 surface and underground rock chip and channel samples from the vein and enclosing wallrocks, with values ranging from trace to 140.8 oz/t silver (<0.2 g/t to 4,380 g/t) and 0.01 to 22.0 g/t gold. On the basis of this preliminary sampling program, a minimum of three mineralized zones (or “shoots”) have been identified by IMC so far, with a combined strike length of at least 360m at an average grade of 4.4 g/t gold and 35.6 oz/t silver (1,108 g/t) and an average sampled width of 1.35m (see Table below and attached map and section). It should be noted, however, that the widths of the samples taken from the underground workings are restricted to actual widths of the workings and therefore do not represent the true width of the mineralization, which appears to be greater.

Mineralized Shoots - Composite Values

Shoot #	Vein Length (m)	Avg. Vein Width (m)	Avg. Silver Grade oz/t * g/t *	Avg. Gold Grade g/t *
1	140	1.31	49.4 1,538	4.8
2	130	1.34	17.9 556	2.5
3	90	1.41	39.6 1,232	5.7
All Shoots	360m	1.35m	35.6 1,108	4.4

* g/t and oz/t refer to grams per metric tonne and troy ounces per metric tonne respectively. The overall average silver and gold values for the three shoots is weighted by vein width.

Shoot #1 is located in the western part of the vein structure and includes a 55m-long section of underground workings in which gold grades ranged from 1.3 to15.4 g/t and silver grades from 14.2 to 117.0 oz/t (441 to 3,640 g/t) over sample widths of 0.40 to 1.70m. Shoot #2, located in the central part of the vein, includes a 28m section of workings containing grades of 2.0 to 6.8 g/t gold and 16.7 to 42.9 oz/t (520 to 1,335 g/t) silver across sample widths of 0.90 to 1.10m. Shoot # 3, to the east, contains a 65 m-long section of workings with a 36m-long sampled length of un-worked vein which averaged 5.7 g/t gold and 39.6 oz/t (1,232 g/t) silver over a sample width ranging from 0.80 to 2.50m.

With regard to other target zones in the immediate sampled area, approximately 100m to the east of Shoot #3, is a part of the vein structure which remains to be sampled in detail by IMC. In this area, two recently collected rock channel samples from the same location averaged 12.0g/t gold and 101.3 oz/t silver (3,150 g/t), indicating the potential for additional mineralized shoots to the east. These new high-grade sample results will be followed up on a priority basis by IMC.

On its western extremity (see map), the Pallancata vein structure appears to be bounded by a mineralized, brecciated/stockworked porphyry intrusive with strong quartz veining. Continuous samples taken from a119m-long trench cut across this zone by IMC averaged 0.6 g/t gold and 45 g/t silver. This mineralized intrusive is considered to be a separate target from the principal mineralized vein structure.

Sample results to date are considered by IMC management to be very encouraging and indicate that the Pallancata property hosts silver-gold mineralization that has similar potential to those deposits presently being mined in the district. Of particular note with respect to the Pallancata vein structure are: its extensive strike length (1.7km), the presence of old mine workings over a known vertical interval of at least 250m, and the occurrence of mineralized zones with “bonanza” silver grades together with significant gold mineralization.

IMC is currently planning a combined core drilling (approximately 2,000m) and underground exploration program (approximately 100m of tunnels/adits) to start in late June. This program will test for vertical and lateral extensions of the known mineralized shoots and will also evaluate (by drilling) the mineralized porphyry to the west.

NEWS RELEASE

INTERNATIONAL MINERALS CORPORATION

(formerly Ecuadorian Minerals Corporation)

May 15, 2003

Trading: TSX & SWX: "IMZ"

Mineralized Shoots - Composite Values