NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION
(formerly Ecuadorian Minerals Corporation)
July 7, 2003
Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "IMZ.F"
AT PALLANCATA SILVER-GOLD PROPERTY, PERU
International Minerals Corporation (“IMC”) has commenced an initial drill program on its 100%-held Pallancata silver-gold property, located approximately 500km southeast of Lima, Peru. IMC’s program comprises 16 core drill holes totaling approximately 2,100m and should be completed by the end of August or early September 2003. The Pallancata vein is approximately 1,700m in length and 1.5 to 4.0m in width and displays many of the characteristics found in similar veins in the nearby small-to-medium scale, underground, high-grade silver-gold mines.
In addition to testing for vertical and lateral extensions of the three known high-grade mineralized zones or “shoots” that were identified by IMC during its 2002 exploration program (based on surface exposures and old underground workings), this drill program will also evaluate a gold mineralized porphyry located on the western margin of the vein. See news release dated May 15, 2003 for further details.
During the 2002 exploration program, IMC collected over 230 surface and underground rock chip and channel samples along approximately 1,000m of the total 1,700m strike length of the Pallancata vein and enclosing wallrocks. Sample values ranged from trace to 4,380 g/t (127.8 oz/short ton) silver and 0.01 to 22.0 g/t gold. The three mineralized shoots that have been identified to date have a combined strike length of at least 360m at an average grade of 4.4 g/t gold and 1,108 g/t (32.3 oz/short ton) silver over an average sampled width of at least 1.35m (based on sampling of the underground workings which typically do not represent the full width of the vein).
Drilling is being carried out by Kluane International Drilling Inc., of Vancouver, Canada using Canadian drillers. Sample preparation and analytical work will be carried out at the ALS Chemex laboratory in Lima, Peru using standard industry practices and conventional fire assay methods for gold and silver. The overall drill program is under the supervision of IMC’s Qualified Person, Dr. Barry Rayment, who is a consultant to, and a director of, IMC. Assay results will be announced on a regular basis when all quality control check sample analyses have been received.
Stephen J. Kay, President and CEO
The Toronto, Swiss and Frankfurt 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.