NEWS RELEASE

  INTERNATIONAL MINERALS CORPORATION

September 19, 2003     

    Toronto and Swiss Exchanges – Symbol “IMZ”, Frankfurt – Symbol “MIW”                                             

           DRILLING AT INTERNATIONAL MINERALS’ PALLANCATA PROPERTY, PERU,  INTERSECTS HIGH-GRADE SILVER-GOLD MINERALIZATION WITHIN MULTIPLE TARGETS

 International Minerals Corporation (“IMC”) has received all assay results from an initial drill program completed in late July 2003 at its 100%-held Pallancata silver-gold property, located approximately 500km southeast of Lima, Peru.  IMC’s program comprised 17 core drill holes totaling 2,491m and followed an extensive program by IMC of geological mapping and rock sampling of surface exposures and rehabilitated old underground workings dating primarily from the Spanish colonial period (see News Release dated May 15, 2003). Fourteen of the 17 drill holes were designed to test the west-central section of the main Pallancata Vein structure and three drill holes were located to test a brecciated and stockworked porphyry (“West Breccia”) located to the west of the Pallancata vein (see attached map).

Drill assay results have not only confirmed the high-grade (locally “bonanza” grade) nature of the complex Pallancata Vein structure but also have identified a different (possibly porphyry-related) style of high-grade silver-gold mineralization in the West Breccia zone carrying a noticeably higher gold content than the Pallancata vein. Drill results are discussed in more detail below:

 Pallancata Vein 

Fourteen drillholes were completed over an 830m strike length of the 1.7 km-long Pallancata vein. Nine of the drillholes cut zones with significant silver-gold mineralization as detailed below. The remaining five of the fourteen holes intersected broad sections of quartz vein but the intersections appear to have fallen outside of the currently identified mineralized zones (or “shoots”) and contained no significant mineralisation. All assay values are uncut. 

*Note:  oz/st =  troy oz. per short ton, “H/W” = Hanging Wall of Vein, “F/W” = Footwall of Vein, “Split” = Secondary Vein   

The limited drilling to date appears to have now identified, on a preliminary basis, two mineralized shoots, as shown in the attached longitudinal section. The Central Shoot has strike length of approximately 340m (based on drill intercepts and IMC’s surface and underground sampling) and was intersected by drill holes PAC 2 through PAC 8. Uncut silver values within the shoot range from 283 g/t (8.3 oz/st) to 1,395 g/t (40.7 oz/st) and gold values range from 0.03 to 8.2 g/t. The weighted averages for all Central shoot intercepts are 572 g/t silver (16.7 oz/st) and 2.3 g/t gold, with an estimated average mineralized true vein width of 1.8m. The deepest intersection was approximately 200m vertically below the surface. In addition, three of these drill holes cut secondary vein structures away from the main vein (referred to as “Splits” in the Table above), which averaged 459 g/t (13.4 oz/st) silver and 1.7 g/t gold over an estimated average mineralized true width of 2.6m.  

The East Ore Shoot was intersected by only one drill hole (PAC 12) which cut the Pallancata vein approximately 90m below an area of old workings. Based on the extent of surface workings, it is estimated that this shoot has a strike length of approximately 130m. PAC-12 intersected 651 g/t (19.0 oz/st) silver and 1.8 g/t gold over an estimated true width of 3.2 m. 

Two drill holes (PAC 14 & 15) were located to the east of the Rio Suyamarca (the “Suyamarca Zone”) to test the eastern extension of the Pallancata vein structure. These drill holes failed to intersect significant mineralization, probably due to faulting. The surface trace of the Pallancata vein extends for a further 800 m to the east of these two drill holes and has not so far been explored by IMC. 

West Breccia 

Three drill holes, PAC 1, 9 & 17, were drilled to test the West Breccia zone, located to the west of the Pallancata vein (see map). All three drill holes intersected significant silver-gold mineralisation, one cutting multiple mineralized zones with “bonanza” silver grades and containing overall higher gold grades than the Pallancata Vein structure. Drill intercepts with uncut values are shown below.  

*Note:  oz/st = troy oz. per short ton, “n/a” = true width cannot be calculated as orientation of mineralized zone(s) is unknown. 

The average grade of all drill hole intercepts in the West Breccia zone is 821 g/t (23.9 oz/st) silver and 3.4 g/t gold. The gold and silver values located in these drill holes are some of the highest values reported on the property by IMC, with a maximum uncut silver grade of 2,480 g/t (72.3 oz/st) together with 9.0 g/t gold, contained in a 1.9m drill intercept. In the case of these two drill holes, the mineralization appears to be closely associated with a contact zone or zones between a brecciated porphyry intrusive and volcanics (tuffaceous sediments), possibly with some overall lithological control. The overall geometry of this essentially “blind” mineralized area in the West Breccia zone has not yet been defined by IMC and requires additional drilling. 

Discussion of Results to Date 

IMC management considers the results of this first round of exploratory drilling at Pallancata to be extremely encouraging for a silver-gold deposit similar to those vein deposits currently being mined underground by major companies in the area. At least two substantial ore shoots, both open in depth, have been located in the central part of the Pallancata vein structure, and, somewhat unexpectedly, high-grade mineralization has also been located in the hanging and footwall sections away from the main vein. Less than half of the known vein strike length of the Pallancata vein structure was tested in this drill program.  

The high silver and gold values encountered in the West Breccia zone are especially encouraging in that the mineralized drill intercepts were located below surface outcrops in which only weak mineralisation had previously been detected by IMC and where the surface extent of outcrop is very limited. Previous sampling of a 119m-long trench excavated by IMC which cut the outcrop above the high-grade values encountered in the drilling averaged only 45 g/t (1.3 oz/st) silver and 0.6 g/t gold.  

Future Exploration Plans  

Subject to additional financing/conversion of “in-the-money” share purchase warrants, further drilling and/or underground exploration will be undertaken by IMC in early 2004:

-          to evaluate the high priority West Breccia zone mineralization

-          to further test the known Pallancata Vein shoots at greater depth

-          to test, on an initial basis, the eastern  800m strike length of the 1.7 km-long Pallancata Vein which remains unexplored    

In addition, IMC will initiate exploration work on the Ranichico zone, located approximately 4 km to the north, where up to nine previously inaccessible underground and surface workings dating back to the Colonial era have so far been located by IMC. During IMC’s initial reconnaissance program a total of seven surface rock chip samples and one dump grab sample reported values from 4 to 377 g/t (11 oz/st) silver and 0.04 to 3.8 g/t gold. 

General 

Drilling was carried out by Kluane International Drilling Inc., of Vancouver, Canada using Canadian drillers. Sample preparation and analytical work was carried out at the ALS Chemex laboratory in Lima, Peru using standard industry practices and conventional fire assay methods for gold and silver. For quality control purposes, analytical standards with known metal values were included with IMC’s samples and show acceptable reproducibility. Duplicate analyses on selected samples will also be carried out by Acme Geochemical Inc. (Vancouver). The overall exploration program was conducted under the supervision of IMC’s Qualified Person, Dr. Barry Rayment, who is a consultant to, and a director of, IMC.