NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION | |
February 5, 2004 | Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "MIW" |
| DRILLING STARTS AT INTERNATIONAL MINERALS' CAÑICAPA PROJECT, ECUADOR UPDATE ON DRILLING AT RIO BLANCO, ECUADOR International Minerals Corporation (“IMC”) is pleased to report that drilling by joint venture partners Gold Fields Chile Ltda and IAMGOLD Corporation (“Gold Fields/IAMGOLD”) has commenced at IMC’s Cañicapa epithermal gold project in southern Ecuador. Approximately 3,000m of reverse-circulation drilling in twelve drill holes is planned by Gold Fields/IAMGOLD and the drill program is expected to be completed in early March. Assay results will be issued by IMC as and when they are received from Gold Fields/IAMGOLD. In 1999, the previous property owner drilled a total of seven shallow core holes, ranging in depth from 15m to 162m, for a total of 569m. Severe drilling problems were encountered due to adverse ground conditions found in the strongly altered rocks and drill-core recoveries were very low, and, in some cases, no core could be recovered. The drill program was abandoned before the targeted depths for expected precious metal mineralization could be reached. In the current drill program, Gold Fields/IAMGOLD is utilizing a reverse-circulation drill machine in order to mitigate the sample recovery problems encountered in the previous core-drilling program. IMC holds a 100% interest in the Cañicapa project through an option agreement with the underlying property owner. Under the terms of an agreement between IMC and IAMGOLD, IAMGOLD can earn up to an 80% interest in IMC’s interest in the project by completing a work commitment and a feasibility study. Under the terms of a separate agreement between IAMGOLD and Gold Fields, Gold Fields can earn up to a 60% interest in IAMGOLD’s 80% interest in the project by meeting certain minimum work expenditures over a certain period. Please see IMC’s news release dated March 31, 2003 for details of these agreements. At IMC”s 100%-held Rio Blanco low-sulfidation epithermal gold-silver deposit, also in southern Ecuador, the approximately 9,000m core-drill program (which forms part of IMC’s overall feasibility study on the project) continues. A third drill machine has been added to accelerate completion of the program, which is scheduled to be completed by the end of April. To date a total of approximately 3,267m of core-drilling has been completed in 25 inclined drill holes ranging from 47m to 310m in length. Initial assay results are expected to be issued by IMC within the next two to three weeks, dependent upon analytical laboratory turnaround time. | |
| ON BEHALF OF THE BOARD 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. | |
| International Minerals Corporation is not a reporting issuer in the United States and the information provided herein is not a solicitation to sell shares. The Company, however, has maintained a Standard and Poor's Corporate Listing since July 1996. | |
