NEWS RELEASE


IMZ

INTERNATIONAL MINERALS CORPORATION

February 27, 2004

Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "MIW"

INTERNATIONAL MINERALS REPORTS SECOND QUARTER FINANCIAL RESULTS

International Minerals Corporation (the “Company”) has filed on SEDAR its interim unaudited financial statements for its second quarter ended December 31, 2003. Highlights of these financial statements are shown below (all numbers are reported in US Dollars):

 

·    The consolidated loss for the current three-month period ended December 31, 2003 (the “current quarter”) was $129,191 or $Nil per share.  This compares to a loss of $152,660 or $Nil per share for the same quarter in 2002.   

The consolidated loss for the cumulative six-month period ended December 31, 2003 was $298,198 or $Nil per share.  This compares to a loss of $422,000 or $Nil per share for the same six-month period in 2002.   

·    Capitalized resource property expenditures for the current quarter increased to $924,173 compared to expenditures of $857,443 for the same quarter last year. 

Capitalized resource property expenditures for the six-month period ended December 31, 2003 were $1,818,822, bringing cumulative resource expenditures from inception to date on the Company’s properties to $26,201,383. 

·    Cash and cash-equivalents increased by $207,008 from $2,946,645 at June 30, 2003 to $3,153,653 as of December 31, 2003 due principally to the exercise of share purchase warrants and incentive stock options during the current quarter.  The cash increase in the current quarter of $1,001,772 compares to a decrease of $863,653 for the same quarter in 2002. 

·    Working capital increased by $382,758 from $3,126,895 at year-end June 30, 2003 to $3,509,653 as of December 31, 2003, for the same reasons stated above.

  

ON BEHALF OF THE BOARD

 “Stephen J. Kay”

 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 Terri Kasten at Tel: (480) 483-9932 or Fax: (480) 483-9926

                                       Internet Site: http://www.intlminerals.com        E-mail:  emc@primenet.com