NEWS RELEASE
March 3, 2004
Toronto and Swiss Exchanges – Symbol
“IMZ”, Frankfurt – Symbol “MIW”
INTERNATIONAL MINERALS DISCOVERS NEW HIGH-GRADE SILVER-GOLD MINERALIZATION AT PALLANCATA PROPERTY, PERU
International Minerals Corporation (“IMC”) has discovered a new high-grade silver-gold vein (the “Mariana Vein”) at its 100%-held Pallancata property, located approximately 500km south-east of Lima, Peru. The discovery was made by IMC during ongoing exploration activity in the vicinity of the Pallancata Vein, where IMC’s initial drill program of 17 core holes (totaling approximately 2,500m) intersected high-grade silver-gold mineralization (see news release dated September 19, 2003 for details).
The Mariana Vein is located approximately 800m to the north of the western extremity of the Pallancata Vein. Discovered beneath loose surface cover, it has been traced over an approximate east-west strike length of 350m and there are indications that the vein may continue further to the east. Historical underground workings, including shafts and stopes (or worked areas) dating back to the colonial period were excavated and over 800 tonnes of debris were removed by hand by IMC to facilitate sampling of the workings.
A total of 53 channel samples taken from the accessible workings on the Mariana Vein over the strike length of 350 m averaged 802 g/t silver (23.4 oz/st) and 2.7 g/t gold with values ranging from 72 to 8,240 g/t (240 oz/st) silver and 0.3 to 26.7 g/t gold. Estimated true widths range from 0.30m to 1.20m with an average true width of 0.64m. The highest single value obtained was reported from a sample taken at the bottom of one of the old shafts, which assayed 8,240 g/t silver and 26.7 g/t gold with a sampled vein width of 0.60 m. One sample, which extended 0.9m into the wall rock adjacent to this sample, assayed 362 g/t silver and 0.9 g/t gold.
An offshoot vein on the eastern extremity of the Mariana Vein (referred to as the “Mariana Split”) was traced over a distance of 80m and is still open. Eleven channel samples taken from the 80m of known strike extent range from 3 to 972 g/t silver and 0.3 to 2.7 g/t gold with an average grade of 409 g/t (11.9 oz/st) silver and 1.2 g/t gold. Estimated true widths range from 0.25m to 0.60m with an average true width of 0.40m. In addition, a group of old workings was located 500m to the north-east along the projected strike direction of the Mariana Split and follow-up sampling by IMC will resume toward the end of March.
Management considers the discovery of these new high-grade mineralized zones, in places having “bonanza” silver grades, to be very encouraging in terms of expanding the overall potential of the Pallancata project. Follow-up work will continue on these and other targets, including the Ranichico area located 2 km to the north of the Mariana Vein, where seven initial surface rock chip samples and one dump sample reported assay values ranging from 4 to 377 g/t silver and 0.0 to 3.8 g/t gold.
IMC is currently planning (with an expected start date in May/June) an approximate 4,000m core drill and underground exploration program on the Pallancata Vein to further define the high-grade shoots (which in places contain “bonanza” silver grades) that were identified in the initial 2,500m drill program conducted last year by IMC. Additional drill meterage will be used to test the Mariana Vein and Ranichico areas discussed above.
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. The exploration program was conducted under the supervision of IMC’s Qualified Person and Exploration Manager, Mr. John Sutcliffe.
ON BEHALF OF THE BOARD
“Stephen J. Kay”
Stephen J. Kay, President and CEO
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