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

INTERNATIONAL MINERALS REPORTS HIGH-GRADE GOLD INTERSECTIONS FROM FEASIBILITY STUDY DRILL PROGRAM AT RIO BLANCO PROJECT, ECUADOR

International Minerals Corporation (“IMC”) has received assay results from the first twenty core drill holes totaling 2,729m that form part of an on-going feasibility study for the high-grade Alejandra North Zone within IMC’s Rio Blanco epithermal gold-silver project located in southern Ecuador.

In an October 14, 2003 news release, IMC announced a positive scoping study with strong economics (over 50% pretax IRR at US$350/oz gold and US$5/oz silver) for this high-grade zone based on an inferred resource estimate of approximately 744,000 tonnes at an average grade of 18.3 g/t gold and 146 g/t silver, containing 438,000 gold ounces and 3.5 million silver ounces. The Alejandra North Zone is only one of multiple targets located on IMC’s property.

A total of 54 drill holes (totaling approximately 10,000m) are planned in the current program, which together with previous drilling by IMC, is designed to produce drill intersections with an approximate spacing of 30m for reserve/resource calculations in the feasibility study. In addition, approximately 120m of underground exploration is underway to complement this drill program.

The Alejandra North Zone contains a vein-breccia structure with a drill-tested east-west strike length of approximately 500m, which is still open to the east. The structure ranges in width from less than 1.0m up to 30m and averages approximately 6m. Gold-silver mineralization extends from surface to a depth of 300m.

Notable intersection values from the current drill program with estimated true widths include: 3.8m at 34.5 g/t gold and 171 g/t silver in hole BC-73; 5.1m at 29.4 g/t gold and 202 g/t silver (including 1.9m at 63.2 g/t gold and 449 g/t silver) in BC-79; 1.3m at 21.5 g/t gold and 243 g/t silver in BC-82; 0.3m at 183 g/t gold and 1,110 g/t silver in BC-85; 9.7m at 25.8 g/t gold and 140g/t silver ((including 6.7m at 34.0 g/t gold and169 g/t silver) in BC-87; and 0.5m at 133.5 g/t gold and 1,410 g/t silver in BC-90.

Of particular interest, are the well-mineralized intersections within other veins in the hanging wall and footwall of the main mineralized structure. Intercepts with estimated true widths include BC-72 with 4.5m at 14.5 g/t gold in a hanging wall vein and 1.3m at 7.9 g/t gold in a footwall vein. Such veins have the potential to add ounces to the existing resource base at Rio Blanco if their continuity can be established by drilling.

Assay results (at a nominal 1 g/t gold cut-off) are summarized in the table below and drill hole locations are shown on the attached long-section in the plane of the vein. “HW” and “FW” refer to the hanging and footwall zones veins described above. All assay values are uncut.

Drill Hole

(Depth-meters)

Interval

(meters)

Length

(m)

Estimated

True Width (m)

Gold

g/t

Silver

g/t

Comments

BC 72 ( 289.0 )

Includes:

80.9

244.6

254.0

85.5

255.3

246.0

255.3

4.6

10.7

1.4

1.3

4.5

10.4

1.4

1.3

14.5

4.8

15.4

7.9

219

141

HW Vein (Valeriana)

Alejandra Vein

BC 73 ( 61.0 )

Includes:

21.7

28.3

33.0

49.1

41.2

37.5

27.4

12.9

4.5

23.0

10.8

3.8

9.8

17.1

34.5

115

171

Alejandra Vein

BC 74 ( 86.9 )

Includes:

52.1

53.4

58.5

78.5

56.4

60.4

26.5

3.0

1.9

20.9

2.4

1.5

4.0

8.8

9.1

128

Alejandra Vein

BC 75 ( 111.3 )

Includes:

88.7

93.3

97.5

8.8

4.3

7.8

3.7

4.9

7.1

Alejandra Vein

BC 76 ( 302.6 )

253.8

254.7

0.9

30.2

109

Alejandra Vein

BC 77 ( 71.6 )

Includes:

33.5

36.4

62.8

39.9

29.3

3.5

25.5

3.1

2.9

8.0

Alejandra Vein

BC 79 ( 59.4 )

Includes:

21.3

28.4

32.6

39.6

35.0

18.3

6.6

2.4

14.1

5.1

1.9

12.1

29.4

63.2

202

449

Alejandra Vein

BC 80 ( 86.9 )

Includes:

55.2

57.9

74.9

68.8

19.6

10.9

15.7

8.7

5.0

7.4

Alejandra Vein

BC 81 ( 250.0 )

219.0

227.7

219.7

238.1

0.7

10.4

0.7

10.4

13.1

2.9

Alejandra Vein

BC 82 ( 106.7 )

Includes:

69.7

74.5

80.5

87.8

85.8

76.1

82.0

94.5

89.4

16.1

1.6

1.5

6.7

1.6

13.8

1.3

5.8

1.4

6.2

10.0

21.5

4.6

13.6

243

Alejandra Vein

BC 83 ( 309.6 )

Includes:

246.1

255.0

266.2

267.2

246.6

258.2

268.2

0.5

3.6

2.0

1.0

0.4

3.3

1.8

0.9

12.8

4.3

4.5

8.2

HW Vein

Alejandra Vein

BC 84 ( 111.3 )

Includes:

13.4

86.0

97.7

14.2

105.4

90.0

101.2

0.7

19.4

4.0

3.5

0.7

17.7

3.6

3.2

16.9

4.5

7.1

6.2

103

HW Vein (Nora)

Alejandra Vein

BC 85 ( 176.8 )

49.5

130.1

131.0

52.5

132.6

131.3

3.0

2.4

0.3

2.7

2.2

0.3

15.3

26.5

183.0

164

1110

HW Vein (Nora)

Alejandra Vein

BC 86 ( 44.4 )

Includes:

2.0

4.2

23.9

31.9

11.3

27.8

29.9

7.1

3.9

25.9

6.2

3.4

4.8

9.5

6.9

Alejandra Vein

BC 87 ( 34.4 )

Includes:

2.2

12.9

9.6

10.8

7.4

9.7

6.7

25.8

34.0

140

169

Alejandra Vein

BC 88 ( 185.6 )

Includes:

157.1

165.7

158.5

8.6

1.4

8.3

1.3

2.9

5.5

Alejandra Vein

BC 89 ( 97.9 )

70.2

71.6

1.4

1.2

3.3

BC 90 ( 125.0 )

Includes:

91.3

108.9

111.9

112.3

109.5

112.3

21.0

0.6

0.5

17.2

0.5

0.4

9.2

133.5

27.0

114

1410

345

Alejandra Vein

BC 91 ( 193.8 )

Includes:

146.3

154.4

161.5

168.1

155.9

174.2

171.9

9.6

1.6

12.7

3.7

7.0

1.1

9.3

2.7

2.9

8.0

4.5

10.8

Alejandra Vein

BC 93 ( 125.0 )

Includes:

94.0

98.8

107.0

110.3

103.6

108.4

16.3

4.9

1.3

13.5

4.1

1.1

4.3

6.3

12.1

Alejandra Vein

Drilling was carried out by Paragon Drilling Ecuador S.A. (under the supervision of a Canadian drilling consultant) and Kluane International Drilling Inc., of Vancouver, Canada. Sample preparation was carried out at the ALS Chemex laboratory in Quito, Ecuador using standard industry practices and analytical work was carried out at the ALS Chemex laboratory in Vancouver, Canada using screen fire assay for expected high grade zones and conventional fire assay methods for gold and silver for all other zones. 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 be carried out by Acme Geochemical Inc. (Vancouver). The overall exploration program is being conducted under the supervision of IMC’s Qualified Person and Exploration Manager, Mr. John Sutcliffe.

The overall feasibility study for the Alejandra North Zone is being conducted under the supervision of independent consultants Micon International Ltd of Toronto, Canada. Water Management Consultants of Santiago, Chile will undertake the Environmental Impact Assessment (”EIA”) and metallurgical test work will be undertaken by McClelland Laboratories, Inc, in Reno, Nevada, USA. The final feasibility study and permitting is expected to be completed by the summer of 2005.

The Alejandra North vein-breccia structure, although it is the most advanced target within the overall Rio Blanco project area, is only one of multiple gold-silver exploration targets. On completion of the current feasibility drill program in May, IMC plans to commence follow-up exploration drill programs on these other targets. This drilling is expected to take two months to complete and will be financed from existing funds.

· East of the current drilling program area: the highest priority exploration area, to test for possible concealed mineralization along strike with the main Alejandra North vein-breccia structure.

· Dorada Zone: located approximately 1km to the south-south-west of the Alejandra North structure, where a recently completed adit (tunnel) intersected a faulted vein zone approximately 3.5m in true width from which tunnel-round samples gave an average gold grade of 91.9 g/t with 200 g/t silver. Drill results in a 1999 program reported a high-grade vein intercept in drill hole BC-37 of 1.41m with 90.8 g/t gold and 643 g/t silver. Future drilling in this area will focus on the search for additional high-grade mineralization.

· Orquidea Zone: located approximately 500m to the south of the Alejandra North structure, where four chip samples from the poorly-exposed Orquidea vein gave an average of 163 g/t gold and 1,948 g/t silver with an estimated true width of 0.8m. Management believe that the 6 diamond drill holes completed on this target to date (see News Release dated December 11, 2002) did not adequately test this high grade vein due to the erratic nature of the mineralization and poor core recovery. In addition to further drilling, a short adit is planned to further test this target.

· Lourdes Zone: located approximately 1km to the south-west of the Alejandra North structure, where rock chip samples taken over a 4m-wide vein/stockwork averaged 6.8 g/t gold and 10 g/t silver.

· Bolivar Zone: located 600m to the north of the Alejandra North structure, where preliminary rock chip sampling yielded results ranging from 14.1 to 34.9 g/t gold and from 67 to 105 g/t silver in a series of veinlets ranging in width from 15 to 20 cm.

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

INTERNATIONAL MINERALS CORPORATION