NEWS RELEASE
May 27, 2004
Toronto and Swiss Exchanges – Symbol
“IMZ”, Frankfurt – Symbol “MIW”
INTERNATIONAL MINERALS REPORTS NEW DRILL RESULTS FROM FEASIBILITY STUDY DEFINITION DRILL PROGRAM AT RIO BLANCO PROJECT, ECUADOR
International Minerals Corporation (“IMC”) has
received assay results from an additional seventeen in-fill and definition core
drill holes totaling 3,361m that form part of the on-going feasibility study on
the high-grade Alejandra
Vein at IMC’s Rio Blanco epithermal gold-silver
project located in southern Ecuador. Results from the first 32 drill holes
(totaling 4,580m) were previously reported in news releases dated March 8 and
April 7, 2004 . To date results have been received for 49 drill holes totaling
7,941m. Sample preparation and analyses for samples from a further six drill
holes are in progress.
High-grade intercepts (which commonly are contained
within much wider mineralized zones) from these latest seventeen drill-holes
include: 17.1m at 7.8 g/t gold and 48 g/t silver (including 1.6m at 57.9 g/t
gold and 219 g/t silver) in BC-107; 1.2m at 30.5 g/t gold
and 272 g/t silver in BC-111; 3.3m at 36.2 g/t gold and 267 g/t silver
(including 1.9m at 61.6 g/t gold and 448 g/t silver) in BC-113;
21.2m at 6.3 g/t gold and 37 g/t silver (including 5.1m at 15.2g/t gold and 68
g/t silver and 1.0m at 53.4 g/t gold and 142 g/t silver) in BC-116;
19.0m at 8.0 g/t gold and 57 g/t silver (including 1.6m at 39.7 g/t gold and 277
g/t silver) in BC-119;
36.2m at 6.6 g/t gold and 57 g/t silver (including 5.1m at 28.8 g/t gold and 259
g/t silver) in BC-120; 23.3m at 12.4 g/t gold and 94 g/t silver
(including 5.5m at 22.3 g/t gold and 203 g/t silver and 3.3m at 30.6 g/t gold
and 194 g/t silver) in BC-122. The above intercepts are estimated true
widths of the mineralized zones and all assay values are uncut.
The high-grade intervals in drill holes BC 113 and
122 are considered by IMZ management to be significant in that they represent
newly-identified zones of “bonanza” grade mineralization where such zones
were not previously predicted, especially in the case of BC 113 which was
drilled primarily to try to define the lower margin of the mineralized zone.
Assay results at a nominal 1 g/t gold cut-off for
the longer intercepts and 5 g/t gold for the shorter, higher grade intercepts
are summarized in the table below and drill hole locations (mid-points of
mineralized intervals) are shown on the attached longitudinal section in the
plane of the vein. 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 105 (238.0) Includes: Includes: |
202.0 207.7 220.6 221.4 |
- - - - |
208.4 208.4 221.8 221.8 |
6.4
0.7 1.2 0.5 |
6.1 0.7 1.1 0.4 |
3.4 13.4 13.3 22.1 |
23 78 82 137 |
|
|
BC 106 (201.6) |
169.0 182.0
188.7 |
- - - |
176.0 183.0 189.2 |
7.0 1.0 0.5 |
6.2 0.9 0.5 |
2.6 8.4 25.7 |
19 35 188 |
|
|
BC 107 (221.6) Includes: Includes: |
169.7 180.3 180.3 |
- - - |
192.7 188.6 182.4 |
23.0 8.2 2.0 |
17.1 6.2 1.6 |
7.8 16.7 57.9 |
48 61 219 |
|
|
BC 108 (192.8) Includes: Includes: Includes: |
147.9 154.0 156.4 164.7 |
- --- |
165.1 154.8 157.4 165.1 |
17.2 0.8 1.0 0.4 |
16.1 0.7 0.9 0.4 |
3.8 19.1 14.6 15.8 |
21 93 86 129 |
|
|
BC 109 (296.9) |
259.2 |
- |
260.5 |
1.3 |
1.2 |
3.8 |
<5 |
Close
to lower margin of mineralized shoot |
|
BC 110 (133.1) Includes: |
99.3 103.5 107.7 |
--- |
113.8 108.3 108.3 |
14.5 4.7 0.6 |
12.7 4.1 0.5
|
3.6 5.5 14.2 |
60 103 210 |
Close
to upper margin of mineralized shoot |
|
BC 111 (145.9) |
126.9 |
- |
128.3 |
1.4 |
1.2 |
30.5 |
272 |
|
|
BC 112 (107.9) |
78.0 91.6 |
-- |
78.9 92.5 |
0.9 0.9 |
0.9 0.9 |
4.8 8.7 |
54 71 |
Close
to upper margin of mineralized shoot |
|
BC 113 (313.5) Includes: Includes: Includes: |
258.2 259.6 259.6 261.1 |
- - -- |
261.7 261.7 260.1 261.7 |
3.5 2.0 0.5 0.6 |
3.3 1.9 0.4 0.5 |
36.2 61.6 107.0 113.5 |
267 448 1,080 594 |
|
|
BC 114 (90.8) Includes: |
13.4 15.4 |
- - |
18.6 16.4 |
5.3 1.0 |
3.6 0.7 |
7.1 21.3 |
60 117 |
Close
to upper margin of mineralized shoot |
|
BC 115 (161.0) Includes: Includes: |
114.1 125.5 127.7 |
- - - |
140.7 129.4 129.4 |
26.6 3.9 1.7 |
25.3 3.7 1.6 |
2.4 9.5 14.3 |
31 108 177 |
|
|
BC 116 (108.9) Includes: Includes: |
39.5 42.6 42.6 |
- - - |
70.1 50.0 44.0 |
30.5 7.4 1.4 |
21.2 5.1 1.0 |
6.3 15.2 53.4 |
37 68 142 |
|
|
BC 117 (145.7) Includes: Includes: |
96.1 111.5 120.1 |
- - - |
121.9 120.7 120.7 |
25.7 9.2 0.7 |
18.2 6.5 0.5 |
2.3 3.2 10.7 |
26 31 75 |
|
|
BC 118 (336.4) |
256.0 |
- |
258.0 |
2.0 |
1.9 |
6.8 |
138 |
|
|
BC 119 (225.2) Includes: Includes: Includes: |
159.2 169.2 178.8 204.7 207.8 |
-- - -- |
180.8 171.0 179.9 211.0 209.6 |
21.6 1.8 1.1 6.3 1.8 |
19.0 1.6 1.0 5.5 1.6 |
8.0 39.7 33.6 4.8 8.6 |
57 277 169 31 48 |
|
|
BC 120 (226.4) Includes: Includes: |
135.0 138.1 159.1 |
--- |
173.3 143.5 160.3 |
38.3 5.4 1.2 |
36.2 5.1 1.1 |
6.6 28.8 13.1 |
57 259 44 |
|
|
BC 121 (285.85) |
|
|
|
|
|
|
|
Results
not yet received |
|
BC 122 (242.7) Includes:
Includes: Includes: Includes: |
187.9 196.9 208.2 212.8 213.9 |
----- |
217.0 203.8 208.9 217.0 216.0 |
29.1 6.9 0.7 4.2 2.1 |
23.3 5.5 0.6 3.3 1.7 |
12.4 22.3 82.9 30.6 47.8 |
94 203 651 194 332 |
|
The Alejandra Vein is a complex vein-breccia
structure with a drill-tested east-west strike length of approximately 500m,
which remains to be drill-tested to the east. The structure ranges in width from
less than 1.0m up to 30m (with an average of approximately 6m) and gold-silver
mineralization extends from surface to a depth of about 300m. In an October 14,
2003 news release, IMC announced a positive preliminary assessment study (under
the rules of National Instrument 43-101) carried out by Buenaventura Engineering
(“BISA”). The study indicated strong economics (over 50% pretax IRR at base
case metal prices of 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 g/t gold and 146 g/t silver, containing 438,000 gold ounces
and 3.5 million silver ounces.