International Minerals Reports Financial Results for First Quarter of Net Income of US$1.2M;
Net Equity Earnings of US$5M from Pallancata

Scottsdale, Arizona, November 16, 2009 � International Minerals Corporation (TSX and SIX: �IMZ�, the �Company�) reports results for the fiscal first quarter ending September 30, 2009 (the �current quarter�) of $1.2 million in consolidated net income ($0.01/share), including net equity earnings of $5.0 million for the 40%-owned Pallancata Mine.

All amounts in this news release are reported in US dollars.

Highlights

During the fiscal first quarter ended September 30, 2009, the Company accomplished the following: 

• Completed the quarter with cash and equivalents of approximately $42.6 million, aggregate working capital of approximately $41.1 million and total assets of approximately $162.4 million. 
• Received its first cash dividend payment of approximately $1.2 million on August 13, 2009, from its 40% interest in the Pallancata Mine.  An additional dividend payment of approximately $6.0 million, representing the Company�s 40% share, has been approved for payment by the joint venture and the Company expects to receive the dividend in late November 2009.   
• Reported record total production (100% basis) of approximately 2.5 million ounces of silver and 9,622 ounces of gold from the Pallancata Mine, an increase of ~33% compared to 1.9 million ounces of silver and 7,170 ounces of gold in the prior quarter ended June 30, 2009.  The Company�s 40% share of production was approximately 1.0 million ounces of silver and 3,849 ounces of gold. 

The increase in ounces produced results from the 2009 mine capacity expansion program that has progressively, since 2008, increased average daily tonnage throughput from 1,000 tonnes per day (�tpd�) to 3,000 tpd.

• Reported direct onsite costs at the Pallancata Mine of $2.72 per ounce (�/oz�) silver (after gold by-product credit) and total cash costs (as defined by the Gold Institute) of $5.30/oz silver (after gold by-product credit). 

These costs are an improvement of 27% and 15% in direct site costs and total cash costs respectively from $3.73/oz and $6.20/oz reported for the prior quarter ended June 30, 2009. 

• Accepted for inclusion in the SIX Swiss Exchange�s (the stock exchange in Zurich,�SIX�) prestigious Swiss Performance Index (the �SPI��) on August 24, 2009.  The Company is currently the only precious metal mining company listed on the SIX and the first ever gold company to be included in the SPI.  In addition, the Company is one of only 11 foreign companies listed on the SPI.  
• Announced the signing of a binding letter agreement for the Company to acquire, in an all-share transaction, all of the issued and outstanding shares of Ventura Gold Corp. (�Ventura�, symbol �VGO�, TSX Venture Exchange) by way of a statutory plan of arrangement.  Consideration to be paid to Ventura shareholders comprises approximately 13.7 million shares of the Company. Upon completion of the Ventura transaction the Company will add to its existing resource assets Ventura�s current 51% interest in the Inmaculada gold-silver project in Peru (49% Hochschild), which can be increased to a 70% participating interest by the delivery of a feasibility study by mid-year 2012. See the Company�s September 23, 2009 news release for additional details. 

Subsequent to the end of the quarter, announced that the Company had entered into an arrangement agreement whereby the Company will acquire, in a cash and share transaction, all of the issued and outstanding shares of Metallic Ventures Gold, Inc. (�Metallic�) by way of a statutory plan of arrangement.  Consideration to be paid to Metallic shareholders will consist of $24 million in cash and 8.5 million common shares of the Company.  Upon completion of the Metallic acquisition, the Company will add to its existing assets: a 3% net smelter return royalty (approximately $3 million-$4 million per year) from Barrick�s Ruby Hill gold mine in Nevada; a 100% interest in the Converse gold project which lies in the Battle Mountain/Cortez mineralized trend of Nevada; and a 100% interest in the Goldfield gold project in central Nevada near the historic gold mining town of Goldfield.  See the Company�s November 2, 2009 news release for additional details of the Metallic transaction, which is expected to close in the first calendar quarter of 2010. 

Additional Financial Information

Consolidated net income for the current quarter was $1.2 million ($0.01 basic and diluted per share) compared to a net income of $3.7 million ($0.04 per share) for the equivalent period in 2008. 

The current period net income was due principally to the net equity gain in the Pallancata Mine joint venture of $5.0 million (2008 - a gain of $3.8 million) offset by $3.8 million in expenses and other items, comprised primarily of the following: a) a foreign exchange loss of $1.6 million (2008 - a gain of $1.2 million); b) increased stock-based compensation expense of $0.8 million (2008 - $0.1 million); and c) a drop in interest income to $0.1 million (2008- $0.4 million).  The foreign exchange loss relates to the current weakness of the US dollar.  Stock-based compensation expense for the current period related to options granted in February 2009. Continued lower interest rates which reflect the current economic environment and lower bank balances produced the decrease in interest income. Equity income was greater in the current period as the mine was operating at higher production rates than in the comparative period of 2008. 

The Company reports its interest in Pallancata on an equity accounting basis.

 Company Outlook

During the balance of calendar year 2009 and fiscal year 2010 (ending June 30), the Company's exploration and development efforts are expected to focus primarily on: 

• Continuing production at the 3,000 tpd mining rate, which was achieved ahead of schedule in June 2009, at the Pallancata silver-gold mine in Peru, working with our 60% joint venture partner, Hochschild.  Pallancata is expected to continue to produce significant operating cash flow from operations.  The Company received approximately $1.2 million as an initial cash dividend from the Pallancata joint venture in August 2009.  An additional dividend payment of approximately $6.0 million, representing the Company�s 40% share, has been approved for payment by the joint venture and is expected to be received in late November, 2009. 
• Producing approximately 8 million ounces of silver and 30,000 ounces of gold from Pallancata for calendar 2009 (the Company�s estimate on a 100% basis).  
• Producing approximately 10 million ounces of silver and 35,000 ounces of gold in calendar 2010 from Pallancata (the Company�s estimate on a 100% basis).  The Company expects to receive additional cash dividends from Pallancata in 2010, commencing in February or March, in an amount to be determined based on the year-end cash flow position of the joint venture. 
• Increasing mineral resources and reserves to extend the existing mine life at Pallancata (approximately 4 years based on current reserves). 
• Completing the acquisition of Ventura in January 2010 (see �Acquisitions� section) and aggressively drilling at the 51%-owned (49% Hochschild) Inmaculada project in Peru towards completion of a feasibility study by mid-2012 to earn a 70% interest in the project. 
• Completing the acquisition of Metallic in the calendar first quarter of 2010 (see �Acquisitions� section).  Quarterly royalty payments (of approximately $1.0 million at current metal prices) are anticipated to be received from Barrick�s Ruby Hill Mine in Nevada following closing of the acquisition. 

Upon completion of the Metallic acquisition:  a) immediately advancing the Goldfield gold project into the feasibility study stage with a goal of potential production within the next four to five years; and b) immediately commencing further drilling on the Converse gold-silver project. 

• Continuing to monitor and cooperate with political developments in Ecuador in order to protect the Company�s long-term interests in the 100%-owned Rio Blanco gold-silver project and the Gaby gold project (approximately 60% interest in estimated contained resource ounces).  With the passing of the mining regulations by the government on November 4, 2009, and subject to clarification of certain provisions of the new Mining Law, the Company intends to look to obtaining environmental permits, production permits and consider construction financing and other activities required to advance the projects towards commercial production either on a stand-alone basis or with strategic partners.
• Continuing to seek additional strategic joint venture alliances, such as that with Hochschild at Pallancata and Pacapausa, in order to advance projects with reduced further cash outlays by the Company.

(For the full financial statements, please refer to the full PDF news release at http://www.intlminerals.com/newsreleases.php). 

The Gold Institute calculation of Direct Site Costs and Total Cash Costs are non-Canadian GAAP financial measures, which IMZ management believes are useful in measuring operational performance. Some of the statements contained in this release are �forward-looking statements� within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding pending corporate acquisitions, capital expansion costs and completion, drilling and development programs on the Company�s projects, timing of commencement of construction and production, obtaining of required environmental and production permits, and timing and amounts of future cash flows from operations. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to pending corporate acquisitions; project capital and production costs; risks relating to obtaining mining and environmental  permits; mining and development risks; financing risks; risk of commodity price fluctuations; political and regulatory risks; risks related to the new mining law in Ecuador, and other risks and uncertainties detailed in the Company�s Renewal Annual Information Form for the year ended June 30, 2009, which is available at www.sedar.com under the Company�s name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.