International Minerals Corporation

Published : February 04th, 2010

Increased Resource Estimate at Inmaculada Project

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IMZ Reports Increased Resource Estimate at Inmaculada Project

Scottsdale, Arizona, February 3, 2010 � International Minerals Corporation (�IMZ�) (Toronto (�TSX�) and Swiss (�SIX�) stock exchanges) reports an updated mineral resource estimate for the 51%-owned (Hochschild Mining 49%) Inmaculada gold-silver project comprising the following resources on a 100% project basis: 

  • Indicated Resource: 154,000 ounces (�ozs�) gold and 4.9 million ozs silver (contained within 1.2 million tonnes (�mt�) at an average grade of 3.9 grams per tonne (�g/t�) gold and 122 g/t silver). 
  • Inferred Resource: 512,000 ozs gold and 22.1 million ozs silver (contained within 4.7 mt at an average grade of 3.4 g/t gold and 147 g/t silver). 

This new resource estimate, which includes Indicated resources for the first time, represents a significant increase in both the confidence level of the resource estimate and the overall gold and silver content of the Angela Vein deposit from the previously-reported, independently-calculated, Inferred mineral resource estimate (see Ventura Gold Corp�s news release dated January 20, 2009) of 483,000 ozs gold and 16.6 million ozs silver (contained within 3.7 million tonnes at an average grade of 4.0 g/t gold and 139 g/t silver).

IMZ recently completed the acquisition of all of the outstanding common shares of Ventura, thereby acquiring Ventura�s interest in the Inmaculada project (See IMZ news release dated January 12, 2010).

 Table 1: Inmaculada Project, Angela Vein - Mineral Resource Estimate � February 3, 2010.

Resource Estimate

Category

Cut-Off

(g/t gold Equiv)

Tonnes

 

Gold Grade (g/t)

Silver Grade (g/t)

100% Project Contained Ounces

Gold

Silver

Gold Equivalent

Silver Equivalent

Indicated

5

683,000

5.0

145

109,000

3,173,000

162,000

9,694,000

4

1,030,000

4.2

131

139,000

4,337,000

212,000

12,699,000

3

1,238,000

3.9

122

154,000

4,870,000

236,000

14,140,000

2

1,247,000

3.9

122

155,000

4,886,000

236,000

14,170,000

 

 

 

 

 

 

 

 

 

Inferred

5

2,796,000

4.2

172

377,000

15,460,000

634,000

38,057,000

4

3,808,000

3.7

158

458,000

19,391,000

781,000

46,862,000

3

4,686,000

3.4

147

512,000

22,072,000

880,000

52,807,000

2

5,500,000

3.1

136

545,000

24,032,000

946,000

56,711,000

  1. Resources are shown on a 100% project basis. IMZ owns a 51% interest and can earn a 70% interest by completing a feasibility study by September 2013 at its sole cost and issuing to Hochschild 200,000 IMZ shares.
  2. Metal prices used are US$17/oz for silver and US$1,000/oz for gold.
  3. An overall average bulk density of 2.51 tonnes per cubic metre has been used for the tonnage estimation.
  4. Gold equivalent grade is calculated at a silver:gold ratio of 60:1, using metallurgical recoveries of 85% for gold and silver and metal prices stated in Note 2.
  5. The resources are reported at a 3 g/t gold equivalent cut-off grade that corresponds to an assumed $70 per tonne cash operating cost.  This case is shown in bold text in the Table above.
  6. The estimated mineral resources are not mineral reserves and do not have demonstrated economic viability.
  7. Numbers have been rounded in all categories to reflect the precision of the estimates.
  8. The mineral resources were estimated with Micromine software using ordinary kriging to estimate metal grades into blocks of 10m by 1m by 10m in size, outlier high grades were top-cut to 25 g/t for gold and 750 g/t for silver.

The Inmaculada mineral resource estimate has been classified in accordance with CIM guidelines by FSS Canada�s R. Mohan Srivastava (P.Geo) and the estimate has an effective date of February 3, 2010.  The mineral resource estimate is based on the results of 84 core drill holes for approximately 25,000 meters �(m�) of drilling, which have defined a strike length to the Angela Vein mineralization of over 1,500m (and which is still open to the northeast) and a vertical extent of over 300m.

Resource Estimation Methodology

The resource estimation was constrained using a 1 g/t gold equivalent wireframe to outline the mineralized zone. The wireframe was constructed from cross-sectional interpretation of the Angela Vein by IMZ geologists and excluded splays (or branches) from the main vein.  A search ellipse with a radius of 100m, sub-divided into octants, was then used to interpolate grades into the 10m by 1m by 10m blocks that were aligned with the strike of the Angela vein, using the Ordinary Kriging capability of Micromine software.  Grade factors were used to account for the identified relationship between density and grade and also to limit the impact of samples with low drill-core recoveries.

Resources were classified in the Indicated category for all blocks that met three criteria: 1) at least one sample within 40m (half the range of the variogram); 2) samples from at least two drill holes in four octants; and 3) the kriged core recovery is at least 90%.

Appointment of New Vice President

IMZ is also pleased to announce the appointment of Nick Appleyard as Vice President of Corporate Development.  In his previous long-standing position as IMZ's Technical Manager, and more recently as head of IMZ's Property Acquisitions Team, Nick has contributed greatly to the success of IMZ so far and we look forward to his continuing contributions to IMZ's success in the future.

About International Minerals

IMZ is a silver-gold producer, explorer and developer with silver-gold production from its 40%-owned Pallancata Mine, one of the top-10 primary silver mines in the world. IMZ estimates production (on a 100% project basis) from the Pallancata Mine for calendar year 2009 at over 8.0 million ounces of silver and 30,000 ounces of gold (40% of which are attributable to IMZ). Production (on a 100% project basis) of approximately 10 million ounces of silver and 35,000 ounces of gold is expected in calendar year 2010.

In addition to the Pallancata Mine and the Inmaculada Project, IMZ has other interests in exploration level projects in Peru and Nevada and development stage projects in Ecuador. IMZ is also in the process of acquiring Metallic Ventures Gold Inc, which, subject to certain conditions, is scheduled to close on February 26, 2010. This acquisition will result in IMZ acquiring two additional advanced exploration gold projects in Nevada and a production royalty from one of Barrick Gold�s mines, also in Nevada.

IMZ has been listed on the TSX since 1994 and the SIX since 2002.

The technical information reported in this news release was reviewed by IMZ�s Qualified Person, VP Corporate Development, Nick Appleyard.

Hochschild Mining plc does not accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

For additional information, contact:

In North America: 
Terri Kasten, Corporate Affairs Manager  
Tel: +1-480 483 9932

In Europe:                      
Oliver Holzer, Marketing Consultant
+41 44 853 00 47

Or email us at: information@intlminerals.com
                                               
Internet Site: http://www.intlminerals.com      

Cautionary Statement:

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 mineral resource estimates and of production and information on completion of a potential corporate transaction.  Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks in maintaining production and processing rates, risks of cost escalation, risks of estimating mineral resources and reserves, variances between mineral reserves and actual mineral production, risks of completing pending acquisitions 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.

 

International Minerals Corporation
7950 E. Acoma Drive, Suite 211
Scottsdale, AZ 85260
U.S.A.
Tel: (480) 483-9932 � Fax: (480) 483-9926

Data and Statistics for these countries : Ecuador | Peru | All
Gold and Silver Prices for these countries : Ecuador | Peru | All

International Minerals Corporation

PRODUCER
CODE : IMZ.TO
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Intl. Minerals is a producing company based in United states of america.

Intl. Minerals produces gold and silver in Peru, develops copper, gold and silver in Ecuador and in Peru, and holds various exploration projects in Ecuador.

Its main asset in production is PALLANCATA in Peru and its main assets in development are RIO BLANCO - ALEXANDRA NORTH, RIO BLANCO - SAN LUIS and GABY in Ecuador and INMACULADA in Peru.

Intl. Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 270.7 millions as of today (US$ 252.7 millions, € 183.7 millions).

Its stock quote reached its lowest recent point on June 01, 2001 at CA$ 0.82, and its highest recent level on April 29, 2011 at CA$ 8.00.

Intl. Minerals has 95 653 001 shares outstanding.

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Annual reports of International Minerals Corporation
2008 Annual report
Renewal Annual Information Form 2007
Nominations of International Minerals Corporation
4/8/2010Appointment of New VP
Financials of International Minerals Corporation
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8/24/2009(Pallancata)IMZ Reports Strong Pallancata Operating Results & Initial US...
11/18/2008Sept. 30, 2008 Financial Results
5/20/2008 Realizes $4.12 Million ($0.04 per share) in Net Income for ...
Project news of International Minerals Corporation
7/17/2013s 2013 Cost Reduction Plans and Project Updates
6/25/2013Closes Sale of Rio Blanco Property in Ecuador
3/25/2013(Inmaculada)Announces Closing of $140 Million Loan Facility for Inmacula...
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1/11/2012(Inmaculada)IMZ Announces Positive Feasibility Study at Inmaculada Gold-...
7/28/2010(Inmaculada)Reports New High-Grade Drill Results
5/5/2010(Inmaculada)New Drill Results
4/30/2010(Pallancata)Quarterly Production
3/26/2010(Pallancata)Reports Updates Reserve/Resource Estimates at Pallancata Sil...
2/24/2010(Pallancata)Record Production
2/4/2010(Inmaculada)Increased Resource Estimate at Inmaculada Project
11/12/2009(Pallancata)Record Quarterly Production at Pallancata Mine, Peru
7/16/2009(Pallancata)IMZ Update at Pallancata Mine, Peru and Gaby project, Ecuado...
5/23/2009(Pallancata)Got Gold? IMZ Reserves at 1M gold equiv oz. Investing in Gol...
5/15/2009(Pallancata)IMZ Announces 1st Quarter Production Results- Pallancata Min...
2/19/2009(Rio Blanco - San Luis)Updated Costs at Rio Blanco
2/17/2009(Pallancata)Record Production from Pallancata Mine, Peru
1/26/2009(Gaby)IMZ Announces Optimization Study Results-Gaby Project, Ecuad...
11/5/2008(Pallancata)Q3 Production Results for Pallancata Mine, Peru
10/2/2008(Pallancata) Reports Low Cash Costs at Pallancata Silver Mine, Peru
8/25/2008(Pallancata) Announces Major Increase in Reserves at Pallancata Mine
7/24/2008(Pallancata)Strong Production Results from Pallancata Mine
6/24/2008(Rio Blanco - Alexandra North)Reports High-Grade Gold Drill Results at Rio Blanco Project
Corporate news of International Minerals Corporation
9/19/2013Provides Gemfield Permitting Update and Earnings Guidance fo...
6/18/2013Announces Update of Feasibility Study at Goldfield=2C Nevada
5/2/2013Provides Earnings Guidance for Third Fiscal Quarter Ending M...
3/15/2013(Pallancata)s Reserve and Resource Estimates at Pallancata Silver Mine
2/14/2013Reports Second Fiscal Quarter Ending December 31, 2012 Finan...
1/30/2013(Pallancata)Reports Production Results From Pallancata Mine for Quarter ...
11/7/2012Provides Earnings Guidance for First Fiscal Quarter Ended Se...
7/17/2012Announces Positive Feasibility Study at Goldfield Gold Proje...
5/30/2012IMZ Reports Drill Results from Converse Project, Nevada
5/23/2012Announces Closing of Sale of Ruby Hill Royalty
5/15/2012Reports $6.8 Million in Pre-Tax Income for Third Fiscal Quar...
4/12/2012(Pallancata)IMZ Updates Reserve & Resource Estimates at Pallancata Mine,...
4/11/2012(Pallancata)s Reserve and Resource Estimates at Pallancata Silver Mine
3/20/2012Announces Metallurgical and Drill Results From Goldfield Pro...
2/15/2012IMZ Reports $12M in Pre-Tax Income for Quarter Ended Dec 31,...
2/14/2012Reports $12.0 Million in Pre-Tax Income for Second Fiscal Qu...
12/20/2011IMZ Announces Positive Preliminary Economic Assessment at Co...
12/15/2011IMZ Reports $15.2M in After-Tax Net Income for Quarter Ended...
11/29/2011Reports Drilling and Metallurgical Results From Converse Gol...
10/12/2011to Repurchase Shares
9/28/2011Reports Record Earnings of $58.4 Million Pre-Tax Net Income ...
8/24/2011Reports Increased Resource Estimate at Converse Gold Project...
8/18/2011on Rio Blanco Contract Negotiations With Ecuadorian Governme...
7/6/2011IMZ Reports Drill Results from Converse Project, Nevada
7/5/2011Reports Drill Results From Converse Project, Nevada, Includi...
7/1/2011IMZ Announces Expiry of Agreements with Chinese Company
6/17/2011IMZ Announces Drill Results from Goldfield Project, NV
5/17/2011IMZ Reports $12.9 Million in Pre-Tax Net Income for 3rd Fisc...
4/7/2011(Pallancata)IMZ Updates Reserve and Resource Estimates at Pallancata Sil...
2/25/2011(Inmaculada)IMZ Reports Increased Resources at Inmaculada Project
2/24/2011Reports Increased Resource Estimate at Inmaculada Gold-Silve...
2/15/2011IMZ Reports Record Net Income for Quarter Ended Dec 31, 2010
5/21/2010Commences Drilling at Goldfield, Nevada
5/18/2010US$3.3 Million Net Income for Third Fiscal Quarter
1/20/2010Drill Results for Recently Acquired Inmaculada Project
1/13/2010Completes Transaction to Acquire Ventura Gold
12/18/2009Ventura Shareholders Approve Arrangement Agreement
12/17/2009Resignation of VP
9/29/2009IMZ Year-End Financials Web Links
9/12/2009Webcasts from Denver Gold Forum & CEO Interview
8/20/2009IMZ Included in Swiss Performance Index of SIX
5/20/2009IMZ Reports Net Income of US$2.0 million for 3rd Quarter End...
2/20/2009Meet International Minerals' CEO Steve Kay at BMO Conference
2/18/2009Net Income $4.8M ($0.05 per share) for Fiscal 2Q
12/18/20082008 Review and 2009 Business Plans
9/30/2008 Reports Strong Year-End Balance Sheet
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