IMZ Reports Net Income $4.8M ($0.05 per share) for Second Quarter Ended December 31, 2009

Scottsdale, Arizona, February 18, 2009 � International Minerals Corporation (TSX and SWX: �IMZ� or �the Company�) reported $4.8 million in consolidated net income for the fiscal second quarter ending December 31, 2008. All amounts in this news release are reported in US dollars.

During the fiscal second quarter and to date in calendar year 2009, IMZ achieved the following significant accomplishments:

�         Completed the quarter with $50.2 million in cash and $1.2 million in short term investments for aggregate working capital of $49.9 million and total assets of $155.8 million.

�         Reported consolidated net income of $4.8 million ($0.05 per share), due primarily to a non-cash  $4.9 million foreign exchange gain, and $637,000 in equity income related to the Company�s 40%-owned Pallancata silver-gold mine in Peru. IMZ�s joint venture partner at Pallancata, Hochschild Mining PLC (�Hochschild�) is the mine operator and holds a 60% interest in the project.

�         Reported in a news release yesterday that the Pallancata Mine in Peru achieved 118% higher total silver production (100% project basis) for a record 1.96 million ounces and 7,655 ounces of gold in the quarter ended December 31, 2008, compared to 899,000 ounces of silver and 3,350 ounces of gold in the prior quarter ended September 30, 2008. Of this total production, the Company�s share was 783,600 ounces of silver and 3,062 ounces of gold.  Direct onsite costs for the current quarter were $4.48 per ounce silver (after gold by-product credit) and total cash costs (as defined by the Gold Institute) were $6.80 per ounce silver (after gold by-product credit).

�         Commenced on October 17, 2008, a normal course issuer bid or share repurchase program to purchase on the Toronto Stock Exchange 5.0 million of its common shares (�shares�), representing 5.2% of the Company�s 96,030,001 issued and outstanding shares as at October 8, 2008.  From October 17 to February 13, 2009, a total of 2,898,000 shares have been repurchased at an average price of C$2.30 per share for a total cost of C$6,679,089 ($5,441,428).  A total of 2,261,200 shares ($3,987,983) repurchased through December 31, 2008, were cancelled on January 8, 2009. Following the end of each quarter, all shares purchased during the preceding quarter will be cancelled.

�Announced on January 29, 2009, an internally prepared addendum study to the previously released (February 11, 2008) preliminary feasibility study and an updated mineral resource estimate for the Gaby Project in southern Ecuador. The Company concluded that a stable gold price at or above $1,000 per ounce would be sufficient to merit initiation of a final feasibility study for the Gaby Project based on a projected optimal processing rate of 60,000 tonnes per day (�tpd�). At 60,000 tpd, the Gaby Project could break even at a gold price of approximately $850 per ounce. In the current environment of pending new regulations for the new Mining Law, further work at the Gaby Project is on hold and the project will be reassessed when the Mining Law regulations have been clarified and long-term gold price stabilizes above $1,000 per ounce.

�Announced on December 18, 2008, that the Company is seeking to acquire gold-silver companies and/or projects that are in or near production. The Company is confident that at least one significant acquisition can be achieved in calendar year 2009.

The consolidated net income for the three-month period ended December 31, 2008 was $4.8 million ($0.05 per share) compared to a net loss of $2.2 million (loss of $0.02 per share) for the equivalent period in 2007. This income is due principally to:  a) an equity gain in the Pallancata Mine joint venture of $1.0 million (2007 � loss of $500,000) from a combination of Hochschild�s 100% capital contribution to mine expansion and equity earnings which began in calendar year 2008; b) a non-cash foreign exchange gain of $4.8 million due to a weakening Canadian dollar against the US dollar (a loss in 2007 of $241,017); and c) a large decrease in stock based compensation expense to $56,635 ( $448,017 for the same period in 2007) as no new stock options have been granted.

As discussed in yesterday�s news release, the Pallancata Mine is expected to further expand from 2,000 tpd to 3,000 tpd by calendar year-end 2009, thereby increasing projected total production (100% basis) to approximately 7.0 million ounces of silver and 25,000 ounces of gold in 2009. IMZ�s share of the cost of the planned 2009 capital expansion program, largely for new underground development of the Central Zone and a paste back-fill plant, is projected at approximately $13 million and is expected to be funded by IMZ�s share of mine cash flow. At the planned 3,000 tpd mining rate, scheduled to be achieved before year-end 2009, Pallancata ore will take up 100% of the 3,000 tpd design throughput at Hochschild�s Selene processing plant, where the Pallancata ore is toll processed.

At the Pallancata joint venture level, IMZ�s share of cash flow from operations for 2009 is expected to equate to $12 million-$13 million based on current production estimates and costs, using a $10 per ounce silver price and a $750 per ounce gold price. Cash dividends to IMZ in 2009 will depend on capital cost requirements, production ramp-up and precious metal prices. IMZ uses an equity accounting basis to record its interest in the Pallancata Mine.

Outlook

During the balance of calendar year 2009, the Company's efforts are expected to focus primarily on:

�         Expanding mine production at the 40% owned Pallancata silver-gold mine in Peru, working with our 60% joint venture partner, Hochschild, from the current 2,000 tpd to 3,000 tpd by calendar year-end 2009.

�         Obtaining required environmental and production permits for the construction and development of a gold-silver mining operation at Rio Blanco in Ecuador, subject to the new Mining Law and regulations as well as additional required financing. 

�         Drilling at the Urbaque and Rubi gold-silver projects in Peru under the joint venture agreements with Barrick and Radius, respectively.

�         Achieving one significant property/corporate acquisition, together with seeking additional strategic joint venture alliances in order to advance projects with reduced additional cash outlays by the Company.

(Please see news release posted on the website for the full financial statements: http://www.intlminerals.com/newsreleases.php)
 

          For additional information, contact Wendy Yang Tel: (303) 357-4863

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 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 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 a 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, 2008, 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.