IMZ Reports Continued Growth in Silver Production From The Low-Cost Pallancata Mine, Peru

Scottsdale, Arizona, November 5, 2008 � International Minerals Corporation (TSX and SWX: �IMZ�) reports that silver production at the Pallancata Mine in southern Peru increased 8% to 899,000 ounces in the calendar third quarter ended September 30, 2008 (�Q3 2008�) compared to the prior quarter (for tables, see pdf of news release:  http://www.intlminerals.com/newsreleases.php).

Total Cash Costs for Q3 2008 were US$5.77 per ounce of silver produced (net of gold by-product credit) compared to US$5.72 per ounce in the prior quarter and consistent with US$5.76 per ounce for the calendar year-to-date (�YTD�) 2008.

Stephen Kay, Chief Executive Officer and President of IMZ, said, �The Pallancata Mine continues to grow and to perform well as a low-cost silver producer in an environment of industry-wide rising costs and remains profitable even with the current silver price under US$10 per ounce.�

The Pallancata Mine is jointly owned by IMZ (40%) and Hochschild Mining plc (�Hochschild�, 60% owner and the mine operator).

Of the total of 899,000 ounces of silver and 3,350 ounces of gold produced at Pallancata in Q3 2008, 40% (359,600 ounces of silver and 1,340 ounces of gold) was attributable to IMZ.

The planned production ramp-up to approximately 2,000 tonnes per day by year-end 2008 is proceeding on schedule.  IMZ�s share of the cost of this expansion program is approximately $4.8 million and will be funded by mine cash flow. The capital required for the expansion of Hochschild�s Selene processing plant to accommodate the increase in mine production will be funded 100% by Hochschild, with a corresponding increase per tonne in the toll processing fee to US$24.47 per tonne of ore charged to the Pallancata Mine.

IMZ uses an equity accounting basis to record its interest in the Pallancata Mine and will report its financial results for its fiscal first quarter 2009 (which ended September 30, 2008) by November 14, 2008.

As a result of the ongoing aggressive capital expansion program, to date there have been no cash dividends distributed to the Pallancata joint venture partners. Cash dividends, however, are expected to commence in the second half of calendar year 2009, dependent upon metal prices and capital cost requirements.

The technical information reported in this news release was reviewed by IMZ�s Qualified Person, Technical Manager 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 Wendy Yang at (1) 303-357-4863

                Internet Site: http://www.intlminerals.com       E-mail:information@intlminerals.com

Cautionary Statement:

The Gold Institute calculation of Total Cash Costs is a non-Canadian GAAP financial measure, which IMZ management believes is 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 timing and scale of production and processing, estimated expansion costs and inventory estimate. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of production and processing rates; risks of cost overruns and completion delays; risks of capital cost increases; 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.