IMZ Commences Drilling at Goldfield, Nevada New Senior Staff Appointments
Scottsdale, Arizona, May 20, 2010 � International Minerals Corporation (Toronto and Swiss stock exchanges: �IMZ�) reports that drilling has commenced at its 100%-held Goldfield gold project in southern Nevada, which was acquired as part of IMZ�s takeover of Metallic Ventures Gold Inc. (�Metallic�) completed in February 2010 (see news release dated February 26, 2010).
IMZ is also pleased to announce two new senior staff positions: a Manager of Nevada Operations and a Chief Mining Engineer. These new additions add significant technical strength and experience to IMZ�s development team and they will play an integral role in advancing IMZ�s projects in Nevada and South America.
Goldfield Project, Nevada
The NI 43-101 compliant independent mineral resource estimates completed by Metallic for the combined three main mineralized areas at the Goldfield Project (Gemfield, McMahon Ridge and Goldfield Main) comprise:
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652,000 ounces in the Measured resource category, contained in 15.3 million tonnes (�Mt�) at a grade of 1.3 grams per tonne (�g/t�) gold.
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415,000 ounces in the Indicated resource category, contained in 13.5 Mt at a grade of 1.0 g/t gold
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105,000 ounces in the Inferred resource category, contained in 3.0 Mt at a grade of 1.1 g/t gold.
Mineral resource estimates for the Goldfield project have been conducted separately for the Gemfield/McMahon Ridge deposits and the Goldfield Main deposit. The Gemfield and McMahon Ridge resources were estimated in 2005 by Watts, Griffis and McOuat, with John R. Sullivan, P.Geo as the Qualified Person (�QP�). The mineral resources at the Goldfield Main area were estimated in 2002 by Mine Development Associates, with Scott Hardy, P. Eng, Neil Prenn, P. Eng and Steve Ristorcelli, R.P.Geo as QP�s.
The initial IMZ drill program (both core and reverse circulation) will total approximately 20,000 meters (�m�) and is focused on confirming, increasing and enhancing the confidence level of the existing mineral resource base for use in a feasibility study to commence in late 2010 with a targeted completion date in late 2011.
Additional in-fill, metallurgical and geotechnical drilling, as well as exploration of several under-tested targets in the region, especially targeting historical high-grade intercepts, is also planned for 2010.
IMZ believes that due to the nature of the high-sulfidation epithermal mineralization at Goldfield that has been exploited in the past, potentially high-grade mineralized targets still exist that could potentially complement and enhance the current plans to develop a low-grade heap leach operation.
Between 1903 and 1960, the Goldfield district reportedly produced approximately 4.2 million ounces of gold and 1.4 million ounces of silver contained in 4.2 Mt. This equates to an average grade of approximately 0.90 ounces per short ton (�oz/t�) or 31 g/t. Over 98% of the past production in the district was sourced from a mineralized belt less than 1.6km in length and a few tens of meters wide. Gold grades mined in the main district were, in certain cases, spectacular. Reported examples include:
-- A sample of oxidized ore from the main ore zone in the Red Top Mine assayed 605.oz/t (20,742 g/t) gold.
-- Ore produced from the Great Stope of the Mohawk Mine averaged 19.4 oz/t (665 g/t) gold.
-- The first shipments from the Combination Mine in November 1903 averaged 7.7 oz/t (264 g/t) gold, which was recorded to be the lowest-grade ore shipped from that mine.
The above historical information is excerpted from F.L. Ransome (1909, Geology and ore deposits of Goldfield, Nevada: USGS Professional Paper 66, Chapter XIII) and J.W. Ruetz (1986, The Geology of the Goldfield District).
New Staff Appointments, Reno, Nevada, USA
Doug Hartzell, Manager of Operations, Nevada and Chief Geologist
Mr. Hartzell is a geologist and is responsible for all technical and administrative aspects of IMZ�s projects in Nevada, with a primary focus on accelerating the development of the Goldfield and Converse gold projects.
Mr. Hartzell has more than 30 years experience in geology, mine development and mine operations. In addition to previous ownership and executive experience with engineering consulting companies serving the mining industry, he has worked on numerous mining projects at various stages of development around the world with a focus on precious metals but also with significant experience in base metals, coal, industrial minerals and uranium. He is experienced in corporate acquisitions and contract negotiations and has provided due diligence review and technical audit expertise on numerous projects, often as part of a larger audit team. During his career Doug has acquired the skills necessary to develop a project from the exploration stage through to full production.
He holds a Bachelor of Science degree in Geological Science from Pennsylvania State University, State College, USA and has advanced Spanish language skills.
Robert (Bob) Taylor, Chief Mining Engineer
Mr. Taylor is a mining engineer and is responsible for all mining aspects of IMZ�s projects, including oversight of the Company�s 40%-owned Pallancata Mine.
Mr. Taylor has 27 years of experience as a mining engineer in open-pit and underground operations, project development and engineering, contract administration and mine permitting for major and junior mining companies, including Barrick Gold (1988-1990) and Bema Gold (1990-1993 in the US and 1995-1999 Russia and S. America). Most recently he spent 2.5 years with Barrick at the Porgera Mine in Indonesia. The industry experience that Mr. Taylor has accumulated will be an invaluable asset in the advancement to production of the Company�s multiple projects.
He holds a Bachelor of Science degree in Mining Engineering from the Colorado School of Mines, Colorado, USA and has intermediate level Spanish language skills.
The technical information reported in this news release was reviewed by IMZ�s Qualified Person, VP Corporate Development Nick Appleyard.
For additional information, contact:
In North America Paul Durham, VP Corporate Relations Tel: +1 203 940 2538
In Europe Oliver Holzer, Marketing Consultant Tel: +41 44 853 00 47
Or email us at: IR@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 estimates of resources and time lines for drilling programs and feasibility studies. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as risks of estimating mineral resources, delays in exploration programs and other risks and uncertainties detailed in the Company�s Amended 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. |