IMZ Reports New Drill Results at Inmaculada Project
May 4, 2010, Scottsdale, Arizona � International Minerals Corporation (Toronto and Swiss stock exchanges � �IMZ� or the �Company�) reports new drill results from the Angela Vein at the 51%-owned Inmaculada gold-silver project, located approximately 25km southwest of IMZ�s 40%-owned Pallancata silver mine.
Several high-grade intercepts (estimated true widths) are reported in the latest drill results, including 3.5 meters (�m�) at an average grade of 35.1 grams per tonne (�g/t�) gold and 1,364 g/t silver and 3.1m at an average grade of 27.0 g/t gold and 490 g/t silver.
The new drill results have extended the Angela Vein mineralization for an additional 500m of strike length from 1,400m (as reported in the January 19, 2010 news release) to more than 1,900m, with a vertical extent of up to 300m (see Appendix 2). Mineralization remains open along strike to the northeast.
Assay results for all 47 core drill holes totaling 13,910m (Inma 88-134) are summarized in Appendix 1 and shown on the long section in Appendix 2. Assay results for 26 core drill holes totaling 9,499m (Inma 62-87) were previously reported in the January 19, 2010 news release.
Highlights of drill results from the 47 drill holes (all representing estimated true widths and average uncut grades) include:
- 3.5m at 35.1 g/t gold and 1,364 g/t silver (drill hole Inma-125)
- 3.1m at 27.0 g/t gold and 490 g/t silver (drill hole Inma-129)
- 5.0m at 19.9 g/t gold and 285 g/t silver (drill hole Inma-132)
- 4.6m at 12.5 g/t gold and 386 g/t silver (drill hole Inma-100)
- 7.0m at 9.2 g/t gold and 208 g/t silver (drill hole Inma-90)
- 12.5m at 6.8 g/t gold and 251 g/t silver (drill hole Inma-122)
The Angela Vein is one of several significant vein systems recognized at the Inmaculada Project, most of which are relatively under-explored.
In February 2010, an independent National Instrument (�NI�) 43-101 compliant mineral resource estimate on the Angela Vein (based on approximately 25,000m of drilling in 84 core holes) reported both indicated and inferred resources for the Angela vein, at a 3 g/t gold-equivalent cut-off grade (assuming a 60:1 silver to gold ratio), as follows:
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Indicated Resources: 1,238,000 Tonnes at 3.9 g/t gold and 122 g/t silver containing approximately 154,000 ounces of gold and 4.9 million ounces of silver (100% project basis)
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Inferred Resources: 4,686,000 Tonnes at 3.4 g/t gold and 147 g/t silver containing approximately 512,000 ounces of gold and 22.1 million ounces of silver (100% project basis)
An updated mineral resource estimate for the Angela Vein is expected to be completed by IMZ by the end of the second calendar quarter of 2010.
Feasibility Study Update
Three core rigs have been drilling on-site at Inmaculada for several months and are planned to continue drilling throughout 2010, with the intention of expanding and upgrading the resource estimate to support completion of a feasibility study, including a mineral reserve estimate, by the end of 2011.
IMZ currently owns a 51% interest in Inmaculada (and is the project operator) with Hochschild Mining plc (�Hochschild�) owning the remaining 49% interest. IMZ can earn and acquire an additional 19% interest (total 70%) by completing (at its sole cost) a feasibility study by September 2013 and by issuing 200,000 common shares to Hochschild over a 5-year period, commencing February 2011. IMZ estimates that the feasibility study will cost approximately US$7-8 million.
Metallurgical testwork is ongoing. Preliminary results to date suggest that the Inmaculada mineralization could be treatable by conventional processing techniques with good metal recoveries.
General
Sample preparation and analytical work for the Inmaculada drilling program were carried out by SGS Mineral Services in Lima, Peru using industry-standard sampling practices and analytical methods for silver and gold. As part of IMZ�s QA/QC protocol, standard samples and blanks were inserted into the sample processing stream at a rate of one per 10 samples. Duplicate and alternate laboratory check samples also form part of this sampling protocol. The technical disclosure including drill results in this news release were reviewed by IMZ�s Qualified Person, Exploration Manager, Mark Cannuli.
The previous Angela Vein mineral resource estimate was classified as indicated and inferred in accordance with CIM guidelines, as required by NI 43-101, by FSS Canada�s Qualified Person R. Mohan Srivastava (P.Geo.). The estimate has an effective date of February 3, 2010.
A March 2009 technical report on the Inmaculada Project, providing additional information about the current mineral resource estimate, mineralization, geology and exploration drilling program at the Angela Vein is available on IMZ�s web site at www.intlminerals.com.
About International Minerals
International Minerals 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. Production of approximately 10 million ounces of silver and 33,000 ounces of gold (on a 100% project basis) is estimated by IMZ in 2010.
In addition to the Pallancata Mine and the Inmaculada Project, IMZ also holds a majority or 100% ownership interests in development stage gold projects in Nevada (Goldfield and Converse) and Ecuador (Rio Blanco and Gaby). IMZ also receives a 3% net smelter return royalty from Barrick Gold�s Ruby Hill gold mine in Nevada, which produced approximately 100,000 gold ounces in 2009.
IMZ is listed on the Toronto Stock Exchange (since 1994) and the Swiss Stock Exchange (since 2002).
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: Paul Durham, Vice President Corporate Relations Tel: (203) 940 2538
In Europe: Oliver Holzer, Marketing Consultant +41 (0) 44 854 11 39
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 timing of resource estimate, feasibility studies and metal production. 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 ,delays in completing planned exploration programs and feasibility studies, 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. |