International Minerals Reports Net Income of US$3.73 Million for First Fiscal Quarter Ended September 30, 2008

Scottsdale, Arizona, Nov 18, 2008 � International Minerals Corporation (TSX and SWX: �IMZ� or �the Company�) reported US$3.73 million in consolidated net income for the fiscal first quarter ending September 30, 2008.

During the first fiscal quarter, IMZ achieved the following significant accomplishments (all amounts reported in US$):

�         Completed the quarter with $57.2 million in cash and equivalents, aggregate working capital of $54.9 million and total assets of $162.4 million.

�         Reported consolidated net income of $3.73 million, consisting primarily of a $3.51 million equity gain on investment and $0.31 million 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.

�         Announced 8% higher total silver production at the Pallancata Mine of 899,000 ounces at total cash costs of $5.77 per ounce of silver (net of gold by-product credit) compared to $5.72 per ounce for the prior three-month period (829,000 silver ounces produced). Of the total production of 899,000 ounces of silver and 3,350 ounces of gold, the Company�s attributable 40% share was approximately 359,600 ounces of silver and 1,340 ounces of gold.

�         Announced a significant increase to the estimated proven and probable mineral reserves at the Pallancata Mine to 5.8 million tonnes at an average grade of 329 grams per tonne (�g/t�) silver and 1.2 g/t gold, containing approximately 62.3 million ounces of silver and 232,000 ounces of gold on a 100% project basis.

This updated reserve estimate represents an 80% increase from the previously released reserve estimate of March 2008 and more than a 450% increase from the reserves estimated in a pre-feasibility study in August 2007.

The consolidated net income for the quarter ended September 30, 2008 of $3.73 million ($0.04 per share) compares to a net loss of $2.7 million (loss of $0.03 per share) for the fiscal first quarter of 2007. The gain is due principally to the equity gain at the Pallancata Mine joint venture of $3.8 million (2007 � loss of $292,442) and the increased foreign exchange gain of $1.2 million (2007 � loss of $1.8 million) due to a weakening of the Canadian dollar against the US dollar. The equity gain resulted from Hochschild sole-funding the costs of expansion of the Pallancata Mine to the 1,000 tonnes per day (�tpd�) production level. Capital costs beyond 1,000 tpd are paid 60% by Hochschild and 40% by IMZ.

To date the Pallancata joint venture company, Minera Suyamarca S.A.C. (�Suyamarca�), owned 60% by Hochschild and 40% by IMZ, has not yet distributed cash dividends to the joint venture partners due primarily to the continuing capital investments required for mine expansion from 1,000 tpd to 2,000 tpd and to lower revenue due to declining metal prices. Suyamarca is expected to commence distributing cash dividends to the joint venture partners in calendar second half of 2009, but such cash distributions are dependent on metal prices and sustaining capital cost requirements.

On October 17, 2008, the Company commenced a normal course issuer bid (or share repurchase program) to purchase through the market on the Toronto Stock Exchange 5.0 million of its common shares (�Shares�), representing 5.21% of the Company�s 96,030,001 issued and outstanding Shares, as at October 8, 2008.  As of November12, 2008, a total of 527,900 shares had been repurchased at an average price of C$2.69 per Share for a total cost of C$1,421,796.  Repurchased Shares will be cancelled.

Outlook

During the balance of fiscal year 2009, the Company's production, exploration and development efforts are expected to focus primarily on:

�         Expanding mine production at the Pallancata silver-gold mine in Peru to over 6 million ounces of silver equivalent, making it one of the top-ten largest primary silver producers in the world.

�         At the Rio Blanco gold-silver project in Ecuador: 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 expiry of the April 2008 Ecuadorian Mining Mandate expected in January 2009, finalization of the new mining law, and obtaining additional required financing.  Construction could commence approximately three to six months following granting of all the necessary permits.

�         At the Gaby gold project in Ecuador: advancing an economic optimization study as a step towards a final feasibility study, if warranted. The optimization study is evaluating the potential for enhanced economics based on a significantly higher production rate (40,000 to 80,000 tpd) than used in the February 2008 preliminary feasibility study (20,000 tpd). The future status of Gaby will also depend on the pending new mining law in Ecuador.

�         Continuing drilling at the Urbaque property in Peru under the joint venture agreement with Barrick and at the Pacapausa project in Peru under the agreement between Southwestern and IMZ-Hochschild (funded by the Pallancata joint venture company, Suyamarca).

�         Seeking new property acquisitions to continuously replenish the Company�s pipeline of projects, together with additional strategic joint venture alliances, such as that with Hochschild at Pallancata and Pacapausa, in order to advance projects with reduced additional cash outlays by the Company.

          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 production, completion of feasibility studies, 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 estimates of mineral resources and reserve; risks relating to project capital and production costs; risks relating to obtaining mining and environmental  permits; mining and development 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.