International Minerals closes $92 million financing

On May 10, 2006 International Minerals Corporation closed its previously announced public offering of units and convertible unsecured subordinated debentures, for gross proceeds of $92.25 million. Net proceeds from the financing of approximately $87.8 million are being used to fund construction and development to production of International Minerals' Rio Blanco gold-silver project in Ecuador, to fund further exploration work at its Pallancata silver-gold project in Peru and for general working capital purposes. The underwriting syndicate was co-led by TD Securities Inc. and Dundee Securities Corporation and included GMP Securities L.P. and Wellington West Capital Markets Inc. John Turner, Greg Ho Yuen, Bozidar Crnatovic and Krisztian Toth of Fasken Martineau advised the underwriting syndicate with respect to this matter. International Minerals Corporation is a Toronto, Zurich and Frankfurt listed gold-silver exploration and development company operating in Ecuador and Peru.