international minerals corp (IMZ) Snapshot

International Minerals Corporation announced an update of the July 2012 feasibility study for the Gemfield gold deposit, located on its 100%-owned Goldfield gold property in Nevada. Compared to the July 2012 feasibility study, the updated study reports: Estimated Proven and Probable mineral reserves have increased by 11% from 511,000 to 567,000 gold ounces (contained within 17.3 million tones (‘Mt’) at an average grade of 1.0 grams per tone (‘g/t’) gold). Annual gold production estimate has increased by 15% from 66,000 to 76,000 ounces. Heap leach processing rate estimate has increased by 25% from 6,000 tones per day (‘tpd’) to 7,500 tpd. The updated study for Gemfield was reviewed by the independent engineering firm, Micon International Limited of Toronto, Canada. M3 Engineering and Technology of Tucson, Arizona have been awarded the contract for the engineering, procurement and construction management (‘EPCM’) of the Gemfield project. SRK of Reno, Nevada is responsible for the engineering of the heap leach pads and Atkins, also in Reno, is responsible for the realignment of Highway 95. Basic engineering is substantially complete on the process facilities and heap leach site and is the basis for the capital cost estimate.

International Minerals Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported total income of $4,066,638 compared to $10,062,488 a year ago. Income from continuing operations before taxes was $2,244,788 compared to $6,178,574 a year ago. Income from continuing operations after taxes was $2,244,788 or $0.02 per basic and diluted share compared to $5,522,574 or $0.04 per basic and diluted share a year ago. The decline in income period-over-period reflects lower earnings from the Pallancata Mine which was caused mainly by lower silver production (due to lower grades) and lower gold and silver prices. Net loss and comprehensive loss after taxes was $4,733,204 or $0.04 per basic and diluted share compared to net income and comprehensive income after taxes of $6,190,874 or $0.05 per basic and diluted share a year ago, income reduction primarily due to the additional write-down of the carrying value of the Ecuadorian mineral properties and the decline in earnings from the Pallancata Mine. Net cash used in operating activities was $2,320,713 compared to $5,312,441 a year ago. Resource property expenditures were $795,365 compared to $2,149,227 a year ago. Purchase of property and equipment was $19,000 compared to $62,979 a year ago. Capital expenditures - property, plant and equipment was $2,668,475. For the nine months, the company reported total income of $23,134,824 compared to $39,663,493 a year ago. Income from continuing operations before taxes was $18,436,500 compared to $31,828,535 a year ago. Income from continuing operations after taxes was $18,436,500 or $0.16 per basic and diluted share compared to $30,352,535 or $0.25 per basic and diluted share a year ago. The reduction in income is mainly attributable to lower earnings from the Pallancata Mine caused primarily by lower silver and gold production (due to lower grades) and lower gold and silver prices. Net loss and comprehensive loss after taxes was $5,301,146 or $0.04 per basic and diluted share compared to net income and comprehensive income after taxes of $32,538,438 or $0.27 per basic and diluted share a year ago, due to mainly the large write-down ($23.7 million) for nine months of 2013 of the carrying value for the discontinued operations in Ecuador. Net cash provided by operating activities was $4,361,406 compared to $24,974,416 a year ago. Resource property expenditures were $5,023,693 compared to $10,729,163 a year ago. Purchase of property and equipment was $79,269 compared to $194,999 a year ago. Capital expenditures - property, plant and equipment was $6,112,540. For the quarter, at Pallancata Mine, the company’s ore mined was 240,209 tonnes compared to 221,556 tonnes a year ago. Ore processed was 251,702 tonnes compared to 257,339 tonnes a year ago. Head grade- Ag was 239 g/t compared to 263 g/t a year ago. Head grade-Au was 1.1 g/t compared to 1.0 g/t a year ago. Concentrate produced was 1,765 tonnes compared to 1,745 tonnes a year ago. Silver production was 1,608,044 oz compared to 1,780,122 oz a year ago. Gold production was 6,525 oz compared to 5,612 oz a year ago. For the year 2013, at the 40%-owned Pallancata Silver Mine, working with Hochschild to (a) produce approximately 7.4 million ounces of silver and 26,000 ounces of gold in calendar 2013 (the company's estimate on a 100% project basis), (b) increase mineral resources and reserves to extend the existing mine life (approximately 3.5 years based on current reserves) and (c) increase profitability by reducing both operating and capital expenditures.

International Minerals Corporation (TSX:IMZ) continues to look for acquisitions. International Minerals seeks to acquire precious metals properties and/or companies in low political risk countries in the Americas.