International Minerals Reports Operating Achievements and Financial Results For First Fiscal Quarter Ended September 30, 2013

Scottsdale, Arizona, November 14, 2013 - International Minerals Corporation
(Toronto and Swiss stock exchanges: the 'Company' or 'IMZ') is pleased to
report its operating achievements and financial results for the first
fiscal quarter ended September 30, 2013.

All dollar amounts in this news release are reported in US Dollars, unless
otherwise noted.

Material Events 

On October 1, 2013 (see the Company's news release of that date),
Hochschild Mining plc ('Hochschild'), HOC Holdings Canada Inc. (a
subsidiary of Hochschild), IMZ and Chaparral Gold Corp ('Chaparral Gold'),
a wholly-owned subsidiary of IMZ, entered into a binding arrangement
agreement providing for the acquisition of the Company by Hochschild by way
of a plan of arrangement transaction (the 'Arrangement').

Under the terms of the Arrangement, each IMZ Shareholder (other than
Hochschild in respect of the cash portion of the consideration) will
receive: (i) cash consideration of $2.38 per IMZ share and (ii) that number
of common shares of Chaparral Gold as is equal to the number of IMZ shares
held.

Completion of the Arrangement is subject to, among other things, the
affirmative vote of at least two-thirds of the votes cast at the meeting by
IMZ shareholders and IMZ optionholders voting together as a single class.
In addition, Canadian securities law requires minority shareholder approval
for the transaction, which means the affirmative vote of at least a simple
majority of the votes cast by IMZ shareholders (excluding Hochschild's 3.76
million shares of IMZ and any other shares of any other shareholder
excluded under applicable securities laws.)

On completion of the Arrangement, IMZ will become an indirect wholly-owned
subsidiary of Hochschild including all of the rights, title and interest of
IMZ in its Peruvian subsidiaries and its Peruvian mineral projects. The
former IMZ shareholders (including Hochschild) will own 100% of the
outstanding common shares of Chaparral Gold Corp. All of the rights, title
and interest of the non-Peruvian assets and liabilities of IMZ will be
transferred to Chaparral Gold Corp. prior to the closing of the
Arrangement, including  IMZ's cash and receivables (estimated at
approximately $58 million) and IMZ's non-Peruvian assets (primarily Nevada
assets) and related liabilities.

At the Gemfield project, which is part of the 100%-owned Goldfield property
in Nevada, the Company has received confirmation from the U.S. Bureau of
Land Management that the Mine Plan of Operations is administratively
complete. The acceptance of the Mine Plan of Operations has commenced the
formal Environmental Impact Study work and all other permitting activity
required for the project. Permitting is expected to take approximately 18
months from the September 2013 acceptance by the US Bureau of Land
Management of the Mine Plan of Operations.

Spending Reduction Initiatives 

In May 2013, the Company advised shareholders of certain spending reduction
initiatives implemented in response to negative developments in the
commodity and mining equity markets. On an annualized basis, the spending
reductions are on target to meet or exceed the Company's forecast spending
reduction targets.
The following is a summary of the results of these initiatives for the
first full quarter ended September 30, 2013 ('Q1 2014') during which the
cost reduction initiatives were implemented:

  - At the Pallancata Mine, expenditures (on a 100% basis) during Q1 2014
    were $38.3 million compared to $43.7 million for the quarter ended
    September 30, 2012 ('Q1 2013'), for a reduction of 12.5%. On an
    annualized basis, this would reduce expenditure at Pallancata by over
    $20 million.

  - IMZ's administrative and exploration costs in Peru totaled $238,900 in
    Q1 2014 compared to $485,400 in Q1 2013, a decrease of approximately
    51%. In the USA, the Company spent $1.8 million compared to $4.7
    million in Q1 2013, a decrease of 62%.

In addition, the Company also made significant reductions in manpower,
which should result in sustained cost savings in future years.

It should be noted, however, that the administrative costs for Peru and the
USA for Q1 2014 exclude legal, administrative and accounting costs incurred
to date associated with the proposed Arrangement with Hochschild, which was
announced on October 1, 2013. These costs were not contemplated when the
spending reduction initiatives were first implemented by the Company in
May, 2013.

Financial Performance for the First Fiscal Quarter Ended September 30,
2013:

For Q1 2014, the Company reported:

  - net income from continuing operations after tax of $952,815 ($0.01 per
    share), which was driven primarily by earnings from the Pallancata Mine
    of $2,482,200 (IMZ's 40% share) compared to net income from continuing
    operations after tax of $10,674,646 ($0.09 per share) for Q1 2013.  The
    main reason for the reduced income at Pallancata was the significant
    decline in gold and silver prices which reduced reported revenues;

  - a loss from discontinued operations after tax of $240,000 compared to a
    net loss from discontinued operations after tax of $1,061,890 for Q1
    2013. The losses in both periods were a result of ongoing maintenance
    and closure costs associated with the Ecuadorian discontinued
    operations;

  - net and comprehensive income after tax of $712,815 ($0.01 per share)
    compared to a net and comprehensive income after tax of $9,612,756
    ($0.08 per share) for Q1 2013; and

  - other factors which materially impacted reported income included: 

 i. the Pallancata Mine operations reported income of $2,482,200 (IMZ's 40%
    share) compared to income of $10,681,607 in Q1 2013. The impact of the
    decline in silver and gold prices accounted for the majority of the
    earnings decline. During Q1 2014, as compared to Q1 2013, the average
    silver price decreased to $21.37 per ounce from $29.91 per ounce.
    Silver ounces sold (IMZ 40% share) decreased to 639,622 ounces from
    660,140 ounces in Q1 2013. In addition, IMZ's share of gold sales
    decreased marginally to 2,195 ounces in Q1 2014 from 2,348 ounces in Q1
    2013, while the average gold price decreased to $1,328 per ounce from
    $1,655 per ounce, respectively.

ii. during Q1 2014, other income items contributed to income from
    continuing operations by $224,925 compared to the contribution from
    other income items of $1,547,592 in Q1 2013. In Q1 2013, the Company
    recorded substantially larger gains on foreign exchange and on
    investments than in Q1 2014. In Q1 2013 interest income was also about
    $43,000 greater than in Q1 2014.

iii. during Q1 2014, expenses totaled $1,754,310 compared to $1,554,553 in
    Q1 2013. The increase in expenses in Q1 2014 was a result of an
    increase in administration and salaries expenses related to general
    exploration administration costs that were capitalized in prior periods
    and also because the Company incurred a significant increase in legal
    fees relating to costs associated with the proposed Arrangement with
    Hochschild.

Operating Statistics for the Pallancata Mine (100% project basis). 

The table below reports key operating and cost statistics for the
Pallancata Mine for the fiscal quarters ended September 30, 2013 and 2012
and for the most recently completed  fiscal and calendar years.

                                     Quarter   Quarter   Fiscal    Calendar
                                                         Year      Year
                                     Ended     Ended     Ended     Ended
                                     09/30/    09/30/    06/30/    12/31/
                                     2013      2012      2013      2012
Ore mined (tonnes)                    272,466   276,459  1,091,078
1,059,329
Ore processed (tonnes)                273,147   277,092  1,089,744
1,094,250
Head grade- Ag (grams/tonne) (1)          264       257       253       256
Head grade- Au (grams/tonne) (1)          1.1       1.2       1.2       1.1
Silver production (ounces) (2)       1,896,426 1,893,274 7,368,722
7,440,604
Gold production (ounces) (2)            6,758     6,814    28,322    26,231
Silver sold ( ounces) (3)            1,599,060 1,651,900 7,312,860
7,279,600
Gold sold (ounces) (3)                  5,487     5,870    27,308    25,100
IMZ  total cash costs per ounce
silver produced, net of by-product      $9.78     $8.49     $9.27     $9.16
credits (US$) (4)
Total cash costs, per ounce silver
equivalents produced                   $11.89    $12.05    $12.71    $12.65
(US$) (5)
All-in Sustaining Mine costs, per
ounce silver equivalent sold (US$)     $17.42    $20.34    $19.86    $20.52
(6)

Notes:

1. The reported head grades for silver and gold are based on the overall
metallurgical balance for the process plant.
2. The difference between 'produced' metal ounces and 'sold' metal ounces
is in-process concentrate. Numbers for gold and silver ounces in the sold
category have been rounded.
3. Silver and gold ounces sold are reported as gross ounces.
4. Total cash costs per ounce silver produced, using the Gold Institute
definition, comprise: mine operating costs, mined ore inventory adjustment,
toll processing costs, mine general and administrative costs, Hochschild
management fee, concentrate transportation and smelting costs, and
government royalty. This cost per ounce metric is net of gold by-product
credits.
5, Total cash costs per ounce silver equivalent produced using the Gold
Institute definition, comprise: mine operating costs, mined ore inventory
adjustment, toll processing costs, mine general and administrative costs,
Hochschild management fee, concentrate transportation and smelting costs,
and government royalty. Silver equivalent ounces produced  is equal to
silver ounces produced plus gold ounces produced converted to silver ounces
produced using the spot monthly average price ratio between gold and
silver.
6. All-in Sustaining Mine  Costs per ounce silver equivalent sold ( as
defined by the Company)  includes total cash costs plus mine plant and
equipment, deferred mine development, all mine related exploration,
workers' profit share and all community spending related to the mine.
Silver equivalent ounces sold is equal to silver ounces sold plus gold
ounces sold converted to silver ounces sold using the spot monthly average
price ratio between gold and silver. All-in Sustaining Mine Costs are
defined in the Company's management discussion and analysis filed on SEDAR
on November 14, 2013.

Company Outlook

If the Arrangement is completed as contemplated, then the 'Company Outlook'
activities below related to Pallancata and Inmaculada will not be
applicable to the Company. Additional information concerning the proposed
Arrangement, including certain risk factors and financial information may
be found in IMZ's Management Information Circular for the 2013 Annual
Meeting of Shareholders and Special Meeting of Securityholders filed on
SEDAR or available on the Company's website at www.intlminerals.com.

During the remainder of the 2013 calendar year and for the 2014 fiscal and
calendar years, the Company's exploration and development efforts are
expected to focus primarily on:

  - At the 40%-owned Pallancata Silver Mine in Peru, working with
    Hochschild to (a) produce approximately 7.4 million ounces of silver
    and 26,000 ounces of gold during both calendar periods (the Company's
    estimate on a 100% project basis), (b) increase profitability by
    reducing both operating and capital expenditures., and (c) increase
    mineral resources and reserves to extend the existing mine life
    (approximately 3.5 years based on current reserves).

  - At the 40%-owned Inmaculada gold-silver project, also in Peru, in
    cooperation with Hochschild advancing the project to production in the
    second half of 2014, subject to financing of IMZ's share of the
    remaining capital expenditures (approximately $56 million) and the
    timely receipts of all permits required for the mine.

  - At the 100%-owned Gemfield heap leach gold project at the Goldfield
    property in Nevada, completing the permitting and commencing
    construction, subject to financing, with a goal of commencing
    production in the second half of 2016.

  - Continually evaluating all facets of the Company's capital, technical
    and administrative expenditures to reduce costs in response to the
    current depressed market conditions in the mining sector and precious
    metal markets.

  - Continuing to seek strategic acquisitions in precious metals properties
    and/or companies in low political risk countries in the Americas.

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, VP Corporate Relations                            
Tel: +1 203-940-2538                                                    

In Europe:
Oliver Holzer, Marketing Consultant
Tel: +41 44 853 00 47

Renmark Financial Communications:   
Robert Thaemlitz +1-514-939-3989
rthaemlitz@renmarkfinancial.com

Or email us at: Information@intlminerals.com                  
Internet Site: http://www.intlminerals.com

The Company's Financial Statements and Management's Discussion and Analysis
(MD&A) are posted on the Company's website at:
www.intlminerals.com/investors/financial-reports or at www.sedar.com under
the Company's name.

Cautionary Statement:

The Gold Institute calculation of Total Cash Costs per ounce of silver
produced, Total Cash Costs per ounce of silver equivalents produced and the
Company's calculation of All-in Sustaining Mine Costs per silver equivalent
ounces sold are non-IFRS financial measures, which Company management
believes are useful in measuring operational performance. Please refer to
the Company's Management's Discussion and Analysis for the fiscal quarter
ended September 30, 2013 (on SEDAR) for a detailed description of how these
cost metrics are calculated. 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, production expectations, estimates of costs
on a per ounce basis (produced or sold) drilling and development programs
on the Company's projects, timing of completion of economic studies,
construction and production schedules, the outcome of the securityholders'
vote regarding the plan of arrangement with Hochschild at the Company's
2013 Annual Meeting of Shareholders and Special Meeting of Securityholders
and, obtaining any required environmental, construction and production
permits. Factors that could cause actual results to differ materially from
anticipated results include risks and uncertainties such as:  risks
relating to obtaining mining and environmental  permits; delays in
completing economic studies mining and development risks; financing risks;
risk of commodity price fluctuations; the uncertainty in estimating and
then obtaining the fair market value of the Rio Blanco receivable, certain
estimates and assumptions used in determining the Company's financial
results, political and regulatory risks; the outcome of the
securityholders' vote concerning to the proposed plan of arrangement
transaction with Hochschild and other risks and uncertainties detailed in
the Company's Annual Information Form for the year ended June 30, 2013, 
and the Company's Management Information Circular for the 2013 Annual
Meeting of Shareholders and Special Meeting of Securityholders, which are
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.