Report Net Income of International Minerals Corp. In Q2

International Minerals Corporation is engaged in precious metals exploration, development silver and gold mining deposits in Peru and Ecuador.

The company reported quarterly production of 2.7 million ounces of silver and 10,244 ounces of gold from Pallancata Mine. The results showed increased 9% from the previous quarter ended September 30, 2009, which produced 2.5 million ounces of silver and 9620 ounces of gold. Direct exchange costs at Mine is $ 1.72 per ounce of silver. Total cash costs $ 4.69 per ounce of silver, as defined by the Gold Institute. The results showed 37% and 12% increase respectively compared with the previous quarter.

Company’s financial statements show a consolidated net income of $ 5.1 million, or $ 0.06 per share. Net income including equity in net income of $ 7.6 million for 40%-owned Pallancata mine in Peru. The Company also reported cash dividend of $ 6.4 million 40% interest in Pallancata silver mine in November 2009.