Sale Of Rio Blanco Property In Ecuador

 

SCOTTSDALE, AZ - International Minerals Corporation reported that following receipt of final approval from the Government of Ecuador, an agreement to sell the Company's interest in the Rio Blanco gold and silver property in Ecuador to a private Hong Kong based company closed.

IMZ will receive gross proceeds of $28 million from the Buyer. Following receipt of the initial $10 million payment on closing, the remaining payments are conditional upon the Buyer retaining its interest in Rio Blanco. On closing, the Buyer assumed operating control of the property.

With the conclusion of the sale of Rio Blanco, IMZ management anticipates that its strategic withdrawal from Ecuador will be finalized within the next few months, pending completion of all of the necessary corporate and legal issues required under Ecuadorian law.