IMC reports US$97k quarter loss

Scottsdale, Arizona-based International Minerals (TSX: IMZ) reported a net loss of US$96,880 for the quarter ended March 31, the company's third quarter, compared to a US$122,885 net loss in same-quarter 2003. Expenses rose to US$1.31mn during the quarter, compared to US$202,290 in same-quarter 2003, due to increased drilling and feasibility work at its Rio Blanco gold property in Ecuador, it said in a statement. Cash and cash-equivalents rose to US$17.6mn as of March 31, from US$2.95mn at June 30, 2003 due to net proceeds from a January 2004 private placement of US$15.6mn.