Cabo Drilling Corp CBEEF

Success (delivered on time)

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Results of Drill Programme 13 October 2005 2005 summer drill programme successfully completed, confirming existence of higher grade areas International Molybdenum PLC ("InterMoly" or "the Company") announces the results of its successful 2005 summer drill programme at its Malmbjerg Molybdenum Project in Greenland. The summer drill campaign confirmed the results of previous drilling and filled in areas that were not included in previous drill campaigns. Assay results confirm the presence of the significant molybdenum mineralisation indicated by the previous work conducted on the project and also confirm the existence of higher grade areas within the overall resource. The drilling results are now being included into the resource model for the deposit as a basis for reclassifying a substantial portion of the Inferred Resource to NI 43-101- compliant Measured and Indicated Resources. Modelling of the resource is now being completed by Roscoe Postle Associates and is anticipated to be completed in about 30 days time. The model will become the basis for mine design and cost studies to be incorporated into the Feasibility Study presently being conducted for the project. Once the resource modelling is complete, mining studies will determine to what extent the higher grade areas can be mined selectively to maximize the cash flow from the project during the early years of operation. Graham Mascall, the CEO of InterMoly, said, "We are pleased to have completed the summer drilling programme, together with the associated geological, geotechnical and metallurgical work, on time. We are encouraged by the drilling results obtained from the samples taken, particularly the indications of higher grade areas which we expect will have a positive impact on optimising the mining plan and project economics. We now look forward to completing the engineering studies as part of the Feasibility Study for the project and its completion by the end of the first quarter, 2006." All summer field activities for the project, including drilling, were completed over the period from June to September 2005. All drilling was carried out from the existing underground adits. The composite assay results as well as selected intersections for all drill holes completed during 2005 are summarised in the drilling map and table in the attached PDF. download a PDF get the free reader privacy policy | disclaimer | © International Molybdenum plc 2005