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INTERNATIONAL MAHOGANY ANNOUNCES AGREEMENT

 INTERNATIONAL MAHOGANY ANNOUNCES AGREEMENT
 VANCOUVER, British Columbia, Sept. 15 /PRNewswire/ --


International Mahogany Corp. (Toronto: IMY.B.) and its parent, North Lily Mining Co. ("the companies") have entered into an agreement to form a joint venture with the owner of the Santa Rosa copper mine in Chile. The property, comprising 45 hectares, is located in Region II, approximately 50 kilometers east of Calama and four kilometers from the companies' Tuina copper mine. Under the agreement, the companies are to deliver a feasibility study by Sept. 30, 1993 in order to earn a 51 percent interest in the property. The companies are also required to advance up to $250,000 U.S. for exploration and development.
 The Santa Rosa mineralization is localized within an andesitic volcanic group that is part of the Tuina formation where it joins the San Jose Fault. The owner of the Santa Rosa property has been recovering high-grade ore in a small mining operation, with ore grades exceeding 3 percent copper. The companies estimate that there may be more than 1 million tons of ore grading more than 1.7 percent. This acquisition would bring the companies' total reserve in the region to approximately 7 million tons. The initial exploration program consists of detailed surveying, geological mapping and sampling. Results of this program should be available soon.
 -0- 9/15/92
 /CONTACT: Anton R. Hendriksz, president, 604-685-9316, for International Mahogany/
 (IMY) CO: International Mahogany Corp. ST: British Columbia IN: MNG SU: JVN


EH -- LA018 -- 9632 09/15/92 12:21 EDT
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Date:Sep 15, 1992
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