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INTERNATIONAL MAHOGANY ANNOUNCES UPDATE

 INTERNATIONAL MAHOGANY ANNOUNCES UPDATE
 VANCOUVER, British Columbia, July 31 /PRNewswire/ --


International Mahogany Corp. wishes to provide an update on the status of its major mineral properties.
 Mining operations commenced at the Tuina copper mine located in northern Chile in March this year. Minor start-up problems have been rectified, and the operation is now running smoothly. Direct operating costs are within the projected budget of $0.57 per pound. In light of the current strength of copper prices, the Tuina mine is expected to exceed its targeted pre-tax operating profit for 1992.
 With respect to the Southern Cross Property in Montana, the company has been reviewing proposals from several major mining companies and expects to conclude a formal agreement shortly. In evaluating the proposals, the company is focusing on identifying a partner that can provide the property with both the most attractive financial terms and the expertise necessary to place the property into production. Previous exploration conducted on a 50 acre section of the 2,600 acre property confirmed proven reserves of 500,000 ounces of gold plus additional possible reserves of 300,000 ounces of gold.
 Final documentation for the acquisition of the Ashdown property, located in Nevada, has been prepared. The acquisition of this property is expected to be completed shortly.
 -0- 7/31/92
 /CONTACT: Nick DeMare, director of International Mining, 604-685-9316/
 (IMY.B.) CO: International Mahogany Corp. ST: British Columbia IN: MNG SU:


AL -- LA011 -- 5553 07/31/92 11:19 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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