IAMR - InterAmerican Resources, Inc. (fka IAMR)

[jmhollen]

InterAmerican Resources, Inc. Announces Significant Land Position in the Mazama Porphyry Copper Deposit

MIAMI, Nov 9, 2001 (BUSINESS WIRE) -- InterAmerican Resources, Inc. (OTC:IAMR)
announced today that the core assets of InterAmerican Resources wholly-owned
subsidiary Sovereign Resources, Inc. ("Sovereign Resources") is the Mazama
project.

The Mazama copper-molybdenum porphyry deposit is located in north central
Washington on the eastern flank of the Cascade Mountain Range within the
Okanogan National Forest. Mazama is situated about 25 miles south of the
Canadian border, approximately 120 miles northeast of Seattle, and 12 miles
northwest of Winthrop, and the closest town. Access to the property is via
well-maintained Forest Service roads.

Sovereign Resources has assembled a significant land position in the Mazama
District.

The company's land position consists of 81 unpatented BLM lode mining claims
totaling 1,620 acres, covering virtually all of the previously-delineated Mazama
ore deposit, as well as areas considered to have excellent potential for
discovery of significant additional porphyry Cu-Mo-Ag-Au mineralization.
Sovereign Resources is negotiating to acquire one final claim to complete its
consolidation of the Mazama District.

During the 1960s and 1970s, Mazama was explored by several major mining
companies.

Bear Creek Mining (the exploration division of Kennecott) did the initial
exploration work at Mazama, conducting geophysical surveys and core drilling in
1963 and 1964. Brenda Mines briefly optioned the property in 1968. Inspiration
Development Co. optioned the Mazama project in 1970 and subsequently drilled 16
core holes (18,517 feet). During the 1970s, Exxon Minerals drilled several
hundred shallow (less than 100 ft) percussion holes to the south and east of the
main ore zone, seeking to outline a second porphyry deposit.

Quintana Minerals acquired the Mazama project in late 1973, and over the next
several years, spent approximately $1,000,000 on exploration and development
work, including drilling 14 core holes (12,168 ft). Quintana also completed
various pre-feasibility / scooping studies, engineering / metallurgy work and
mine plans for a proposed 30,000 ST/day mining and milling operation.

Copper mineralization at Mazama extends to considerable depths: Quintana drill
hole No. 17 intersected greater than 0.30% Cu at a depth of 1,900 feet. All
areas drilled to date exhibit excellent continuity and consistency of copper
grades.


Among the best drill intercepts to date at Mazama are:
Hole No. From To Interval Copper
-------- ------- ------ -------- ------
 9 190 ft 992 ft 762 ft 0.39%
 15 310 ft 1372 ft 962 ft 0.42%
 25 53 ft 1117 ft 858 ft 0.36%
 31 86 ft 886 ft 800 ft 0.46%

Quintana Minerals previously reported a mineable (proven + probable) ore reserve
estimate for Mazama of 143,718,000 ST grading 0.36% Cu and 0.008% Mo containing
approximately one billion pounds of copper and more than 20 million pounds of
molybdenum. At today's depressed metals prices, the value of the copper and
molybdenum "in the ground" is approximately US$650 million.

None of the prior drilling programs assayed for gold or silver, although recent
sampling by Sovereign Resources indicates that the Mazama deposit hosts
potentially-significant precious metals credits. Additionally, work undertaken
by Sovereign's geologists suggests that the copper grades at Mazama may also be
significantly understated due to improper drill orientation.

Mazama is believed to have significant exploration potential.

An independent report prepared in 1991 by Brian K. Jones reportedly estimated
the potential within the Mazama mineral system to be on the order of 500 million
ST at 0.40% Cu and 0.01 oz Au/ST containing approximately four billion pounds of
copper and five million ounces of gold.

The primary porphyry copper mineralization at Mazama extends over a minimum
strike length of 5,000 feet SW-NE and remains open along strike; recent
exploration work by Sovereign Resources indicates that fault-offsets to the
known Mazama deposit may extend the strike length by several additional miles.
Overall, copper mineralization at Mazama reportedly extends over a 12-square
mile area, and, as such, Mazama may represent one of the largest under-explored
copper porphyry systems in North America.

ON BEHALF OF THE BOARD Allan Smith President
CONTACT: InterAmerican Resources, Inc., Miami
 Allan Smith, 305/438-0020
 email: [e-mail]


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