IMA I Minerals Inc

I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) announces that SRK Consulting
(U.S.), Inc. ("SRK") has completed an Updated Mineral Resource estimation as
part of an NI 43-101 compliant, Updated Prefeasibility Technical Report on
I-Minerals' Bovill Kaolin Project. The resource estimation includes results from
167 additional drill holes totaling 17,811 ft., completed during 2013 that
primarily target a new area, Kelly's Hump. Highlights include:




--  Measured Resources of 3.3 million tons containing 76% quartz/K-spar
    sand, 13% Kaolinite 4.5% Halloysite
--  Indicated Resources of 7.9 million tons containing 74% quartz/K-spar
    sand, 15% Kaolinite 2.7% Halloysite
--  358,000 tons of contained halloysite, 1,657,600 tons of contained
    kaolinite identified
--  Additional quartz and K-spar metallurgy is ongoing. Previous results
    demonstrated the quartz/feldspar sand to contain about 47% recoverable
    quartz, 21% recoverable K-spar 
--  Prefeasibility Study ongoing at increased production rate



The Updated Mineral Resource includes 3.3 million tons of Measured Resource plus
7.9 million tons of Indicated Resource for a total Measured and Indicated
Mineral Resource of 11.2 million tons. The estimation includes quartz and K-spar
bearing sand, kaolinite clay, halloysite clay and clay waste. Material testing
and classification of the 2013 drilling samples was completed at the University
of Idaho's Geologic Engineering Department and was accompanied by an industry
standard QA/QC program. The following table provides a breakdown of the mineral
resources with figures rounded to reflect the level of accuracy.


Bovill Kaolin Project Updated Mineral Resource Statement as of April 20, 2014.



                                                                            
----------------------------------------------------------------------------
     Location      Classification Tons  Quartz &  Kaolinite Halloysite Waste
                                   (m)   K-Spar      (%)        (%)     (%) 
                                        Sand (%)                            
----------------------------------------------------------------------------
Middle Ridge       Measured        1.0         75       12.          6     7
----------------------------------------------------------------------------
Kelly's Hump North Measured        2.3         77       13.          4     7
----------------------------------------------------------------------------
All                Measured        3.3         76        13        4.5     7
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Middle Ridge       Indicated       2.9         77        12          3     8
----------------------------------------------------------------------------
WBL                Indicated       1.3         75        16          2     8
----------------------------------------------------------------------------
Kelly's Hump North Indicated       1.6         74        15          4     7
----------------------------------------------------------------------------
Kelly's Hump South Indicated       2.1         71        20          2     7
----------------------------------------------------------------------------
All                Indicated       7.9       74.4      15.6        2.7   7.3
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
All                Measured and                                             
                   Indicated      11.2         75      14.8        3.2   7.1
----------------------------------------------------------------------------
                                                                            



Dr. Bart Stryhas constructed the geologic and resource models, he is responsible
for the Mineral Resource estimation methodology and the resource statement. Dr.
Stryhas is independent of the issuer applying all of the tests in Section 3 of
NI 43-101. The estimation was completed using industry standard block modeling
techniques utilizing an inverse distance weighting squared algorithm. The
Mineral Resources are classified using CIM definitions as Measured and
Indicated. Classification is based mainly on average drillhole spacing. Pit
optimization was based on halloysite content and for this purpose halloysite was
valued above market prices and quartz / k-spar below the market prices.
Accordingly, all Mineral Resources are reported within Whittle™ pit
optimization shells based on the following parameters; Quartz/K-spar bearing
sand at US$25/ton, kaolinite clay at US$ 185/ton, halloysite clay at US$
1,500/ton, mining cost of US$ 3.96/ton, processing cost of US$ 30.32/ton, G& A
of US$ 1.00/ton, sand recovery of 77%, clay recovery of 95% and a State of Idaho
royalty of 5%. All resources are reported at a zero cutoff grades since all
material within the pit optimization shells can potentially be sold for a
profit. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. 


SRK is now incorporating the Measured and Indicated Resources into an updated
Pre-Feasibility Study. Recent changes in the supply fundamentals in the North
American high quality K-spar market have created increased sales opportunities.
To reflect these increased sales opportunities I-Minerals will be increasing the
modelled through put in the updated Prefeasibility Study from production levels
used in the maiden Prefeasibility Study released in January 2013. The Maiden
Prefeasibility Study was based upon the mill processing resource material on a
24/5 average rate of approximately 210,000 tons per annum whereas the Updated
Prefeasibility Study is based upon running the mill on a 24/7 basis at a rate of
approximately 285,000 tons per annum. Pricing of the minerals, most notably
quartz, has been amended to reflect the increased production volumes. I-Minerals
has been advised by SRK, the Technical Economic Model for the Updated
Prefeasibility Study will be completed within two weeks and the Company will
release the results of the economic model at that time. The complete NI 43-101
compliant Technical Report covering both the Mineral Resource estimation and the
Updated Prefeasibility Study will be filed within 45 days of the date of this
press release.


"We are very pleased with the resource defined," stated Thomas Conway, President
and CEO of I-Minerals Inc. With a Measured and Indicated Resource of over 11
million tons and as part of the ongoing Prefeasibility Study, mining being
modelled at a rate of less than 300 thousand tons per annum, the Helmer-Bovill
property represents a very long life geological asset. Furthermore, we expect
the Updated Prefeasibility Study, which is expected any day now, will show our
Bovill Kaolin Project to be very profitable over a long mine life."


About I-Minerals Inc.
I-Minerals is developing multiple deposits of high-purity, high-value
halloysite, quartz, potassium feldspar and kaolin at its strategically located
Helmer-Bovill property in western Idaho. The Maiden Prefeasibility Study
completed by in 2013 by SRK highlights the potential of the Helmer-Bovill
property: after tax NPV6 of $150 million; 28% IRR; 3 year payback and $67
million initial CAPEX; $84 million CAPEX including life of mine sustaining
capital over the 26 year mine life. Ongoing development work is focused on
upgrading the probable reserve to a proven reserve as the Company moves through
the feasibility process towards production.

I-Minerals Inc.

Per: "Thomas M. Conway"

Thomas M. Conway,
President & CEO

This News Release includes certain "forward looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Without limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are forward
looking statements that involve various risks. Actual results could differ
materially from those projected as a result of the following factors, among
others: changes in the world wide price of mineral market conditions, risks
inherent in mineral exploration, risk associated with development, construction
and mining operations, the uncertainty of future profitability and uncertainty
of access to additional capital.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.



FOR FURTHER INFORMATION PLEASE CONTACT: 

Contact: 
Barry Girling 
877-303-6573 
604-303-6573 
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com

Timothy Ko
Principal 
Tyton Rock Capital 
604-312-2065 
Email: timothy@tytonrock.com
Or visit  www.tytonrock.com

I Minerals (TSXV:IMA)
Historical Stock Chart
From Apr 2024 to May 2024

I Minerals (TSXV:IMA)
Historical Stock Chart
From May 2023 to May 2024