I-Minerals

Resources

Kelly’s Basin Resource

Over half the state mineral leases held by i-minerals are underlain by the Thatuna granodiorite making this prospective for feldspar and quartz. In this area of intense weathering, the key to the objective of finding a high yield feldspar deposit is to find unweathered Thatuna granodiorite near surface. Drilling during the fourth quarter of 2003 identified an area underlain by the Thatuna granodiorite known as Kelly’s Basin, that contains relatively unweathered granitoid rock. The Company has focused its exploration efforts on the most readily exploitable area that is sufficient to support a minimum of 15 years of mineral production. To this end, i-minerals completed a grid-based drill program comprised of 19 HQ diamond drill holes at 400-foot spacings, eleven of which exhibited sufficient continuity to constitute a commercially viable deposit. Drill hole depths range from 100 to 105 feet, and all bottomed in the Thatuna granodiorite (TG), host rock for the feldspar-quartz deposit. Resource calculations based on this 400-foot drilling program, in accordance with National Instrument 43-101, are:

Resource Category	In situ TG Millions of Tons	Contained Feldspar (Millions of Tons)	Contained Quartz (Millions of Tons)	Mine Life in years*
Measured	9.51	3.80	1.52	19.0
Indicated	1.27	0.51	0.20	2.5
Total	10.78	4.31	1.72	21.5

* Note: Mineral resources that are not mineral reserves do not demonstrate economic viability. A pre-feasibility study is necessary for the calculation of mineral reserves. The work program, metallurgical and analytical results detailed in the 43-101 report underlying these resource estimations are part of the Company’s ongoing pre-feasibility study.

A conceptual open pit was "fit" by trial and error over the resource area based on the descriptive and geochemical data of the 11 drill holes and topography. The pit was designed using 20-foot benches at a 1-to-1 slope. Five cross sections were used to determine and layout nine 20 foot bench levels. Overburden, which averages 14.2 feet and has a ratio to TG of 0.07-to-1, is present in the first 2½ levels. These first 2½ bench levels are incomplete levels and run intermittently the length of the conceptual pit. The lower 6½ levels contain the feldspar-bearing TG. The measured and indicated resource calculations include a 20% reduction in the calculated TG tonnages for interburden and mining loss. The drill holes penetrated to the top of level 8, so levels 3-8 are calculated as a Measured Mineral Resource and level 9 was calculated as an Indicated Mineral Resource, both defined by NI 43-101.

Moose Creek Tailings

In 2004, i-minerals reported an Inferred Mineral Resource as defined by NI 43-101 for the Moose Creek tailings. Since this time, six trenches were excavated in the tailings in order to determine the thickness of the tailings. Five of the six trenches were still in the tailings when the excavator reached its depth capacity of about 17 feet. The one trench that went into the underlying ground surface exposed 13 feet of the quartz-feldspar tailings. With more extensive field measurements of the tailings utilizing a hand-held GPS, the previous hand-augered drill program, and the trenching program, a much more precise calculation of the volume of tailings was made that defined an Indicated Mineral Resource in accordance with NI 43-101:

Resource Category

In situ Tailings

Thousands of Tons

Contained Feldspar (Thousands of Tons)

Contained Quartz (Thousands of Tons)

Indicated

408

105

201