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Jun 15, 2011
i-minerals inc. applies to amend terms of share purchase warrants
Vancouver, B.C. - June 15, 2011 - i-minerals inc. (TSX.V: IMA) (the "Company") announces that it intends to make application to the TSX Venture Exchange to amend the term of certain outstanding share purchase warrants issued pursuant to a convertible debenture offering which closed in two tranches on June 30, 2009 and September 15, 2009 as well as the Series A and Series B warrants issued pursuant to a private placement which closed on January 29, 2010. As disclosed in the following table, the amendment is limited to an extension of the term of the warrants without changes to the exercise price:

 Warrant Description

 number

Original Exercise price

Proposed Exercise price

 Original Expiry

 Proposed Expiry

Issued with, but detached from June 30, 2009 convertible debenture private placement

830,565

$0.43

$0.43

Jun. 30, 2011

Jun. 30, 2012

Issued with, but detached from September 15, 2009 convertible debenture private placement

599,006

$0.43

$0.43

Sep. 15, 2011

Sep. 15, 2012

Series A warrants included in units in a January 29, 2010 private placement

8,270,000

$0.35

$0.35

Jul. 29, 2011

Jan. 29, 2012

Series B warrants Issued with, but detached from January 29, 2010 convertible debenture private placement

1,285,714

$0.43

$0.43

Jan. 29, 2012

Jan. 29, 2013



In addition the Company is seeking approval of the debenture holders for the extension of all three tranches of the debentures such that all tranches would mature on January 29, 2013.

The proposed amendment of the term of the warrants and the extension of the convertible debentures as set forth above is subject to the Company receiving acceptance from the TSX Venture Exchange therefor.

"We are on schedule for the completion of the feasibility study on the Kelly's Basin Deposit and submission of our environmental permit application to the US Army Corp of Engineers on or about August 15, 2011," commented Thomas Conway, President & CEO. "The feasibility and permitting process took longer than originally expected as the Company encountered certain challenges prior management had not foreseen. Extending the warrants allows shareholders who have supported the Company through the feasibility and permitting process to evaluate the results of our efforts prior to the expiry of the warrants as we had always been intended."

i-minerals inc.

Per: "Thomas M. Conway"

Thomas M. Conway,
President & CEO

This press release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


Contact:

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

Encompass Communications Inc.
604.630.0770
info@encompassinc.ca


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.

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of risk factors beyond its control, and actual results may differ materially from the expected results.