December 16, 2014
Vancouver, B.C. (December 16, 2014) — I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (“the Company” or “I-Minerals”)
is pleased to announce it has awarded the contract for the overall
Project Management of the Bovill Kaolin Feasibility Study (the “FS”),
which will include the compilation of a NI 43-101 technical report and
the Process Plant and Infrastructure portions of the FS including the
OPEX and CAPEX, to GBM Engineers LLC (“GBM”). GBM will run the FS out
of its Denver, CO, offices with some engineering work completed in the
United Kingdom. Tetra Tech of Golden, CO has been awarded the tailings
storage facility design. HDR Engineering of Boise, ID has already been
awarded the environmental components. Other organizations will
participate in the FS including the resource modeling, mine design,
hydrology / hydrogeology, and mine geotechnical engineering aspects. The
kick off meeting and full process is scheduled to start in January
In an unrelated matter, I-Minerals has hired Paul J. Searle as a full
time investor relations consultant. Mr. Searle has been engaged on a
one year renewable contract at a monthly rate of $6,000 per month and
has been granted options to purchase 150,000 shares of I-Minerals at a
price of $0.25 per share for a period of 3 years subject to the approval
and vesting provisions of the TSX.V.
A. Lamar Long, CPG, is a qualified person (“QP”) for I-Minerals Inc. and has reviewed and approved the contents of this release.
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 north central Idaho. A 2014
Prefeasibility Study on the Bovill Kaolin Deposit completed by SRK
Consulting (USA) Inc. highlights the potential of the Helmer-Bovill
property’s Bovill Kaolin deposit: after tax NPV6 of $212 million; 30.5%
IRR; 3 year payback and $72.7 million initial CAPEX; $84 million CAPEX
including life of mine sustaining capital over a 25 year mine life.
Ongoing development work is focused on moving project towards
GBM Minerals Engineering Consultants Limited, with offices in Denver and
London, is a firm of engineering consultants specializing in assisting
clients with the development of new mining projects and the
refurbishment of existing ore processing plants. GBM are currently
performing feasibility studies and providing EPCM services to the mining
industry in the Americas, Europe, Africa, Central Asia and the Middle
East. GBM has been certified by the British Standards Institution and
deemed by them to operate Quality Management and Environmental
Management Systems which comply respectively with the requirements of
ISO 9001:2008 and ISO 14001:2004.
per: “Thomas M. Conway”
Thomas M. Conway,
President & CEO
Contact: I-Minerals Inc.
877-303-6573 or 604-303-6573 extension 102
Or visit our website at www.imineralsinc.com
Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573 extension 113
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 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.
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