June 26, 2014
Vancouver, B.C. (June 26, 2014) - I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF)
(“the Company”) announces that further to its press release of June 6,
2014 wherein the Company announced the results of a Pre-feasibility
Study on its Bovill Kaolin project ($212 After Tax NPV6; 30.5% IRR) by
SRK Consultants of Denver Colorado (“SRK”), I-Minerals has now started
Feasibility level work and the associated permitting.
I-Minerals has commenced a bulk sample program that will result in a
total of approximately 35 to 40 tons of material being extracted from
six to eight sample sites on the Kelly’s Hump and Middle Ridge portions
of the Bovill Kaolin deposit. The sample sites were reviewed and
confirmed by SRK based on their statistical modeling and will result in
the most representative bulk samples of the Kelly’s Hump and Middle
Ridge deposits to date for the purposes of the Feasibility Study. Once
completed the sample will first be shipped to Ginn Mineral Technology
(“GMT”) to perform wet screw classification and screen separation of the
halloysite-kaolinite clay fraction from the quartz-K-spar sand
fraction. The clay fraction is then separated into kaolinite and
halloysite using hydrocylone, centrifuge, and differential flotation
techniques to yield both standard and high purity halloysite products.
This large scale pilot plant run will aid in the optimization of the
plant processing.
The sand fraction is then sent from GMT to North Carolina State
University’s Minerals Research Laboratory (“MRL”). After tertiary
grinding, the quartz and K-spar in the sand fraction are separated using
standard wet flotation and dry rare earth magnetic separation
techniques. The K-spar product has yielded results greater than 13% K
2O.
Employing up to three stage flotation, quartz purities with less than
200 PPM of total impurities have been produced without the use of any
acid leaching techniques.
Based on an initial sample of 35 tons, I-Minerals expects to create
about 10.5 tons of quartz, 4.5 tons of K-spar, 3.0 tons of halloysite
and 3.25 tons of Kaolin. Beyond confirming the flow sheet and equipment
required, the bulk sample will be indicative of the recoverable amounts
of minerals contained in the Kelly’s Hump area and provide
representative product samples to prospective customers for testing as a
means of firming up customer interest to the required feasibility
levels.
In conjunction with HDR Engineering, Inc., meetings have been scheduled
with the various state permitting agencies. Given the plant as
currently designed does not discharge water and the targeted resources
lie well away from any running water, permitting is expected to be
similar to that the company has already received for the processing of
the tailings and include only a detailed plan of operations and a Storm
Water Prevention Plan. Meetings with the various state authorities were
undertaken during the week of June 23. More detailed submissions are
being compiled and submitted at a later date. .
“The permitting we put in place for the production of the tailings sands
is the same basic permitting platform we are looking to advance our
larger Bovill Kaolin project,” stated Thomas Conway , President and CEO
of I-Minerals Inc. “We truly believe we have a unique opportunity at
HelmerBovill as the project generates a very robust return and with no
metals or other deleterious elements being returned to the tailings.
Beyond being a clean, high yield operation it has low capital costs and
most of the process equipment is essentially off-the-shelf. At the end
of the day, our project has few peers that can offer the combination of
return on investment with a streamlined permitting process-and all in a
politically stable jurisdiction.”
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 NPV
6 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
through the feasibility process towards production.
I-Minerals Inc.
per:
“Thomas M. Conway”
Thomas M. Conway,
President & CEO
Contact:
I-Minerals Inc.
Barry Girling
877-303-6573 or 604-303-6573
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com
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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