January 20, 2015

Vancouver, B.C. (January 20, 2015) — I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (“the Company” or “I-Minerals”) is pleased to announce that further to its press release of December 16, 2014 all contracts with respect to the feasibility study of the Bovill Kaolin Project (the “FS”) have been awarded. The project kick off meeting was held January 6, 2015 in Coeur d’Alene. Firms participating in the FS include:

Property visits were completed January 7, 2015. GBM is reviewing the flow sheet designed as part of the June 2014 Prefeasibility Study to determine if process changes can improve the product mix and product quality. The final steps of the bulk sample processing at Ginn Mineral Technology (GMT) in Sandersville, Georgia, which include the preparation of a metakaolin product, brightness studies, and the final drying of the halloysite, are nearing completion. At the Minerals Research Laboratory in Asheville, North Carolina, the quartz/K-spar sand screened from the primary clay by GMT is being dried in preparation for bench scale testing to confirm the parameters for the full pilot plant which is expected to start operation around the first week of February.

“We have secured the services of a top notch engineering team to complete the feasibility study on the Bovill Kaolin project,” stated Thomas Conway, President and CEO of I-Minerals Inc. “Our timing for bringing the project forward is favorable given the increased availability of high quality consultants as a result of the slowdown in the metals mining work all the while the demand for our mineral products is increasing in parallel with the recovery in the US economy.”

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 production.

I-Minerals Inc.

per: “Thomas M. Conway”

Thomas M. Conway,
President & CEO

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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