October 29, 2014
Vancouver, B.C. — October 29, 2014 - I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (the “Company”)
announces that it has completed a sale of over 680 tons of
quartz-feldspar sands from the Company’s WBL Tailings deposit to Quarry
Tile of Spokane Washington. Mining of the material is complete and it
has been shipped to Quarry Tile’s Spokane facility for use in the tile
body. With a new plant being brought online, Quarry Tile’s purchase of
the feldspar-quartz sands are forecast to approximately double in 2015.
This sale represents the second significant sale of the quartz-feldspar
sands in 2014. Further to the Company’s press release of June 18, 2014
mining and processing of the quartz-feldspar tailings pursuant to a
contract with Pre-Mix, Inc of Pullman Washington is actively ongoing.
The WBL Tailings is a fully permitted deposit of quartz and k-spar
tailings generated from a previous operator’s clay mining operations.
It is one of three deposits defined on the Company’s Helmer-Bovill
property and was the subject of a 2012 Feasibility Study. The WBL
Tailing deposit lies adjacent to the main Bovill Kaolin deposit that was
the subject of a Prefeasibility Study the results of which were
released on June 3, 2014.
“While the profit from the sales is quite limited, the operations are
nonetheless profitable and create material ancillary benefit to
I-Minerals,” stated Thomas Conway, president and CEO of I-Minerals.
“Not only is state level permitting under which we are mining and
processing the tailings analogous to that we are seeking for the larger
Bovill Kaolin Mine, these sales demonstrate the tailings, while an off
spec product for sale into mainstream industries, nonetheless hold
economic value. Going forward, being able to sell portions of the
tailings generated from our mining operations will reduce our tailings
storage requirements and ultimately the forecast sustaining capital,
most of which in the June PFS related directly to tailings storage.”
A. Lamar Long, CPG, is a qualified person (“QP”) for I-Minerals Inc. and has reviewed and approved the contents of this release.
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 upgrading the probable reserve to
a proven reserve as the Company moves through the feasibility process
About Quarry Tile
Quarry Tile Company was founded in Spokane Washington in 1965. It
primarily makes glazed tile in more than 150 shapes and sizes, and more
than 125 standard colors and after four expansions of our factory, it is
now one of the world’s largest specialty and custom color/size tile
manufacturers, with a vast range of products stretching from
high-quality commercial tile to customized artistic creations. All our
Eco-Tile family of products are made from locally sourced materials at
our state-of-the-art Spokane factory, which, along with our dedication
to sustainable business practices, earns LEED certification as well as
the tile industry’s demanding Green Squared certification.
Per: “Thomas M. Conway”
Thomas M. Conway, President & CEO
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.
877-303-6573 or 604-303-6573
Email: email@example.com / Or visit our website at www.imineralsinc.com
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