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iMinerals Inc.
All rights reserved.
iMinerals Inc.
All rights reserved.
July 3, 2014
Vancouver, B.C. - July 3, 2014, 2014 - I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (“I-Minerals”)
announces, further to its March 20, 2014 news release, that the
complaint filed in U.S. Federal Court by Hoodoo Resources, LLC and Brent
Thomson Family Trust (collectively, the “plaintiffs”) has been
voluntarily dismissed by the plaintiffs pursuant to Rule 41(a)(1)(A)(i)
of the U.S. Federal Rules of Civil Procedure. (The complaint related to
the plaintiffs’ assertion of derivative rights on behalf of Idaho
Industrial Minerals, LLC (“IIM”) to reject consideration paid to IIM in
January 2013 by I-Minerals in respect of the Helmer-Bovill property
pursuant to an August 10, 2002 agreement, as amended, between I-Minerals
and IIM, and to enforce an alleged right of reverter of the
Helmer-Bovill property to IIM.)
I-Minerals also announces that, in an action commenced in January 2014
in the District Court of the Fourth Judicial District of the State of
Idaho by BV Natural Resources, LLC (“BV”, a private company controlled
by Allen Ball, a Director of I-Minerals) against Hoodoo Resources, LLC
and Brent Thomson, as trustee for the Brent Thomson Family Trust
(collectively, the “defendants”), BV is seeking a declaratory judgment
that, inter alia, IIM has accepted the consideration paid to it by
I-Minerals in January 2013 in respect of the Helmer-Bovill property; BV
is also seeking a judicial dissolution of IIM on the grounds that it is
unable to carry on its business in a reasonably practicable manner.
In response to the State action commenced by BV, the defendants have
filed a counterclaim against BV, and a third party complaint against
I-Minerals, its U.S. subsidiary and certain of its Directors, as well as
a former director, as third-party defendants, essentially re-stating
the allegations made in the now-dismissed Federal Court action.
I-Minerals, together with each of the other third-party defendants,
intend to vigorously defend this third party complaint as they believe
the claim to be completely and wholly without merit.
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 NPV6of $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
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.
Contact:
Barry Girling
877-303-6573 or 604-303-6573
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com
Timothy Ko
Principal at Tyton Rock Capital
604-312-2065
Email: timothy@tytonrock.com
Or visit www.tytonrock.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.