June 3, 2015
Vancouver, B.C. (June 3, 2015) — I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (“the Company” or “I-Minerals”)
announces, further to its press releases of March 20, 2014, July 3,
2014, October 8, 2014, and May 19, 2015, that court-ordered mediation
was held on May 28, 2015, in the lawsuit filed against the Company by
Hoodoo Resources, LLC, and the Brent Thomson Family Trust (collectively,
“the Plaintiffs”). The mediation sought to resolve the Plaintiffs’
claims against the Company, as well as the Company’s claims against the
Plaintiffs.
The Company is pleased to announce that the mediation was successful and
the Plaintiffs and the Company entered into an agreement in principle
to settle the parties’ claims against one another that was documented in
a Binding Settlement Term Sheet. The terms of the settlement include
“the broadest release allowed by law” and require that all claims now
existing, whether known or unknown, be dismissed with prejudice. The
settlement also includes an acknowledgement by the Plaintiffs that
“I-Minerals is the sole owner” of the mineral leases that are subject to
the August 10, 2002 agreement, as amended, between the Company and IIM,
and that the Company owns the mineral Leases “free and clear of all
claims of the parties” to the lawsuit.
The agreement in principle is subject to Court approval, which the
Company believes will be forthcoming in the next thirty (30) days.
The President and CEO of I-Minerals, Thomas Conway, states that
“management’s steadfast position that I-Minerals would ultimately
resolve the legal action to the satisfaction of I-Minerals’ shareholders
has been vindicated.”
I-Minerals finally wishes to acknowledge the diligent efforts of the
mediator, Michael McNichols, and I-Minerals’ counsel of record, the law
firm of Eberle, Berlin, Kading, Turnbow & McKlveen, Chtd., in
resolving this legal action.
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 the project towards
production.
I-Minerals Inc.
Per:
“Thomas M. Conway”
Thomas M. Conway,
President & CEO
Contact:
Barry Girling
877-303-6573 or 604-303-6573 ext. 102
Email:
info@imineralsinc.com
Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573 ext. 113
Email:
psearle@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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