June 6, 2019
Vancouver, B.C. June 6, 2019 - I-Minerals lnc. (TSX.V:IMA; OTCQB:IMAHF; Frankfurt 61M) (the “Company”) announces that further to the Company’s press release of March 7, 2019, Millcreek Engineering Company of Salt Lake City, Utah (“Millcreek”) has provided preliminary Capital Cost (CAPEX) and Operating Cost (OPEX) estimates for an initial clay-only mine capable of producing up to 20,000 tons per annum (“tpa”) of metakaolin and up to 10,000 tpa of halloysite.
Estimation of the OPEX and CAPEX was generally based upon factoring of prior economic studies and cost assessments completed in 2016 and 2017 to reflect lower throughput rates, but also including a process flow sheet change to include the use of a flash calciner to process the kaolin into metakaolin and technologies to produce a consistent particle size metakaolin product.
Both the CAPEX and OPEX estimates are within ranges expected by company management. Internal modelling by the Company together with Measured and Indicated resources estimated by SRK Consulting is sufficiently encouraging that the Company has engaged Millcreek to complete a Pre-Feasibility Study (“PFS”) on a halloysite and metakaolin clay operation. Given the data available from prior economic analysis together with the ongoing kaolin and halloysite clay pilot plant at Ginn Mineral Technologies, Millcreek estimates it will take approximately four months to complete the PFS. The PFS will also focus on optimizing the process and pit design to maximize recovery of halloysite and kaolin clay, increase the clay content of the feed to the plant and improve the stripping ratio. As noted in the recent 43-101 resource report completed by SRK and filed on SEDAR on April 18, 2019, ample resources exist for targeting a halloysite and metakaolin clay only operation.
Pilot plant work at Ginn Mineral Technologies (“GMT”) continues to demonstrate good results for the initial sand – clay (kaolin plus halloysite) separation using hydrocyclones. Once the GMT pilot plant processing is complete the kaolin component will the sent for flash calcination and further processing.
“We are very encouraged by the results of the initial study on a halloysite and metakaolin only operation. I-Minerals Inc aims to be the premier supplier of halloysite for supply into the non-ceramic markets and the western USA’s only producer of high quality metakaolin pozzolan,” commented President and CEO John Theobald. “The focus on halloysite and metakaolin is a logical first step for the company in establishing an operating base and we will still have the opportunity to evaluate the addition of high-quality quartz and potassium feldspar production in the future.”
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 a Canadian based exploration and development company that is advancing the Helmer-Bovill kaolin-halloysite-quartz-potassium feldspar property in north central Idaho.
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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