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iMinerals Inc.
All rights reserved.
iMinerals Inc.
All rights reserved.
December 4, 2013
Vancouver, B.C. December 4, 2013 - I-Minerals Inc. (TSX.V: IMA; OTC Pinks IMAHF) (the “Company”) announces it has agreed to sell up to 3,000 tons of WBL Tailings material through a bulk sample arrangement with Pre-Mix of Pullman Washington. Pursuant to this agreement screening of approximately 3,000 tons of tailings material was completed in late October with the screened material stacked for later shipment to Pre-Mix’s Pullman facility. Several hundred tons of the screened material has been transported to the Pullman facility with the balance expected to be hauled to Pullman in the spring of 2014. Pre-Mix of Pullman has tested the material on a bench test level and assuming the bulk sample also performs to its satisfaction discussions are focussed around sales of a minimum of 20,000 ton per annum for the foreseeable future.
The WBL tailings material was derived from prior operator’s mining of
the Bovill area primary clays. The operator at that time only recovered
the kaolin with the quartz and potassium feldspar (K-spar”) being
wasted to the tailings. Mining of the tailings is being undertaken
pursuant to a Mine Plan of Operations (“the MPO”) from Idaho Department
of Lands issued to I-Minerals in September 2012.
“While the tailings material could be processed through a flotation
facility to create high value K-spar and quartz products, our drilling
and associated prefeasibility work indicates our Helmer-Bovill property
hosts abundant resources of quartz and K-spar that will last for many
years to come,” stated Thomas Conway President and CEO of I-Minerals
Inc. “Hence making the sales today at more moderate pricing will not
have any impact on our Bovill Kaolin project, but will help to establish
I-Minerals as a producer with prospective customers, stakeholders and
regulators.”
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
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 western Idaho. A 2013 Prefeasibility
Study completed by SRK Consulting (USA) Inc. highlights the potential
of the Helmer-Bovill property: after tax NPV6 of $150 million; 28% IRR; 3
year payback and $67 million initial CAPEX; $84 million CAPEX including
life of mine sustaining capital. Ongoing development work is focused
on upgrading the probable reserve to a proven reserve as the Company
moves 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
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.