SOURCE: i-minerals inc.

August 18, 2005 12:22 ET

2005 Phase 2 Resource Definition Drill Program Resumes

VANCOUVER, BC -- (MARKET WIRE) -- August 18, 2005 -- i-minerals inc. (TSX-V: IMA) has resumed the 2005 Phase 2 drill program designed to upgrade the Kelly's Basin Inferred Mineral Resource. Drilling in the winter of 2005 was comprised of 21 HQ diamond drill holes, 19 of them drilled on 400-foot centers within Kelly's Basin, and was designed to define an initial open pit with dimensions sufficient to support 15 or more years of production. Drilling at this drill hole spacing is sufficient to upgrade the initial open pit area resource to the Measured and Indicated category, as defined by NI 43-101. This initial open pit area is delimitated by drill holes that display minimal weathering of the underlying granitoid rock that are covered by shallow overburden, which averages 14.1 feet in thickness. A report in accordance with NI 43-101 is in progress as part of the updated resource calculation in which these calculations will be reported. Based upon the favorable metallurgical results reported from the 2003 drill-hole composite and geochemical analytical results of the 19 hole HQ drill program that delimitated the area, the Company has commenced drilling the initial open pit area resource at 200-foot centers. Approximately 40 HQ diamond drill holes will be completed during the current drill program. The completion of the Phase 2 drill program on 200-foot centers is expected to form the basis of a reserve calculation and a detailed mine plan as part of the ongoing feasibility work.

The initial open pit area lies within the Kelly's Basin deposit where in 2004 the Company defined an Inferred Mineral Resource in accordance with NI 43-101, of 5.4 million tons of feldspar and 2.2 million tons of quartz contained within an 18.1 million ton block of granitoid rock. These results were based on a maximum average thickness of 100 feet to keep within conceptual open pit mining parameters with an overburden thickness that averaged 12 feet.

"Our winter drill program that defined the deposit at 400-foot centers has generated some of the highest-grade feldspar - quartz drill intercepts encountered on the property to date," commented Roger Kauffman, President and CEO of i-minerals inc. "With the results we have achieved to date we are convinced the current drilling at 200-foot centers will provide the results necessary to define a substantial deposit with the confidence necessary for feasibility study purposes. The latest round of metallurgical work has fine tuned our feldspar flow sheet and we are moving forward in the feasibility process with increasing confidence."

i-minerals has also negotiated a three-year extension to the property agreement with the property vendor. The extension of the property agreement gives the Company until August 10, 2008 to achieve commercial production and make all associated shares issuances.

A. Lamar Long, CPG, is the Qualified Person for the Helmer-Bovill project under NI 43-101. He oversees the quality control and quality assurance program and the construction of the bulk samples sent to MRL. Mr. Long reviews all analytical results prior to public release.

i-minerals inc.

per: "Roger Kauffman"

Roger Kauffman,

President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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.

i-minerals inc.
Suite 880 - 580 Hornby Street
Vancouver, BC, V6C 3B6
Phone: 604.303.6573
Fax: 604.684.0642

Contact Information