VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2012) - I-Minerals Inc. (TSX VENTURE:IMA)(PINKSHEETS:IMAHF) (the "Company") announces that further to the Company's press release of September 20, 2012 wherein it announced it had received a Mine Plan of Operations (an "MPO") from the Idaho Department of Lands (the "IDL"), I-Minerals is pleased to announce it has completed its first production and inaugural sale of Feldspathic sand product from the Helmer-Bovill Property.
Feldspathic sand is a direct ship silica-potassium feldspar product created from tailings generated from historic kaolin mining. The product is used in the pottery and tile industries for the use in ceramic bodies. The material occurs as fine sand and for this sale was screened during loading at 1/8th- inch to remove a significant percent of the material fines. The inaugural sale was to Wendt Pottery of Lewiston Idaho who took delivery of 30 tons of product for grinding, packaging, and sale into the pottery industry.
Under the MPO, I-Minerals is permitted to campaign mine from June through October up to 50,000 ton per year of the Feldspathic sand product. Given the short time frame between the receipt of the MPO and the end of the mining period contemplated in the MPO, the Company does not expect further sales in Calendar 2012. However, the initial production has allowed for optimization of the screening process and the creation of product samples for distribution to interested parties for testing. I-Minerals has received strong expressions of interest from several tile and pottery companies that are being provided samples for testing with a view to achieving materially greater sales volumes during the 2013 and later periods.
I-Minerals is also preparing over 4,000 pounds of 200 and 325 mesh K-Feldspar product for distribution into the ceramic industry as part of its marketing efforts. An independent expert in ceramics has noted that I-Minerals' K-feldspar product has industry leading alkalis and alumina that makes it a suitable replacement for G-200 - the industry standard until it was discontinued in 2009. I-Minerals K-Feldspar products (K2O 12.85%) also compares very favorably to the once popular, but mined out, Kingman Feldspar (K2O 12.0%). Many in the ceramics industry have received samples of the company's 200 and 325 mesh K-feldspar products and report positive results.
I-Minerals' K-spar product will be bagged and sold to potters for use in a ceramic body and as a glaze. The Company is very optimistic these marketing efforts will build further demand for the K-spar product given initial industry testing has demonstrated its K-spar product is as good or better than the highest quality glaze product currently available.
"While the initial volume of the Feldspathic sand product sales are quite modest, production is nonetheless an important milestone for I-Minerals," stated Thomas Conway, President and CEO of I-Minerals. "We currently have expressions of interest in several thousand tons of the feldspathic sand products we will be working hard over the winter months to upgrade into firm orders for 2013.
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has reviewed and approved the contents of this release.
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.
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.