i-minerals Announced Brokered Private and Non-Brokered Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

i-minerals inc. (TSX VENTURE:IMA)(PINK SHEETS:IMAHF) ("i-minerals" or the "Company") has agreed to terms on two private placements: a brokered private placement through Canaccord Genuity Corp. and a non-brokered private placement with Company Insiders, both of which bear identical terms. With respect to the first private placement, the Company has engaged Canaccord Genuity Corp. ("Canaccord" or the "Agent") on a brokered private placement to raise up to $ 2 million through the sale of units ("Units") on a commercially reasonable efforts basis. Each Unit will be priced at $0.30 and will consist of one common share and one share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.40 for a period of two years from closing. The Company has also granted Canaccord an overallotment option, pursuant to which it will have an option to solicit the sale of additional Units to raise gross proceeds of up to an additional $1 million, exercisable at any time in whole or in part until 48 hours prior to closing (the "Overallotment Option").

The second private placement will also be for up to $2 million though the sale of units, with each unit having the same terms as the Units being sold pursuant to the brokered private placement. Insiders of the Company will participate in this second private placement.

The funds raised pursuant to the offering will be used to advance the Helmer-Bovill Project and for general working capital purposes.

i-minerals inc.

Per: "Roger Kauffman"

President & CEO

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of risk factors beyond its control, and actual results may differ materially from the expected results.