i-minerals inc.

i-minerals inc.

May 04, 2011 12:32 ET

i-minerals Enters Into Agreement to Acquire Additional State of Idaho Mineral Leases

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) -i-minerals inc. (TSX VENTURE:IMA)(PINK SHEETS:IMAHF) ("the Company") announces it has entered into a purchase agreement to acquire an undivided 100% interest in two State of Idaho mineral leases in Latah County Idaho. The two leases cover a total area of 320 acres and are contiguous with other mineral leases held by the Company. Consideration payable is US$10,000 and the issuance of 50,000 shares. The transaction is subject to regulatory approval including that of the TSX Venture Exchange (the "Exchange") and securities issued will be subject to the policies of the Exchange.

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 inc.

i-minerals holds ten minerals leases in northwestern Idaho that hosts Kelly's Basin feldspar-quartz deposit that is the subject of an ongoing feasibility study. A pre-feasibility study completed by SRK Consulting (USA) Inc. of Denver Co ("SRK"), calculated a NPV of $61 million and an IRR of 19%. Preliminary exploration work on occurrences of primary clay deposits has identified variable concentrations of kaolinite, halloysite, quartz and feldspar. The Company commissioned SRK to complete and initial assessment of the primary clay deposits through a Preliminary Economic Assessment (the "PEA") which is based upon limited, widely spaced drilling over large areas. While additional assessment work is required to fully assess the economic viability of the deposits, the PEA yielded a NPV of $95 million and an IRR of 48% and indicated these primary clay deposits may represent the largest deposit of halloysite in North America. Halloysite is a unique tubular shaped alumina-silicate mineral often referred to as a halloysite nanotube which is being increasingly used in nanotechnology applications.

i-minerals inc.

Per: "Thomas M. Conway"
Thomas M. Conway,
President & CEO

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.

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.

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