i-minerals inc.

i-minerals inc.

June 16, 2010 09:01 ET

i-minerals inc. Receives Idaho State Board of Land Commissioners Approval of Surface Lease Agreement With Idaho Department of Lands

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 16, 2010) - i-minerals inc. (the "Company") (TSX VENTURE:IMA), announces that at a meeting of the Idaho State Board of Land Commissioners (the "Land Board") held on June 15, 2010 the Land Board approved a surface lease agreement (the "Surface Lease") amongst the Idaho Department of Lands (the "IDL") and i-minerals USA inc., a wholly owned subsidiary of i-minerals inc. The Surface Lease has a term of 29 years and is broken into four phases that closely parallel the development cycle of a mining operation: Phase 1 Research and Analysis [Feasibility and Permitting]; Phase 2 Development [Construction]; Phase 3 Operation and Phase 4 Decommissioning and Reclamation.

As noted in the Company's press release of June 1, 2010 the Surface Lease covers an area of land disturbed from previous mining operations that is in the vicinity of the Company's mineral leases (the "Surface Lease Lands"). It is upon the Surface Lease Lands that the Company is proposing to construct its mill facility and through the deposit of tailings reclaim an existing pit created by prior mining operations. The Surface Lease Lands are strategically located with State highway access and electricity and natural gas essentially on site.

i-minerals has provided the required bonding and evidence of all insurance required under Phase 1. IDL has already issued i-minerals a temporary permit to start geotechnical studies on the Surface Lease Lands including geotechnical drilling to gather information related to the porosity of sediments underlying the tailings storage area and the ground competency for footings at the location of the proposed mill facility. Logistical issues are currently being addressed so that this work can begin. Results from this initial work, together with the ability to specifically locate the mill facility and tailings storage will trigger the re-activation of the Company's permitting efforts.

Progress from one phase to the next requires the approval of the IDL. To move from Phase 1 to Phase 2 the Company must secure all required permits, licenses, permissions, consents and approvals for all subsequent phases of this Lease and shall provide copies of such permits, licenses, permissions, consents and approvals to the IDL.

"With the approval of the Surface Lease there are no structural impediments to the completion of the feasibility and permitting process," stated Roger Kauffman, president of i-minerals inc. "The coming months stand to be incredibly busy as there is much work to do that had been pushed to the back burner until we secured access to the Surface Lease Lands."

A. Lamar Long, CPG, is the Qualified Person ("QP") for the Helmer-Bovill project under NI 43-101 standards. He oversees the quality control and quality assurance program and the selection and preparation of all samples for metallurgical analysis and reviews all analytical results prior to public disclosure.

i-minerals inc.

Roger Kauffman, 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 Idaho Department of Lands, State of Idaho, nor the Idaho State Board of Land Commissioners accepts responsibility for the adequacy or accuracy of this News Release.

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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