i-minerals inc.

i-minerals inc.

September 23, 2010 12:32 ET

i-minerals Provides Feasibility Update on Kelly's Basin Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - i-minerals inc. (TSX VENTURE:IMA)(PINK SHEETS:IMAHF) ("the Company") provides the following update on the ongoing feasibility work on the Kelly's Basin Deposit ("the KB Project"), one of two deposits of economic interest on the Helmer-Bovill property in Latah County, Idaho.

The Kelly's Basin Deposit

The Company engaged SRK Consulting (US), Inc. ("SRK") to complete a NI43-101 compliant technical report on the pre-feasibility of the KB Project. The NI43-101 Technical Report is on schedule for completion by 30 October 2010. The pre-feasibility study is well advanced. SRK has completed a CIM-compliant estimate of Mineral Resources and is currently working on pit optimization and mine engineering to support an estimate of Mineral Reserves. The Mineral Resource statement is shown for feldspar-bearing granitoid rock in Table 1.

Table 1: Statement of Mineral Resources (as of September 23, 2010)

Resource Category LOI Cut-off Total kt % Na2O %K2O
Indicated 2.5% 18,900 4.16 3.34
Inferred 2.5% 9,200 4.19 3.32

Roberts & Schaefer Engineers & Contractors ("R&S") is commissioned to complete the process flow sheet, as well as design and engineering of the process plant and infrastructure (including the packaging and trans-loading facility) in support of the KB Project.

Strata Geotechnical Engineering ("Strata") is commissioned with a wide-range of geotechnical work for the KB Project and is working closely with Taylor Engineering on the design and engineering of the haul road which will connect the mine with the process facility. R&S and Tetra Tech will also provide input into the haul road.

Tetra Tech ("TT") is responsible for project environmental, permitting and geotechnical assessment of the mine and plant facilities as well as the tailings and waste rock facilities. TT is working closely with Dr. Jay R. Eliason who is providing hydrologic and hydrogeologic support for the KB Project.

Geotechnical drilling and evaluation has been completed to assess the suitability of using a historic pit located in close proximity to the process plant- 150m (500ft) - for tailings deposition. This drilling has provided subsurface soil, groundwater and bedrock engineering characteristics through various core sampling and standard penetration testing. A total of 8 bore holes were drilled in the vicinity of the proposed tailings facility, totaling 614ft. The samples acquired have undergone laboratory tests such as swell consolidation, in situ density, moisture content, shear strength, rigid wall permeability, and soil classification, all of which will support industry best practice design and construction of the tailings impoundment facility.

In conjunction with geotechnical drilling, 3 bore holes were deepened from 40 feet to over 100 feet in which piezometers were installed to monitor groundwater and establish site hydrogeological characteristics. A hydrogeologic model based upon the data acquired is nearing completion. The results of this work will be included in the Technical Report.

Three trenches have been excavated and three geotechnical bore holes, totaling 93 feet, were also completed at the proposed process facility. The data acquired will be used by R&S in the foundation design of the process facility.

Overall, the infrastructure logistics of the mill and tailings facility appear very favorable. The proposed mill site is about 1 kilometer (0.6 miles) from State highways #3 and #8. Natural gas and electricity are adjacent to the highway providing easy, low cost access to the plant location.

The WBL Primary Clay Deposit

The Company has commenced resource delineation drilling and preliminary work on the WBL Primary Clay deposit ("the WBL Project"). The Company has commissioned SRK to prepare a NI43-101 compliant technical report and Preliminary Assessment (scoping study) of the WBL Project. This work is currently underway and is scheduled for completion in Q4 2010.

"We know the KB and WBL Projects host high purity minerals and have always believed that the location offers attractive economics," stated Roger Kauffman, President and CEO of i-minerals inc. "We believe that once completed, the combination of the pre-feasibility study on the Kelly's Basin deposit together with the preliminary economic assessment of the adjacent WBL Primary Clay deposits will provide a robust valuation of our feldspar-quartz-kaolin and halloysite deposits."

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 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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