VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 4, 2013) - I-Minerals Inc. (TSX VENTURE:IMA)(PINKSHEETS:IMAHF) (the "Company") announces it has agreed to sell up to 3,000 tons of WBL Tailings material through a bulk sample arrangement with Pre-Mix of Pullman Washington. Pursuant to this agreement screening of approximately 3,000 tons of tailings material was completed in late October with the screened material stacked for later shipment to Pre-Mix's Pullman facility. Several hundred tons of the screened material has been transported to the Pullman facility with the balance expected to be hauled to Pullman in the spring of 2014. Pre-Mix of Pullman has tested the material on a bench test level and assuming the bulk sample also performs to its satisfaction discussions are focussed around sales of a minimum of 20,000 ton per annum for the foreseeable future.
The WBL tailings material was derived from prior operator's mining of the Bovill area primary clays. The operator at that time only recovered the kaolin with the quartz and potassium feldspar ("K-spar") being wasted to the tailings. Mining of the tailings is being undertaken pursuant to a Mine Plan of Operations ("the MPO") from Idaho Department of Lands issued to I-Minerals in September 2012.
"While the tailings material could be processed through a flotation facility to create high value K-spar and quartz products, our drilling and associated prefeasibility work indicates our Helmer-Bovill property hosts abundant resources of quartz and K-spar that will last for many years to come," stated Thomas Conway President and CEO of I-Minerals Inc. "Hence making the sales today at more moderate pricing will not have any impact on our Bovill Kaolin project, but will help to establish I-Minerals as a producer with prospective customers, stakeholders and regulators."
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has reviewed and approved the contents of this release.
I-Minerals is developing multiple deposits of high purity-high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in western Idaho. A 2013 Prefeasibility Study completed by SRK Consulting (USA) Inc. highlights the potential of the Helmer-Bovill property: after tax NPV6 of $150 million; 28% IRR; 3 year payback and $67 million initial CAPEX; $84 million CAPEX including life of mine sustaining capital. Ongoing development work is focused on upgrading the probable reserve to a proven reserve as the Company moves through the feasibility process towards production.
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.
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