SOURCE: i-minerals inc.

February 21, 2006 13:22 ET

Kelly's Basin and Moose Creek Tailings Resource Estimates Upgraded

VANCOUVER, BC -- (MARKET WIRE) -- February 21, 2006 -- i-minerals inc. (TSX-V: IMA) today released updated resource calculations for the Kelly's Basin deposit, a granitoid-hosted sodium feldspar-quartz deposit, and the Moose Creek tailings, both located on the Helmer-Bovill property, Latah County, Idaho.

Kelly's Basin Resource:

In 2004 i-minerals calculated an Inferred Mineral Resource as defined by NI 43-101 at Kelly's Basin based upon a limited number of widely spaced drill holes. Within this resource area, the Company elected to focus their exploration efforts on the most readily exploitable area that is sufficient to support a minimum of 15 years of mineral production. To this end, i-minerals completed a grid-based drill program comprised of 19 HQ diamond drill holes at 400-foot spacings. Drill hole depths range from 100 to 105 feet, and all bottomed in the Thatuna granodiorite (TG), host rock for the feldspar-quartz deposit. Resource calculations based on this 400-foot drilling program, in accordance with National Instrument 43-101, are:

Resource     In situ TG  Contained Feldspar  Contained Quartz  Mine Life
Category     Millions     (Millions           (Millions         in years*
             of Tons       of Tons)            of Tons)
--------------------------------------------------------------------------
Measured      9.51           3.80                1.52             19.0
Indicated     1.27           0.51                0.72              2.5
Total        10.78           4.31                1.72             21.5
--------------------------------------------------------------------------
* Mine Life @ 200K tpa feldspar

The resource area was defined by 11 of the 19 core holes with the eight extraneous holes showing more potential for residual kaolin than primary feldspar. A conceptual open pit was "fit" by trial and error over the resource area based on the 11 drill holes and topography. The pit was designed using 20-foot benches at a 1-to-1 slope. Five cross sections were used to determine and layout nine 20-foot bench levels. The conceptual pit has a long dimension that is north-south and the topographic relief within the conceptual pit area is higher on the east and west sides, resulting in much of the overburden being part of widening of the pit. As a result, overburden, which averages 14.2 feet and has a ratio to TG of 0.07-to-1, is present in the first 21/2 levels. These first 21/2 bench levels are incomplete levels and run intermittently the length of the conceptual pit. The lower 61/2 levels contain the feldspar-bearing TG. The measured and indicated resource calculations include a 20% reduction in the calculated TG tonnages for interburden and mining loss. The drill holes penetrated to the top of level 8, so levels 3-8 are calculated as a Measured Mineral Resource and level 9 was calculated as an Indicated Mineral Resource, both defined by NI 43-101.

These contained mineral figures are based on the results of metallurgical testing by the Mineral Research Laboratory at North Carolina State University ("MRL") in Asheville, North Carolina and geochemical analyses by ALS Chemex in North Vancouver, British Columbia. The MRL tests are two process batches on the ACE composite from three holes drilled during the 2003 drill program. All three holes occur within the conceptual pit and results (which have been previously released) are shown below. This metallurgical work has confirmed that a highly desirable Na-feldspar product can be readily produced and is comparable to other soda spar products currently on the market. i-minerals has shipped a number of feldspar samples to prospective customers and all responses received to date have been very favorable.

Product         SiO2 (%)  Al2O3 (%)  Fe2O3 (%)  CaO (%)  Na2O (%)  K2O (%)
--------------------------------------------------------------------------
ACE Comp 1 Spar    65.4       20.3       0.06     1.82      6.63     4.89
ACE Comp 2 Spar    64.8       20.7       0.06     1.82      6.49     5.20
K-T Minspar 200    68.6       18.5       0.06     1.50      6.50     4.10
Zemex NC-4 Spar    68.4       18.6       0.07     1.85      7.20     3.80
--------------------------------------------------------------------------
Moose Creek Tailings Dump

In 2004, i-minerals reported an Inferred Mineral Resource as defined by NI 43-101 for the Moose Creek tailings. Since this time, six trenches were excavated in the tailings in order to determine the thickness of the tailings. Five of the six trenches were still in the tailings when the excavator reached its depth capacity of about 17 feet. The one trench that went into the underlying ground surface exposed 13 feet of the quartz-feldspar tailings. With more extensive field measurements of the tailings utilizing a hand-held GPS, the previous hand-augered drill program, and the trenching program, a much more precise calculation of the volume of tailings was made that defined an. Indicated Mineral Resource in accordance with NI 43-101:

Resource Category   In situ     Contained    Contained
                    Tailings    Feldspar     Quartz
                    Thousands   (Thousands   (Thousands
                    of Tons     of Tons)     of Tons)
--------------------------------------------------------------------------
Indicated             408         105          201
--------------------------------------------------------------------------
Metallurgical work at MRL has shown the K-feldspar product from the Moose Creek tailings (MC K-feldspar) to be comparable to other products currently on the market:
Product        SiO2 (%)  Al2O3 (%)  Fe2O3 (%)  CaO (%)  Na2O (%)   K2O (%)
--------------------------------------------------------------------------
MC K-feldspar    66.5       17.94       0.04     0.23      1.45     12.04
Custer Feldspar  68.5        17.0       0.15     0.30      3.00     10.00
Zemex G-200
Feldspar         66.3        18.5       0.08     0.81      3.04     10.75
--------------------------------------------------------------------------

MRL is currently completing additional metallurgical work to produce the highest purity quartz product possible utilizing standard flotation processes. Should this preliminary flotation work produce a quartz product of sufficient purity, i-minerals will undertake more complex testing to determine if a high purity quartz ("HPQ") product can be produced. The initial microprobe analysis on quartz samples is very encouraging. Results from the current quartz metallurgical work are expected shortly.

A more detailed resource calculation utilizing an additional 34 drill holes completed in the summer of 2005 on a 200-foot drill grid that in-fills the 400-foot drilling program is underway. This 200-foot drill hole spacing is sufficient for the calculation of a reserve as part of the feasibility process. To this end, i-minerals expects to engage an independent engineering firm shortly to develop the mine plan and associated resource calculations as part of the pre-feasibility process in the coming weeks.

"The next few months stand to be very exciting for i-minerals," stated Roger Kauffman, President and CEO of i-minerals. "Not only is there additional clay and quartz metallurgical work due to be completed, but the refinement of our resource calculations and the development of a mine plan will allow us to further refine the project economics. We expect our preliminary assessment of the value of the feldspar-quartz component of the Helmer-Bovill project will be substantiated, while our recent work indicates there may be significant incremental value to be captured through the development of our kaolinite and halloysite based clay assets."

Mr. James L. Browne, PG, is the independent Qualified Person ("QP") for the Helmer-Bovill project, and was involved in the evaluation of i-minerals' methods of research and verification of data analyses. Mr. Browne authored the technical report that will be submitted to the TSX shortly and that details the calculations above. A. Lamar Long, CPG, is the QP for the Helmer-Bovill project under NI 43-101. He oversees the quality control and quality assurance program and the construction of all samples for metallurgical analysis and reviews all analytical results prior to public release. Drill core logging and sampling were conducted in i-minerals' secure facility near Moscow, Idaho. For drill holes upon which the Kelly's Basin Inferred Resource was based, the HQ-size drill core was split and quartered. One quarter was sent to ALS Chemex for geochemical analysis, and one half was sent to MRL for metallurgical testing. A quarter core split was retained as an archive.

i-minerals inc.

per: "Roger Kauffman"

Roger Kauffman,
President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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.

i-minerals inc.
Suite 880 - 580 Hornby Street
Vancouver, BC, V6C 3B6
Phone: 604.303.6573
Fax: 604.684.0642
Email: info@imineralsinc.com

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