SOURCE: i-minerals inc.

October 03, 2005 13:12 ET

Summer Drill Program Completed

VANCOUVER, BC -- (MARKET WIRE) -- October 3, 2005 -- i-minerals inc. (TSX-V: IMA) announces that it has completed the summer drill program comprised of 34 drill holes with HQ-sized core on the Helmer-Bovill property. These 34 holes, taken together with 11 holes completed as part of the winter drill program, define the Kelly's Basin deposit on 200-foot centers. Drill holes were completed to a depth of 140 feet to delineate mineralization to mine levels defined from a conceptual pit design based on the 400-foot center drill holes. Core logging and sampling are ongoing with all core samples to be sent for analysis within three to four weeks.

Currently, a technical report in accordance with NI 43-101 is being updated with the results of the 400-foot drilling in order to upgrade the Kelly's Basin Inferred Mineral Resource. Based upon the geological model of the deposit and the drill hole spacing, this upgrade will be to a Measured or Indicated Resource. Upon receipt of all analytical results from the summer drill program, the Company will commission a resource calculation in accordance with NI 43-101 wherein a detailed mine plan will be developed. The mine plan, along with a detailed flow sheet developed from metallurgical testing on the 400-foot drilling will define the resource as a Proven Reserve that will be the basis of the feasibility study.

Metallurgical testing is underway on a quartz concentrate made as a by-product of the production of a feldspar product, samples of which are being shipped to prospective customers (see the Company's press release of September 21, 2005). This current metallurgical work is primarily a secondary flotation of the quartz concentrate to remove residual feldspar that reported to the quartz concentrate. A portion of the quartz product produced, if suitable, will be sent for additional testing to determine if high purity quartz ("HPQ") products could be produced from the Kelly's Basin deposit. Pictures of earlier feldspar flotation are available on the Company's website at http://www.imineralsinc.com/index.cfm/content/resources.html.

"The summer drill program went very smoothly and our geological model has now been confirmed by over 100 drill holes," stated Roger Kauffman President and CEO of i-minerals inc. "With the geological risk mitigated through thorough drilling, we can now move forward with other aspects of the feasibility work with great confidence."

A. Lamar Long, CPG, is the Qualified Person ("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.

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.

Contact Information

  • Contact:
    i-minerals inc.
    Encompass Communications Inc.

    Barry Girling
    877-303-6573 or 604-303-6573
    877-566-6592 or 604-630-0770

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    Or visit our website at www.imineralsinc.com
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    i-minerals inc.
    Suite 880 - 580 Hornby Street
    Vancouver, BC, V6C 3B6
    Phone: 604.303.6573
    Fax: 604.684.0642
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