VANCOUVER, BC--(Marketwired - August 18, 2014) - I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) ("the Company" or "I-Minerals") advises that pursuant to hearing held August 12, 2014 in the General Court of Justice, Superior Court Division in Mitchell County, North Carolina (the "Court") wherein Unimin Corporation ("Unimin") was seeking among other things, injunctions against Dr. Thomas Gallo, a former Unimin employee, and I-Minerals to terminate contacts and to unwind any alleged infringement on purported Unimin trade secrets, seeks the return of unspecified, purportedly confidential information and seeks damages related thereto, that on August 13, 2014 the Court issued a Temporary Restraining Order (the "TRO") restraining and enjoining Dr. Gallo from disclosing to the Company specifications of Unimin's processes in producing high purity quartz. All other actions sought by Unimin were denied with the Motion for Preliminary Injunction to be heard August 25, 2014.
The Company is not aware it has violated any Unimin rights in any way and has retained counsel to defend this matter, as well as to examine any anticompetitive aspects to this case. Management of I-Minerals notes that Unimin has provided via the above-referenced judicial filing a "Settlement, Confidentiality and Non-Compete Agreement" between Unimin Corporation and Gallo that states "… Gallo agrees that from the date hereof [March 5, 2009] through February 9, 2014, he will not directly, manage, operate, control, participate in, accept employment or a consulting position with, or otherwise advise or assist …" any enterprise engaged in the business of "mining, producing …[inter alia]" of "High Purity Quartz." The Company began working with Dr. Gallo after February 9, 2014. Prior thereto, over the past several years, I-Minerals has undertaken multiple bench and pilot scale tests wherein high purity quartz had been produced through standard flotation processes that have been utilized throughout the mining industry for decades.
Unimin asserts in the "Verified Complaint" included in the Civil Summons that "Unimin and I-Minerals are competitors in the high purity quartz industry in that both companies mine, process, and sell high purity quartz." While I-Minerals, Inc. is pleased that the Company's Helmer-Bovill property has advanced to a point that the Company has attracted the attention of Unimin Corporation, Unimin's public characterization states I-Minerals' is producing and selling high purity quartz whereas the Company is actually in the process of advancing the project towards production and has only produced high purity quartz through third party bulk sample processing.
I-Minerals' President Thomas Conway notes that, "Unimin is not a publicly traded corporation, while I-Minerals is a public traded corporation and we are therefore held to a different legal standard of disclosure, veracity and precision regarding public statements. Accordingly, in order to correct any confusion introduced by Unimin's public statement, I-Minerals believes it is obligated to issue this Press Release. At this point in time I-Minerals has no intention of producing ultra-high purity quartz and processes for producing such mineral are not included in either or Prefeasibility Study or any production permits being sought. We are flattered that Unimin appears to recognize I-Minerals as a low cost producer of high purity quartz grading in the order of 99.98% SiO2 through standard flotation techniques, but are otherwise puzzled by its actions."
In an effort to protects its rights in this matter, I-Minerals has made preliminary contact with the U.S. Department of Justice (DOJ) Civil Division and intends to keep the relevant Federal Attorney's apprised of developments in this matter at the DOJ Antitrust Division, Litigation, Section II and DOJ Antitrust Division, Transportation, Energy and Agriculture Section.
About I-Minerals Inc.
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 north central Idaho. A 2014 Prefeasibility Study on the Bovill Kaolin Deposit completed by SRK Consulting (USA) Inc. highlights the potential of the Helmer-Bovill property's Bovill Kaolin deposit: after tax NPV6 of $212 million; 30.5% IRR; 3 year payback and $72.7 million initial CAPEX; $84 million CAPEX including life of mine sustaining capital over a 25 year mine life. Ongoing development work is focused on moving project towards production.
per: "Thomas M. Conway"
Thomas M. Conway,
President & CEO
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.
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.