I-Minerals Inc. Enters Agreement to Sell up to 30,000 Tons of Quartz -- Feldspar Sands
June 19 2014 - 9:00AM
Marketwired Canada
I-Minerals Inc. (TSX VENTURE: IMA)(OTCQX: IMAHF) (the "Company") announces that
it has entered into a contract with Pre-Mix, Inc of Pullman Washington
("Pre-Mix) for the sale of up to 30,000 tons per annum of screened k-spar /
quartz sand from the Company's WBL Tailings area. The contract has a term of 5
years and may be extended for a further two years through the mutual consent of
both I-Minerals and Pre-Mix. Screening of the tailings material and
transportation to the Pre-Mix, plant is expected to begin shortly. Pre-Mix
purchased approximately 3,000 tons in 2013 and is the second purchaser of the
WBL Tailings quartz-feldspar product along with a local municipality.
The WBL Tailings is a fully permitted deposit of quartz-k-spar tailings
generated from a previous operator's clay mining operations. It is one of three
deposits defined on the Company's Helmer-Bovill property and was the subject of
a 2012 Feasibility Study. The WBL Tailing deposit lies adjacent to the main
Bovill Kaolin deposit that was the subject of a Prefeasibility Study the results
of which were released on June 3, 2014.
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has
reviewed and approved the contents of this release.
About I-Minerals
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 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 upgrading the probable reserve to a proven
reserve as the Company moves through the feasibility process towards production.
I-Minerals Inc.
Per: "Thomas M. Conway"
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact:
Barry Girling
877-303-6573
604-303-6573
info@imineralsinc.com
www.imineralsinc.com
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