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I-Minerals Inc. Announces Debt Settlement and Issues Additional Bonus Shares and Bonus Warrants Pursuant to a Loan Agreement

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Vancouver, British Columbia--(Newsfile Corp. - January 15, 2019) - I-Minerals Inc. (TSXV: IMA) (OTCQB: IMAHF) (the "Company") announces that it has agreed to issue 1,882,503 common shares at an average deemed price of $0.1507 per share in settlement of the payment of principal and interest in the aggregate amount of $283,698.77 pursuant to a loan agreement with an arm's-length creditor, subject to regulatory acceptance.

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 2016 Feasibility Study on the Bovill Kaolin Deposit led by GBM Engineers LLC, who were responsible for overall project management and the process plant and infrastructure design, including OPEX and CAPEX, calculated an After Tax NPV of US$249.8 million with a 25.8% After Tax IRR. Initial CAPEX was estimated at $108.3 million with a 3.7 year After Tax payback. Other engineering services were provided by HDR Engineering, Inc. (all environmental components; hydrology / hydrogeology; road design); Tetra Tech, Inc. (tailings storage facility design); Mine Development Associates (mine modelling; ore scheduling; mineral reserve estimation); and SRK Consulting (U.S.) Inc. (mineral resource estimation). The project has received mine and water permits from the State of Idaho.

I-Minerals Inc.

per: "John Theobald"

John Theobald,
President & CEO

Contact: I-Minerals Inc.

Barry Girling
877-303-6573 or 604-303-6573 x 102
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com

Paul J.Searle, Investor Relations
877-303-6573 or 604-303-6573 x 113
Email: PSearle@imineralsinc.com

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.

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