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I-Minerals Inc. Awarded New Twenty Year State of Idaho Mineral Leases on the Bovill Project, Idaho, USA

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Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - I-Minerals Inc. (TSXV: IMA) (OTC Pink: IMAHF) (the "Company") is pleased to announce that its wholly owned subsidiary I-Minerals USA Inc has been awarded eight new State of Idaho Mineral Leases (the "Mineral Leases") for the Bovill Project, subject to certain closing provisions including the payment of annual rental and advance royalty fees. The Mineral Leases are for a period of twenty years and are subject to a 5% Gross Royalty payable to the State of Idaho.

The new Mineral Leases replace the Mineral Leases announced July 10, 2013 and grants the Company the right to explore, develop and mine the Bovill Halloysite-Kaolin deposits subject to permits being in place.

About I-Minerals Inc.

I-Minerals is an exploration and development company that is advancing the Bovill halloysite-kaolin property in north central Idaho. A March 2020 Prefeasibility Study on the Bovill Property envisaging annual production of 20,000 tons of kaolin and 10,000 tons of halloysite estimated initial CAPEX at US$48 million with a 20% pre-tax, 18% after tax IRR and a US$ 48 million pre-tax, US$34 million after tax NPV10%.

I-Minerals Inc.

per: "John Theobald"

John Theobald,
President & CEO

Contact: I-Minerals Inc.

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117902

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