VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2012) - I-Minerals Inc. (TSX VENTURE:IMA)(PINKSHEETS:IMAHF) (the "Company") has received approval of its Mine Plan of Operations ("the MPO") from Idaho Department of Lands. The MPO will allow I-Minerals, subject to bonding and completion of the 30 day comment period on the Storm Water Pollution Prevention Plan (the SWPPP), to campaign mine feldspathic sands from June through October for up to ten years. The feldspathic sands were deposited as tailings from clay mining operations that occurred on or near the Company's mineral leases between 1956 and 1974. The operator during this period extracted the kaolinite content of the clays and the K-feldspar and quartz fraction reported to the tailings. I-Minerals mining efforts will improve reclamation in the area while generating a modest cash flow for the Company and a royalty for the Idaho Department of Lands.
The MPO describes excavation and screening of the bulk K-spar/quartz product with no additional onsite treatment. The product will in turn be sold into ceramics industries including pottery supplies, tiles and other applications that require similar material for a ceramic body. Several customers have committed to limited deliveries in 2012 while other customers wish to test product samples with a view to purchases in 2013 based upon price and quality considerations.
The approval contemplates a maximum annual production of 50,000 ton per annum. 2012 production will be lower than permitted volumes given the late start and limited marketing efforts undertaken to date. However, increasing volumes are projected for 2013 and subsequent years.
"While the volumes of material produced are initially quite modest, it nonetheless represents production - the ultimate milestone in the growth of every mineral company," stated Thomas Conway, President and CEO. "Furthermore the acceptance of the Mine Plan of Operations demonstrates the skills of our current team of engineers, management personnel and counsel to permit deposits and move these deposits towards timely production. With product moving into the distribution channels the permitting team can now focus on advancing the other components of our business plan."
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has reviewed and approved the contents of this release.
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.