I-Minerals Inc. Enters Agreement to Sell up to 30,000 Tons of Quartz -- Feldspar Sands
VANCOUVER, BC--(Marketwired - June 19, 2014) - 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.
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