I-Minerals Awards Feasibility Contracts

VANCOUVER, BC--(Marketwired - December 16, 2014) - I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) ("the Company" or "I-Minerals") is pleased to announce it has awarded the contract for the overall Project Management of the Bovill Kaolin Feasibility Study (the "FS"), which will include the compilation of a NI 43-101 technical report and the Process Plant and Infrastructure portions of the FS including the OPEX and CAPEX, to GBM Engineers LLC ("GBM"). GBM will run the FS out of its Denver, CO, offices with some engineering work completed in the United Kingdom. Tetra Tech of Golden, CO has been awarded the tailings storage facility design. HDR Engineering of Boise, ID has already been awarded the environmental components. Other organizations will participate in the FS including the resource modeling, mine design, hydrology / hydrogeology, and mine geotechnical engineering aspects. The kick off meeting and full process is scheduled to start in January 2015.

In an unrelated matter, I-Minerals has hired Paul J. Searle as a full time investor relations consultant. Mr. Searle has been engaged on a one year renewable contract at a monthly rate of $6,000 per month and has been granted options to purchase 150,000 shares of I-Minerals at a price of $0.25 per share for a period of 3 years subject to the approval and vesting provisions of the TSX.V.

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 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 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 moving project towards production.

About GBM

GBM Minerals Engineering Consultants Limited, with offices in Denver and London, is a firm of engineering consultants specializing in assisting clients with the development of new mining projects and the refurbishment of existing ore processing plants. GBM are currently performing feasibility studies and providing EPCM services to the mining industry in the Americas, Europe, Africa, Central Asia and the Middle East. GBM has been certified by the British Standards Institution and deemed by them to operate Quality Management and Environmental Management Systems which comply respectively with the requirements of ISO 9001:2008 and ISO 14001:2004.

I-Minerals Inc.

per: "Thomas M. Conway" 

Thomas M. Conway,
President & CEO

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.