I-Minerals' Bovill Kaolin Project is a pre-feasibility level mining venture located in north-central Idaho. The mineral reserves delineated from the primary clay represent the largest deposits of high quality K-feldspar, quartz, and halloysite in the Western United States. This pre-feasibility study is preliminary in nature.
"We are very pleased with the technical economic results of the Pre-feasibility study and there is material latitude going forward to improve on these results," commented Thomas Conway, President and CEO of I-Minerals Inc. "There are large areas of primary clay which have had insufficient drilling to be categorized as indicated resources and these areas of inferred resources could not be included in the pre-feasibility modeling. Additional drilling and metallurgical work offers the prospects on not only increasing indicated resources of primary clay, but should also lead to the discovery of additional high grade halloysite zones. The detailed metallurgical work undertaken as part of the PFS process demonstrated the halloysite was not uniformly distributed throughout the primary clay. This resulted in the PFS halloysite resources being only about 150,000 tons whereas the inferred halloysite resource in the 2011 PEA was something approaching 235,000 tons - yet the difference in after tax NPV is only about 3%. The demand for our products has never been as strong as it is at present despite the slow growing economy. We believe this is a testament to our products being some of the highest quality available. Beyond the halloysite with incomparable combination of aspect ratio and purity, chemically our K-spar is equal to or better than the industry's best of the past which is no longer produced while our ability to produce minimum 99.9% SiO2 purity quartz through flotation processing leaves us incredibly well positioned. Some major industrial minerals companies are taking notice - and why wouldn't they? This has the potential to get very exciting."
The NI 43-101 compliant Technical Report is being completed by SRK, TT, HDR and R&S and will be filed on SEDAR (at www.sedar.com) in its entirety as required. All values presented in this press release are in US imperial units and 4Q 2012 US dollars.
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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