Vancouver, British Columbia--(Newsfile Corp. - September 1, 2020) - I-Minerals Inc. (TSXV: IMA) (OTC Pink: IMAHF) ("the Company") is pleased to announce that it has submitted its amended Operations and Reclamation Plan (the "ORP") for its halloysite - kaolin Bovill Project to the Idaho Department of Lands (the"IDL") for approval. I-Minerals mineral tenure is through State of Idaho Mineral leases administered through the IDL and accordingly the IDL is the primary permitting agency.
As announced in the Company's press release of March 3, 2020, the Pre-Feasibility Study (US$48 million initial CAPEX; 18% after tax IRR; US$34 million after tax NPV10; the "PFS"), envisages an operation focused on the annual production of up to 10,000 tons of halloysite and 20,000 tons of metakaolin.
It is the Company's intention to complete a Feasibility Study upon the IDL's approval of the ORP amendments.
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has reviewed and approved the contents of this release
per: "John Theobald"
President & CEO
About I-Minerals Inc.
I-Minerals is an exploration and development company that is advancing the Bovill kaolin-halloysite 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%. The Company intends to complete certain amendments to its permit and then undertake a Feasibility Study.
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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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