I-Minerals Updates Bankable Feasibility Study Progress

VANCOUVER, BC--(Marketwired - January 14, 2016) - I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) (the "Company") announces that its Feasibility Study ("FS") on the Bovill Kaolin Project being completed by GBM Engineers, LLC ("GBM") is now over 90% complete, but due to ongoing optimization studies and the related timing of receipt of revised vendor quotes, the Technical Economical Model ("TEM") is now expected to be released in late February 2016. As noted in the Company's press release of January 20, 2015, GBM is the primary engineering firm responsible for process plant and infrastructure, including OPEX and CAPEX, project management, and compilation of a NI 43-101 technical report. Other firms providing services and input to the study include SRK Consulting ("SRK") for the resource modeling and estimation; Mine Development Associates ("MDA") for the mine modeling, ore scheduling and mineable reserve calculation; Tetra Tech, Inc. ("Tetra Tech") for the tailings storage facility design; and HDR Engineering ("HDR") for all environmental components and hydrology/hydrogeology.

The full NI 43-101 technical report will be filed on SEDAR within 45 days of the release of the TEM results, or about mid-April 2016. Based on current scheduling, the mine permit is expected on or about April 30, 2016, and together with the NI 43-101 technical report, constitutes a bankable feasibility study. With respect to the Feasibility Study, most equipment and material vendor quotes have now been received. Optimization activities that have extended the time frame to complete the TEM include a redesign of the packaging plant; simplification of the unprocessed mineral storage facilities; amendments to the process layout to move portions of the metakaolin calcining equipment outside of the main process building; and a revised road design to reflect mining only two of the three deposit areas during the initial 25 year period. Details of the progress to date are as follows:

Resource Model: SRK has completed the resource model reflecting amended densities and a 25-year mine life from two of three primary resource areas (Kelly's Hump and Middle Ridge), without including resources defined at WBL Pit Area.

Mine Plan: MDA has completed the mine plan and is now finalizing waste locations. Bids from mining contractors are being received. Road designs are being amended to reflect the removal of resources at WBL Pit Area from the mine plan.