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i-minerals inc. (TSX VENTURE:IMA)(PINK SHEETS:IMAHF) (the "Company") announces it has entered into a two part consulting agreement with DURTEC GmbH. The first part of the agreement is a detailed market study that will identify both tradional uses for halloysite as well as prospective markets at the research and development stage that rely on the unique charactersitics of the nano-scale tubular shape of halloysite. Halloysite, which is also referred to as"Halloyste Nano Tubes" or "HNT"can be added to a wide range of applications to improve the performance of the basic product. These applications include , functional fillers for paper, plastics, paints, as a mineral absorber in clean technology for gas / air treatment, renewable energy such as biomass cleaning and as a time release agent in Life Sciences applications such as cosmetics, pharmaceuticals, medical devices and animal feed.
Upon the successful completion of the market research phase of the agreement, DURTEC will start a laboratory research phase that will test i-minerals halloysite in some of the applications identified during the first phase of the work. Initial test work by DURTEC indicated i-minerals halloysite had the lowest levels of selected trace elements of four halloysite products tested and the highest aspect ratio (the ratio of length of a nanotube to diameter). This combination of the low trace elements and high aspect ratio makes for a superior halloysite product and may provide strong advantages in some high value applications.
About i-minerals inc.
i-minerals holds ten minerals leases in northwestern Idaho that hosts Kelly's Basin feldspar-quartz deposit that is the subject of an ongoing feasibility study. A pre-feasibility study completed by SRK Consulting (USA) Inc. of Denver Co ("SRK"), calculated a NPV of $61 million and an IRR of 19%. Preliminary exploration work on occurrences of primary clay deposits has identified variable concentrations of kaolinite, halloysite, quartz and feldspar. The Company commissioned SRK to complete and initial assessment of the primary clay deposits through a Preliminary Economic Assessment (the "PEA") which is based upon limited, widely spaced drilling over large areas. While additional assessment work is required to fully assess the economic viability of the deposits, the PEA yielded a NPV of $95 million and an IRR of 48% and indicated these primary clay deposits may represent the largest deposit of halloysite in North America. Halloysite is a unique tubular shaped alumina-silicate mineral often referred to as a halloysite nanotube which is being increasingly used in nanotechnology applications.
About DURTEC GmbH
DURTECH GmbH is a research firm founded in 1990 and located in Neubrandenburg, Germany. It is headed by Dr. Joachim Schomburg who has over 35 years of experience in a range of mineral research and innovation projects. Dr. Schomburg and DURTEC have authored more than 80 scientific papers including life sciences and nanotechnology applications. DURTEC is a leader in mineral-based applications for Nanotechnology and Clean Technology and a developer of a related portfolio of patents. For more information www.durtec-gmbh.de/
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.
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.
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