I-Minerals Inc. announced estimated Indicated Mineral Resources of 5.7 million short tons and the accompanying results of the Technical Economic Model (TEM) of its Prefeasibility Study for its Bovill Kaolin-Halloysite-Quartz-K-Spar Project. No mining cut-off grade is applied since all material within the pit design can be mined for a profit. Three mineral products are included in the resource: feldspathic sand, a combination of potassium feldspar (K-spar) and quartz, kaolinite clay and halloysite clay. The PFS assumed a weighted average price of primary clay products - halloysite, kaolin, metakaolin, quartz and K-spar - of $236/ton as supported by market studies completed by I-Minerals, preliminary studies being undertaken by a European company specializing in halloysite research, and a market study conducted by a major international marketing and research firm. Resources can support a mine life of well in excess of 50 years; however initial indicative economics were performed assuming a 25+-year market for primary clay products. The technical economics results for the PFS and its supporting Mineral Resource estimate presented was completed by SRK Consulting (US) Inc. (SRK) in Lakewood, Colorado. Tetra Tech (TT) in Denver, Colorado was commissioned by the Company to complete design of the Proposed Tailings Facility (PTF). HDR Inc. (HDR) in Boise, Idaho was commissioned by the Company to aid in permitting and environmental issues. Roberts & Schaefer (R&S), a KBR Company, was commissioned to complete the design for the planned processing and product packaging facilities.

I-Minerals Inc. has received from SRK Consulting (US) Inc., the final draft of the Technical Economic Model (TEM) for the Pre-Feasibility Study of is Bovill Kaolin Project in Latah County, Idaho. Management will review the final draft TEM with intensions to releasing the results of the analysis on or about January 3, 2013. The final draft TEM results fit well with management expectations.

I-Minerals Inc. announced that at the annual general meeting of shareholders held November 13, 2012, J. Gary Childress elected not to stand for re-election as a director for personal reasons but will continue to assist the company in assessing mineral market opportunities as a consultant to the company.