Approval of Surface Lease Agreement with Idaho Depi-minerals inc. receives Idaho State Board ofLandCommissioners Approval
of Surface Lease Agreement with IdahoDepartment ofLands
Vancouver, B.C. (June16, 2010)-- i-minerals inc. (the “Company”) (TSX.V: IMA), announces that at ameetingof the Idaho State Board of Land Commissioners(the “Land Board”) held on June 15, 2010 the Land Boardapproved asurface lease agreement (the “Surface Lease”) amongst the IdahoDepartment ofLands (the “IDL”) and i-minerals USA inc., a wholly owned subsidiary ofi-minerals inc. The Surface Lease has a term of 29 years and is brokeninto four phases that closely parallel the development cycle of a miningoperation: Phase 1 Research and Analysis [Feasibility and Permitting];Phase 2 Development [Construction]; Phase 3 Operation and Phase 4Decommissioning and Reclamation.
As noted in the Company’spressrelease of June 1, 2010 the Surface Lease covers an area of landdisturbed fromprevious mining operations that is in the vicinity of the Company’smineralleases (the “Surface Lease Lands”). It is upon the Surface Lease Landsthat the Company is proposing to construct its mill facility and throughthedeposit of tailings reclaim an existing pit created by prior miningoperations.The Surface Lease Lands are strategically located with State highwayaccess andelectricity and natural gas essentially on site.
i-minerals has providedthe requiredbonding and evidence of all insurance required under Phase 1. IDL hasalready issued i-minerals a temporary permit to start geotechnicalstudies onthe Surface Lease Lands including geotechnical drilling to gatherinformationrelated to the porosity of sediments underlying the tailings storageareaand the ground competency for footings at the location of theproposed mill facility. Logistical issues are currently being addressedsothat this work can begin. Results from this initial work, together withthe ability to specifically locate the mill facility and tailingsstorage willtrigger the re-activation of the Company’s permitting efforts.
Progress from one phaseto the nextrequires the approval of the IDL. To move from Phase 1 to Phase 2 theCompany must secure all required permits, licenses, permissions,consents andapprovals for all subsequent phases of this Lease and shall providecopies ofsuch permits, licenses, permissions, consents and approvals to theIDL.
“With the approval of theSurfaceLease there are no structural impediments to the completion of thefeasibilityand permitting process,” stated Roger Kauffman president of i-mineralsinc. “The coming months stand to be incredibly busy as there is muchworkto do that had been pushed to the back burner until we secured access totheSurface Lease Lands.”