I-Minerals Receives Final Draft of Technical Economic Model for the Pre-Feasibility Study of its Bovill Kaolin Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2012) - I-Minerals Inc. (TSX VENTURE:IMA)(PINKSHEETS:IMAHF) ("the Company") has received from SRK Consulting (US) Inc. in Lakewood, Colorado, 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.

"We have been through several drafts of the TEM over the past six weeks or so, but up until recently recognized that further optimization of the mine scheduling would allow for the production of more consistent product mix," stated Thomas Conway. "This optimization has materially improved the results from the preliminary results and we believe it prudent to review all of the assumptions and inputs prior to press releasing the results. This would normally only take a few days, but not everyone is available over the holidays."

I-Minerals Inc.

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.