I-Minerals Inc. Issues Additional Bonus Shares and Bonus Warrants Pursuant to Loan Agreement and Filing of Updated Early Warning Report

VANCOUVER, BC--(Marketwired - January 05, 2016) - I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) (the "Company") announces that it has issued an additional 746,811 bonus shares and an additional 746,811 non-transferable bonus warrants to a company controlled by Allan Ball, the Chairman and a director of the Company in respect of cash advances totaling $1,840,000 U.S. pursuant to a loan agreement announced on February 19, 2015. The bonus shares were issued at deemed prices ranging from $0.22 Cdn. to $0.255 Cdn. per share. The bonus warrants are exercisable at prices ranging from $0.22 Cdn. to $0.272 Cdn., and will expire on the earlier of December 31, 2018 and the date the amount of the individual advance pursuant to which the bonus warrants were issued, together with all accrued interest thereon, has been repaid in full. All of the bonus shares and any additional shares which may be issued pursuant to the exercise of the bonus warrants, are subject to a hold period in Canada until May 6, 2016.

The issuance of these shares and warrants was made pursuant to the exemption from the registration provided by Rule 506 of the Securities Act of 1933, as amended (the "U.S. Securities Act"), on the basis of representations provided by the lender that it is an "accredited investor" as that term is defined in Rule 501 of the U.S. Securities Act. The Company did not engage in any form of general solicitation or general advertising in connection with the issuance of these shares and warrants.

The shares (including any shares issued pursuant to the exercise of the warrants) may only be resold pursuant to an effective registration statement under the U.S. Securities Act and any applicable state securities laws or pursuant to another exemption from registration of the U.S. Securities Act and any applicable state securities laws. Under Canadian securities laws, all such shares are subject to a hold period for a period of four months and one day from the date of issuance.

As a result of the issuance of the shares and warrants disclosed herein, Mr. Ball now holds, directly and indirectly, the following securities of the Company:

(a) 31,803,652 common shares, representing approximately 36.85% of the 86,303,952 common shares of the Company currently issued and outstanding;

(b) share purchase warrants entitling the holder to acquire up to 9,364,130 common shares of the Company at prices ranging from $0.14 Cdn. per share to $0.40 Cdn per share having expiry dates ranging from January 31, 2016 to December 31, 2018; and

(c) incentive stock options entitling the holder to acquire up to 350,000 common shares of the Company at prices ranging from $0.10 Cdn. to $0.25 Cdn. per share having expiring dates ranging from July 30, 2018 to January 29, 2020.

This News Release is being issued in part pursuant to National Instrument 62-103, which also requires a report to be filed by Mr. Ball with each of the British Columbia and Alberta Securities Commissions containing information with respect to his securityholdings in the Company (an updated Early Warning Report).

A b ou t I-Minerals Inc.

I-Minerals is developing multiple deposits of high purity, high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in north central Idaho. A 2014 Prefeasibility Study on the Bovill Kaolin Deposit completed by SRK Consulting (USA) Inc. highlights the potential of the Helmer-Bovill property's Bovill Kaolin deposit: after tax NPV6 of $212 million; 30.5% IRR; 3 year payback and $72.7 million initial CAPEX; $84 million CAPEX including life of mine sustaining capital over a 25 year mine life. Ongoing development work is focused on moving the project towards production.

I-Minerals Inc.

Per: "Thomas M. Conway"

Thomas M. Conway,

President & CEO

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.

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.