i-minerals inc. Announces Closing of Brokered and Non Brokered Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

i-minerals inc. (TSX VENTURE:IMA) ("i-minerals" or the "Company") is pleased to announce the closing of a brokered private placement through Canaccord Genuity Corp. ("Canaccord" or the "Agent"), and a non-brokered private placement (collectively, "the Offering"), as originally announced on January 19, 2011 and as amended on March 22, 2011.

The brokered portion of the Offering consisted of the sale of 12,000,000 Units at a price of $0.25 each, for aggregate subscription proceeds of $3,000,000, each Unit consisting of one common share and one Warrant, with each Warrant entitling the holder to purchase one additional common share at a price of $0.40 until April 29, 2013.

In connection with the closing of this brokered private placement, the Company paid Canaccord a commission of $240,000 and has issued to Canaccord the following securities to Canaccord:

The non-brokered portion of the Offering consisted of the sale of 8,000,000 Units at a price of $0.25 each, for aggregate subscription proceeds of $2,000,000, each Unit having the same terms as the Units being sold pursuant to the brokered private placement. A company controlled by a director of i-minerals subscribed for a total of 5,220,000 of these Units.

All of the securities issued in connection with the closing of the Offering, including the securities issued to Canaccord, are subject to a hold period in Canada until August 30, 2011.

The funds raised pursuant to the Offering will be used to advance the Helmer-Bovill Project and for general working capital purposes.

i-minerals inc.

Thomas M. Conway, President & CEO

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of risk factors beyond its control, and actual results may differ materially from the expected results.