i-minerals inc. Amends Terms of Share Purchase Warrants and Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2011) -

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

i-minerals inc. (TSX VENTURE:IMA) (the "Company") announces that, further to its press release of June 15, 2011, the TSX Venture Exchange (the "Exchange") has accepted for filing the Company's application to extend the term from July 29, 2011 to January 29, 2012 of 8,270,000 share purchase warrants issued pursuant to a private placement of units. No amendment was made to the $0.35 exercise price.

In addition, the Exchange has accepted for filing an extension in the maturity date of US$250,000 convertible debentures from June 30, 2011 to January 29, 2013. Coincident with the extension of the maturity date of these debentures, the term of 830,565 warrants issued with, but detached from, these debentures was extended one year and will now expire June 30, 2012, with no amendment to the $0.43 exercise price. All other terms of these debentures and warrants remain unchanged.

The Company also made application to extend the term of two other series of debentures and the associated detached warrants, but was advised by the Exchange that it would only review the application to extend the term of those debentures at such time as those debentures are within 30 days of maturity, and that the term of the associated warrants could not be extended past the maturity date until the maturity date had itself been extended. Accordingly, the Company intends to make application to extend the term of those other two series of debentures and the associated warrants when those debentures are within 30 days of maturity.

The Company also advises that William D. Filtness has resigned as CFO of the Company as his other business interests preclude him from meeting the increasing demands associated with the completion of the feasibility study and permitting process on the Company's industrial minerals property. Management of the Company wishes Bill well in his future endeavors and thanks him for the many contributions he has made over the past ten years. Matthew J. Anderson, CA has been appointed CFO to replace Mr. Filtness. Mr. Anderson has excellent knowledge of accounting issues related to junior resource companies and over the past two years has worked closely with Mr. Filtness on i-minerals and other resource companies as part of his duties with Malaspina Consultants Inc. Prior to joining Malaspina Consultants Inc., Mr. Anderson worked for a major public accounting firm.

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 sell 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.