I-Minerals Enters Into Formal Definitive Agreements to Settle Outstanding Lawsuit

VANCOUVER, BC--(Marketwired - November 10, 2015) - I-Minerals Inc. (TSX VENTURE: IMA) (OTCQX: IMAHF) ("the Company" or "I-Minerals") announces, further to its press releases of March 20, 2014, July 3, 2014, October 8, 2014, May 19, 2015 and June 3, 2015, that court applications have been filed to dismiss the lawsuit filed against the Company in Latah County, Idaho (the "Latah Lawsuit") and to approve the provisions of a formal settlement agreement (the "Settlement Agreement") between the parties to the Latah Lawsuit.

The Settlement Agreement formalizes the terms set forth in the Binding Settlement Term Sheet that resulted from court ordered mediation efforts held in May 2015. Effectiveness and enforceability of the Settlement Agreement is subject to court approval and the dismissal of all lawsuits between the parties to the Latah Lawsuit, including lawsuits filed in Ada County and Nez Perce County, Idaho, to which the Company is not a party.

About 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." 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.