I-Minerals Inc. announced that its feasibility study (FS) on the Bovill Kaolin Project being completed by GBM Engineers, LLC (GBM) is now over 90% complete, but due to ongoing optimization studies and the related timing of receipt of revised vendor quotes, the Technical Economical Model (TEM) is now expected to be released in late February, 2016. SRK has completed the resource model reflecting amended densities and a 25-year mine life from two of three primary resource areas (Kelly's Hump and Middle Ridge), without including resources defined at WBL Pit Area. Ginn Mineral Technologies ("GMT") has completed all testing of the pilot plant production of the halloysite and metakaolin products to FS levels including the production of a +90% purity halloysite product using a proprietary differential flotation processing techniques plus color improvement technology.

Confirmation testwork of the pozzolan characteristics of the metakaolin product are ongoing at CTL Laboratories. Confirmation pilot plant work at Minerals Research Laboratory ("MRL") of NCSU is nearing completion. Flotation separation of the K-spar and TrueQ1 quartz products is complete and pilot plant production of the TrueQ3 products is ongoing.

Once the TrueQ3 work is complete, all products will undergo final drying and magnetic separation of residual contaminants. The process plant design to FS level has been largely completed, subject to any updates required by the current optimization studies. Review of tender documentation and determination of appropriate rates for the supply and installation of earthworks, civil, structural, piping, platework, electrical and instrumentation packages experienced some delays.

The delays are a result of limited contractor responses requiring additional follow up and extended durations to return pricing. Competitive tenders from local contractors for earthworks, concrete, steel, buildings, piping, electrical and platework have now been received and are being used for design optimization. Tetra Tech has completed hydrotechnical and geotechnical analyses and received geotechnical tails testing results, which has allowed for advancement of FS stack design, including draft FS drawings and construction quantities.

The company is evaluating the option to shift from a geomembrane liner to a compacted clay liner, considering that the tailings are drystacked and contain no acid-generating minerals or deleterious metals. Samples from the GMT pilot plant are being distributed to customers for testing. Overall, the halloysite and metakaolin products are being well received.

Samples from the MRL pilot plant will be distributed to customers upon completion of the pilot plant work; however, most customers have already received K-spar and quartz samples from prior pilot plant work and are generally pleased with the product quality.