Industrial Minerals, Inc. - Corporate Update



    TORONTO, June 27 /CNW/ - Industrial Minerals Inc. (IMI) - OTCBB: IDSM -
(or "the Company") announced today the following changes to its Board of
Directors and Management team:

    
    1) Appointment of Gregory Borden Bowes and Christopher Crupi as Directors
       ----------------------------------------------------------------------

    a) On June 23, 2008, the Board of Directors of the Company appointed
       Gregory Borden Bowes to fill a vacancy on the Board. Mr. Bowes is the
       Chief Financial Officer of Orezone Resources Inc. (OZN; TSX, AMEX)
       which has completed a bankable feasibility study on a gold deposit in
       Burkina Faso, West Africa. Mr. Bowes holds an MBA from Queens
       University and an Hons. B.Sc. in geology from the University of
       Waterloo. He was formerly the CEO of San Anton Resources (TSX:SNN) a
       Mexican focused exploration company which is advancing the Cerro del
       Gallo deposit where a 43-101 mineral resource of + 10 million ounces
       gold equivalent has been outlined. Mr. Bowes previous experience
       includes President of an international engineering company and the
       Vice-President of Northgate Exploration Limited.

    b) On June 23, 2008, the Board of Directors of the Company appointed
       Christopher Crupi to fill a vacancy on the Board. Mr. Crupi is a
       chartered accountant, and the President and Chief Executive Officer
       and a director of Paramount Gold and Silver Corp, a publicly traded
       company listed on the AMEX and TSX stock exchanges. Prior to this,
       Mr. Crupi was a Vice President of Pricewaterhouse Coopers LLP, and was
       also president and chief financial officer of AMMEX Gold and Silver
       Corp., a publicly traded exploration mining company with property
       interests in the United States and Mexico. Mr. Crupi received a
       Bachelor of Commerce degree from the University of Ottawa in 1992, and
       his Chartered Accountant designation in 1995. Mr. Crupi was a special
       assistant to the Honorable Don Mazankowski, Deputy Prime Minister and
       Minister of Finance of Canada from 1988 to 1993.

    2) Resignation of William Thompson as Director
       -------------------------------------------

       On June 20, 2008, William Thompson resigned as a Director of the
       Company. There were no material disagreements between Mr. Thompson and
       the Company as to the Company's operations or reporting.

    3) Resignation of Patrick Michaud as Chief Financial Officer
       ---------------------------------------------------------

       On June 23, 2008, the Company accepted the resignation of Patrick
       Michaud as Chief Financial Officer of the Company. There were no
       material disagreements between Mr. Michaud and the Company as to the
       Company's operations or financial reporting.

    4) Appointment of Robert Dinning as Interim Chief Financial Officer
       ----------------------------------------------------------------

       On June 23, 2008, Robert Dinning was appointed to replace Patrick
       Michaud as the Company's Interim Chief Financial Officer. Mr. Dinning
       was the Company's Chief Financial Officer from September 15, 2006 to
       April 4, 2008. Mr. Dinning is a Chartered Accountant and life time
       member of the Alberta Institute of Chartered Accountants. Mr. Dinning
       has operated a consulting practice since 1977. He has an extensive
       background in corporate finance, operating in the mining and high tech
       industries. Mr. Dinning has been an officer and director of various
       public and private companies for the past 35 years, including
       companies in the United States and Canada. Mr. Dinning is currently a
       director of Apollo Gold & Energy Inc.
    

    About Industrial Minerals, Inc.
    -------------------------------
    Industrial Minerals Inc. through its wholly owned subsidiary Industrial
Minerals Canada Inc., headquartered in Oakville, Ontario, Canada, owns 100% of
the undivided interest in the Bissett Creek Graphite patented mineral lease,
containing a resource of approximately 725,000 tonnes (327,700 tonnes
indicated & 397,900 tonnes inferred) of flake graphite based on approximately
7.0% of the patented mineral leases that have been drilled to date. The
property is comprised of 28 claims covering an area of approximately
1,315 hectares (3,250 acres). It has been the subject of substantial earlier
exploration drilling, trenching and metallurgical test work by KHD Canada,
Kilborn Engineering, Pincock Alan and Holt and Cominco Engineering Services.
The property is located in Maria Township in the Province of Ontario, Canada.
The Company believes the property is one of the largest and purest natural
flake graphite deposits in the world. Its goal is to become the leading
producer of large flake crystalline graphite in North America and a prominent
market participant internationally.

    Forward Looking Statements
    --------------------------
    All statements contained herein, as well as oral statements that may be
made by the Company or by officers, directors or employees of the Company
acting on the Company's behalf that are not statements of historical fact,
constitute "forward-looking statements". Forward looking statements are based
on opinions and estimates of management at the date the statements are made,
and are subject to a wide variety of risks, uncertainties and other factors
that could cause actual events or results to differ materially from those
projected in the forward-looking statements. These factors include the
inherent risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling results and
other ecological data, fluctuating metal prices, the possibility of project
cost overruns or unanticipated costs and expenses, uncertainties relating to
the availability and costs of financing needed in the future and other
factors. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on forward-looking
statements.

    Cautionary Note to US Investors - The United States Securities and
Exchange Commission (SEC) limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally extract or
produce. The Company uses terms such as "reserves", "resources", "geological
resources", "proven", "probable", "measured", "indicated", or "inferred",
which may not be consistent with the reserve definitions established by the
S.E.C. U.S. investors are urged to consider closely the disclosure in our Form
10-KSB, File No. 000-30651. You can review and obtain copies of these filings
from the SEC's website at http://www.sec.gov/edgar.shtml.

    NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY
    HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

    Industrial Minerals, Inc.





For further information:

For further information: Mr. Paul Cooper, Chief Operating Officer,
Industrial Minerals Inc, pcooper@industrialmineralsinc.com, Tel: (905)
829-0220, ext. 222, Toll free: 1-888-829-0220, www.industrialmineralsinc.com

Organization Profile

INDUSTRIAL MINERALS INC.

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