Industrial Minerals Inc. executes licensing agreement with Hydro Quebec



    TORONTO, Nov. 8 /CNW/ - Industrial Minerals Inc. (OTCBB: IDSM - or "the
Company") today announced the licensing of five specific patents related to
Lithium (Li)-ion battery technology with Hydro Québec. The term of the
agreement is for a period of 20 years. Hydro Québec is recognized as a world
leader in Research related to Lithium (Li)-ion battery technology and have
patented Graphite refinement technologies specific to the Li-ion battery
field.
    The worldwide rights to use the patent rights allow the Company to
develop, manufacture, use, sell, offer for sale, distribute or sell the
patented products outlined in the agreement.
    David Wodar, President and CEO of Industrial Minerals, said, "each cell
of a lithium - ion battery uses 1.5 to 2 grams of 99.9+% Graphite, which
translates to 20 to 30 kg's of graphite per Hybrid Electric Vehicle (HEV) and
sells for a significant premium over the standard 95% purity products. This
represents a tremendous opportunity for Industrial Minerals. We look forward
to a strong relationship with Québec - Hydro as we continue to advance in our
business development."
    Hydro Québec concluded this partnership with Industrial Minerals in part
because of its confidence in the technical expertise of the Company management
team to implement and execute their production program as well as the
capabilities and the resources of the Company to market and supply high purity
graphite.
    Both the Company and Hydro-Québec will continue to work to develop
further agreements in regards to the worldwide graphite market.

    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 640,000 tons of flake graphite on approximately 10%
of the patented mineral lease that has 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 property is
one of the largest and purest natural flake graphite deposits in the world.
The Company plans to become the leading producer of large flake crystalline
graphite in North America and a prominent market participant internationally.

    Safe Harbor Statement
    ---------------------

    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" and are made pursuant to the
Safe-Harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the actual results of the
company to be materially different from the historical results or from any
future results expressed or implied by such forward-looking statements. Such
risks and uncertainties are outlined in the Company's Annual Report on Form
10-K for 2006 as filed with the Securities and Exchange Commission. The
Company is not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the date of this
release.





For further information:

For further information: David Wodar, President, Industrial Minerals Inc
at info@industrialmineralsinc.com, Tel: (905) 829-0220, Fax: (905) 829-5220,
Toll free: 1-888-829-0220; or Martti Kangas, The Equicom Group,
mkangas@equicomgroup.com, Tel: (416) 815-0700 x 243

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INDUSTRIAL MINERALS INC.

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