Industrial Minerals, Inc. Retains Leading Investor Relations Firm



    TORONTO, Oct. 16 /CNW/ - Industrial Minerals Inc. (OTCBB: IDSM) ("IMI" or
"the Company"), a company engaged in the business of mining and refining a
world class graphite ore body near North Bay, Ontario, today announced that it
has retained The Equicom Group Inc. ("Equicom").
    Equicom provides strategic communications services to approximately 100
public companies across a diverse range of industries. Equicom will provide
Industrial Minerals with strategic counsel as IMI implements its previously
announced plan to seek a listing on the Toronto Stock Exchange (see press
release dated August 2, 2007).
    Neither Equicom nor any of its principals has an ownership interest,
directly or indirectly, in IMI or its securities, and the Company has not
granted Equicom or its principals any right to acquire such an interest.

    About Equicom

    Equicom, a wholly-owned subsidiary of TSX Group Inc., is Canada's leading
provider of investor relations and strategic corporate communications
services. With proven expertise in developing and executing highly effective
strategic communications programs, and an extensive network of investment
community contacts, Equicom specializes in helping clients achieve their
capital markets objectives. Equicom offers a comprehensive suite of services
including: investor relations, media relations, annual report production,
multimedia and web design, web casting, live event management and corporate
branding. Equicom is headquartered in Toronto, with offices in Montreal and
Calgary. For further information, please visit www.equicomgroup.com.

    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.

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
    RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
    ADEQUACY OR ACCURACY OF THIS RELEASE.





For further information:

For further information: David Wodar, President, Industrial Minerals
Inc, 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

Organization Profile

INDUSTRIAL MINERALS INC.

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