Industrial Minerals Inc. - Corporate Update

    TORONTO, June 13 /CNW/ - Industrial Minerals Inc. (IMI) -OTCBB: IDSM -
(or "the Company") announced today it has accepted the resignation of David
Wodar as the President and CEO of Industrial Minerals Inc., effective
    Mr. Bill Thomson, Chairman of the Board of Directors, expressed his deep
appreciation to Mr. Wodar for his efforts in guiding the Company through a
challenging transitional period, and laying the groundwork for the Bissett
Creek ore body to become a world-class supplier of graphite to a growing
    Mr. Wodar stated that he has no disagreements with the Company or its
plans, and is looking forward to pursuing new opportunities. The Company
expects to appoint a new President; however, during the interim period the
leadership responsibilities will be handled by Mr. Paul Cooper, the Chief
Operating Officer of the Company. Mr. Thomson will also provide additional
support and guidance to the Company and management during this period.

    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

    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


For further information:

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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890