Press Release/ASX Announcement 6 January 2011 Industrial Minerals Corporation Limited Launches Sponsored American Depositary Receipt (ADR) Program
- Industrial Minerals Corporation Limited Launches Sponsored American Depositary Receipt (ADR) Program - Regulatory agencies & Oregon Resources Corporation successful in court application for change in venue Industrial Minerals Corporation Limited ("IDM") (ASX code: IDM) is pleased to announce the establishment of a sponsored American Depositary Receipt (ADR) Program. The primary benefit of establishing the program is to create a broader secondary market for IDM particularly in North America, thereby providing better access for American Investors to deal in IDM securities. The ADRs will be tradable via licensed U.S.

brokers in the ordinary course of trading in the Over-The-Counter (OTC) Market in the U.S. IDM has appointed The Bank of New York Mellon (BNYM) as its authorized U.S representative and Depositary Bank to establish the ADR facility. Particulars for the U.S.

sponsored ADR program are as follows: U.S.

Exchange: OTC Ticker Symbol: ILMCY CUSIP Number: 456253103 ADR to Ordinary Share Ratio: 1: 20 As previously announced the Companys wholly owned subsidiary (Oregon Resources) is participating as an intervener and in support of the government agencies (defendants) in an application for a preliminary injunction filed in Washington State.

The defendants requested that the court consider a motion to transfer the venue for the case to Oregon.

On December 30th, the United States District Court issued an Order granting the motion.

It is expected that the injunction application will be heard prior to February 1st.

The Company is confident of the evidence supporting the government agencies position and ultimate successful outcome.

Complete details of the Order have been posted to the Companys web site. All construction and operational activities are currently continuing unfettered by this litigation. Ends For further information please contact: Mr Philip Garratt Executive Director & Chief Executive Officer - IMC Mob: 0403 763 528 Karen Oswald Professional Public Relations Tel: 08 9388 0944 Mob: 0423 602 353 About Industrial Minerals Corporation Industrial Minerals Corporation owns 100% of Oregon Resources Corporation (ORC) which is developing the Southern Oregon Mineral Sands project covering approximately 2,600 acres of terraced mineral sands properties near Coos Bay in southwestern Oregon. Exploration data created from work carried out by ORC and compiled with the U.S.

Bureau of Mines and USGS data demonstrates the existence of heavy mineral deposits incorporating a multiple suite of minerals including chromite, garnet, zircon, ilmenite, magnetite, kyanite and stauorlite. All aspects of processing the extracted material will be undertaken on company owned property located in Coos Bay, Oregon..

The main plant to be constructed is designed to be highly efficient and scaleable with the ability to process from 500,000 to 1,200,000 tpa of material. ORC has been established in the area since 1989 when the first stage of exploration was undertaken.

Since that time management has been persistent and diligent in partnering with the local community to build economic growth and social infrastructure.

The project offers benefits to the community and the company respectively through job creation and a stable work force.
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