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| | International supplier of graphite |
 | | Graf-X 12 x 35 jumbo coarse natural flake graphite, produced by Industrial Minerals Inc. at its 100% owned Bissett Creek mine in Ontario, Canada, is, to the best of our knowledge, the largest natural flake that will be available in large tonnage in the world.Management believes expandable graphite is the future of the graphite industry. |
 | | The property is located in Maria Township in the Province of Ontario, Canada.This news release may contain forward-looking statements that involve a number of risks and uncertainties. |
 | | Toronto, Ontario, January 11, 2005 – Industrial Minerals, Inc. (OTCBB:IDSM) today announced that on December 30, 2004 it agreed to issue 3,492,115 shares of restricted common stock in exchange for $5,238,172.40 of debt. |
| www.industrialmineralsinc.com /news.html (3510 words) |
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