Mr. Saf Dhillon reports

IMETAL RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

iMetal Resources Inc. will offer up to 50 million units at a price of 10 cents per unit, by way of a non-brokered private placement, for gross proceeds of up to $5-million.

Each unit will consist of one common share in the capital of the company and one transferable share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one additional share of the company at a price of 20 cents for a period of 24 months, provided that in the event the volume-weighted average closing price of the shares on the TSX Venture Exchange exceeds 50 cents for at least 10 consecutive trading days, the company will have the right to accelerate the expiry of the warrants.

The company intends to use the net proceeds of the offering toward further exploration at the company's current properties, any new potential acquisitions that are currently under review as well as for general working capital.

In connection with the offering, the company may be finders' fees to eligible third parties who have assisted in introducing subscribers. The completion of the offering remains subject to the receipt of all necessary regulatory approvals and the acceptance of the TSX-V. All securities issued under the offering will be subject to a statutory hold period of four months and one day from the date of issue, in accordance with applicable Canadian securities laws.

About iMetal Resources Inc.

iMetal is a Canadian-based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. The flagship property, Gowganda West, is an exploration-stage gold project with a recent discovery hole of 48.5 metres at 0.85 gram per tonne gold that borders the Juby deposit and is located within the Shining Tree camp area in the southern part of the Abitibi greenstone gold belt, about 100 kilometres south-southeast of the Timmins gold camp. The 220-hectare Ghost Mountain property, 42 kilometres northeast of Kirkland Lake, lies five kilometres west of Agnico Eagle's Holt and Holloway mine. Carheil is an exploration-stage project with multimetal potential and previous graphite results. The project is about 170 km north of Rouyn-Noranda, in the northern Abitibi greenstone belt.

We seek Safe Harbor.