Mr. Saf Dhillon reports

IMETAL RESOURCES PROVIDES UPDATE ON PRIVATE PLACEMENT

iMetal Resources Inc. has provided this update on its previously announced non-brokered private placement. The offering will now consist of up to 30 million units at a price of 10 cents per unit for gross proceeds of up to $3-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 to purchase one additional share of the company at a price of 17.5 cents for a period of 36 months. The warrants will be subject to an accelerated expiry if, any time after the date that is four months and one day after the closing date of the offering, the volume-weighted average trading price of the shares on the TSX Venture Exchange exceeds 40 cents for 20 consecutive trading days, in which event the holders of the warrants may, at the company's election, be given notice and the company will issue a press release announcing the warrants will expire 30 days following the date of such press release.

The company intends to use the net proceeds of the offering toward further exploration at the company's properties as well as for general working capital.

Integrity Capital Group Inc. is acting as financial adviser to the company in connection with the offering. For further information concerning the offering, please contact Integrity at ecm@integritycapitalgrp.com. The company has agreed to pay Integrity a fee on any subscribers introduced by Integrity to the offering consisting of: (i) a cash commission equal to 8 per cent of the gross proceeds from subscribers introduced by Integrity to the offering; and (ii) non-transferable broker warrants equal to 8 per cent of the number of units sold to subscribers introduced by Integrity to the offering. Each broker warrant will entitle the holder to acquire one unit at an exercise price of 10 cents for a period of 36 months after the closing of the offering.

In connection with the offering, the company may also pay finders' fees to additional eligible third parties that have assisted in introducing subscribers. Completion of the offering remains subject to receipt of all necessary regulatory approvals and acceptance of the TSX-V. The company has requested an extension of the applicable filing timeline for the offering with the TSX-V in order to facilitate completion of the offering. 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 kilometres north of Rouyn-Noranda in the Northern Abitibi greenstone belt.

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