Industrial Minerals Corporation Ltd., Annual General Meeting, Nov 25, 2009, at 09:30 WAST-West Australian Standard. Location: 52 Ord Street, West Perth, Western Australia, Australia. Agenda: To receive and consider the financial report for the year ended June 30, 2009 and the accompanying directors' report, directors' declaration, and auditor's report; to consider adoption of remuneration report for the financial period ended June 30, 2009; to consider re-election of Mr. Jeremy David Shervington as director; to consider re-election of Mr. Michael James Brindley Brickell as director; to approve the issue of up to 75,000,000 Options to subscribe for ordinary shares in the company to Macquarie Bank Limited or its nominee(s); and to transact any other business which may be legally brought before the meeting.

Industrial Minerals Corporation Ltd. filed its Dilution calculation ( 002-001-005002-001006-001 ) on September 29, 2009 for the period ending June 30, 2009. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Industrial Minerals Corporation Ltd. reported audited consolidated and parent earnings results for the year ended June 30, 2009. For the year, the consolidated interest revenue was AUD 144,000 against AUD 878,000 a year ago. Loss before income tax was AUD 2.6 million against AUD 2.1 million a year ago. Loss attributable to members of the parent was AUD 2.6 million or 1.51 cents diluted per share against AUD 2.1 million or 1.25 cents diluted per share a year ago. This result was in line with expectations and reflected the operating costs incurred over the financial year and comprised largely of costs associated with the general administration of the Company and compliance expenses incurred during the year. Net cash flows used in operating activities was AUD 2.4 million against AUD 2 million a year ago. Purchase of plant and equipment was AUD 88,000 against AUD 600,000 a year ago. For the year, the parent's interest revenue was AUD 144,000 against AUD 874,000 a year ago. Income before income tax was AUD 3.1 million against loss before income tax of AUD 7.9 million a year ago. Income attributable to members of the parent was AUD 3.1 million against loss attributable to members of the parent of AUD 7.9 million a year ago. Net cash flows used in operating activities was AUD 1.2 million against AUD 941,000 a year ago.