Industrial Minerals Inc. Approved for Listing in Standard and Poor's Corporation Records

    TORONTO--Oct. 15, 2002--Industrial Minerals Inc. (OTCBB:INDM), announced today, that the Editorial Board of Standard and Poor's has approved Industrial Minerals, Inc. for a complete listing and description in Standard and Poor's Corporation Records. In addition, Industrial Minerals, Inc. will have its corporate description published in Standard and Poor's Daily News Section. S&P will also initiate financial coverage of Industrial Minerals, Inc. as part of the S&P Access Program. This includes coverage of Industrial Minerals, Inc. on S&P's website www.advisorinsight.com, as well as S&P Market Scope and the electronic version of the S&P Stock Guide database.
    Standard Corporation Records is a recognized securities manual for the "Blue Sky" Standard Manual Exemption for secondary trading in more than 35 states. Industrial Minerals, Inc. listing in Standard Corporation Records should assist the brokerage and investment communities in making a market in Industrial Minerals, Inc. stock. However, it is recommended that brokers check with the compliance officers or legal counsel for applicable "Blue Sky" laws & regulations pertaining to them.
    Industrial Minerals Inc. owns 100% of the undivided interest in the Bissett Creek Graphite patented mineral lease, containing a reserve of 640,000 tons of flake graphite, located in Maria Township in the Province of Ontario, Canada. The property is comprised of 28 patented claims covering an area of approximately 1245 acres (504 hectares). It has been the subject of substantial earlier exploration drilling, trenching and metallurgical test work by Cominco Engineering Services, Kilborn Engineering, Pincock Alan and Holt and KHD Canada. The company also owns three unpatented mining claims comprising approximately 645 acres (250 hectares) which are contiguous to the Bissett Creek property.
    Disclaimer: Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.