Industrial Minerals, Inc. Announces Symbol Change.

TORONTO -- Industrial Minerals, Inc. announces today that effective Monday September 27, 2004 its trading symbol will change to IDSM from IDLM (OTCBB:IDLM).

For information on Industrial Minerals, Inc. please visit us on the worldwide web at www.industrialmineralsinc.com

Industrial Minerals Inc. through its wholly owned subsidiary Industrial Minerals Canada Inc. owns 100% of the undivided interest in the Bissett Creek Graphite patented mineral lease, containing a resource 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 504 hectares (1,245 acres). It has been the subject of substantial earlier exploration drilling, trenching and metallurgical test work by KHD Canada, Kilborn Engineering, Pincock Alan and Holt and Cominco Engineering Services.

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.