Industrial Minerals Inc. Announces Symbol Change And New Board of Directors.

Business Editors

TORONTO--(BUSINESS WIRE)--May 10, 2002

Industrial Minerals Inc. announced today that effective Monday, May 13, 2002 its trading symbol will change to INDM (OTCBB:INDM) from PNWW (OTCBB:PNWW).

Industrial Minerals Inc. also wishes to announce the following individuals to its new Board of Directors (all previous directors have resigned):

President and Director -- EDWARD V. VERBY, age 59, in 1963 earned his Bachelor of Commerce degree from Loyola College in Montreal with a major in economics. From 1963 to 1991 he worked in the tire industry retiring from Uniroyal-Goodrich Canada, Inc. where he held the position of Vice President of Sales. Mr. Verby became a director and later President of Great Lakes Nickel Limited in 1991 resigning both positions in December of 2001.

CFO, Secretary-Treasurer and Director -- JOHN MELNYK, age 53, studied Business Administration and Commerce at the University of Alberta from 1970 to 1974. From 1974 to 1994 he worked in management and sales in the photography industry, including ownership in a photo finishing lab which he sold in 1994. From 1994 to the present he has been a self employed business consultant. Mr. Melnyk also served as the President and a director of Murphy's Investment Corp. a privately held Corporation. He resigned his position in March of 2002.

Director -- STEPHEN W. WEATHERS, age 41, earned his B. S. in Geology from Boise State University. He has worked as an environmental geologist both in the mining industry and the oil and gas industry. His duties included permitting, environmental compliance, environmental remediation/reclamation and natural gas asset acquisitions both in the United States and Canada. Mr. Weathers worked for Maxxim Environmental/Terracon from 1997 through 1999 and presently works for a Duke Energy Field Services which is a natural gas processing company (1999-2002). Mr. Weathers also serves as a director of Sun River Mining, Inc.

Industrial Minerals Inc. owns 100% of the undivided interest in the Bissett Creek Graphite patented mineral lease located in Maria Township in Southern 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. Industrial Minerals also holds the rights to produce graphite using a patented dry production process.

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.