GlobeNewswire Inc | May 27, 2021 08:30AM EDT

May 27, 2021

Highlights:

-- Assay results from the first four drillhole continue to return impressive intercepts of 111.9 m (367.0) grading 298 g/t scandium oxide (Sc2O3), including 40.5 m (132.8) grading 336 g/t Sc2O3and 34.77 m (114.0') grading 321 g/t Sc2O3. -- Elevated levels of total rare earth oxides plus yttrium (TREO+Y) ofup to 0.38 % characterize the scandium-bearing horizon. -- At current prices for the magnet rare earths (Nd, Pr, Dy, Tb) the rare earth mineralization will provide the project with important bulk concentrate value for the potential operation.

MONTREAL, May 27, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it continues to receive strong scandium and rare earth assays from Crater Lake drilling the TG scandium mineralized Zone (the Zone). Assay results continue to return substantial intersection widths of scandium-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press release April 28, 2021). The drilling program was completed on May 9th, with a total of 14 drillholes having tested the Zone. Sufficient drill data has now been collected to undertake a 43-101 preliminary Resource Estimate of the TG zone for delivery in June.

The winter drilling results at the Crater Lake property continue to build an important scandium and TREO+Y resource at the TGZ target, said Peter Cashin, Imperials President & Chief Executive Officer. Drilling has now defined the Zone on 50 m sections between Sections 350N and 650N and mineralization has been traced by drilling over 650 m in total strike length down to a vertical depth of up to 200 m. Importantly, the zone is getting thicker and higher grade with depth and to the north of Section 500N.

CURRENT DRILLING

To date, 14 drillholes for 2,084.8 m have been completed (Table 2, Figures 1, 2 and 3). All drillholes have intersected the target mafic intrusive host rock. The drilling indicates that the TG scandium zone is doubly dipping between 830 west to 700 east, with a north-northeast strike direction. The widths of the mineralized zone vary between 55 and 135 m (180-443) in true thickness. Mineralization is open at depth below the 200 m vertical level and along strike and appears as a thickening, conical-shaped body in cross-section.

Table 1 Best Drillhole Assay Results, Crater Lake Project, Quebec

Hole # From (m) To (m) Interval (m) Sc (g/t) Sc2O3(g/t) TREO+Y (%)CL21044 46.85 132.33 85.48 177 271 0.3396Incl. 75.64 98.23 22.59 202 310 0.3565And 160.17 168.84 8.67 172 264 0.3590 CL21045 18.70 86.90 68.20 165 253 0.3141Incl. 38.50 73.27 34.77 209 321 0.3744 CL21047 14.90 31.40 16.50 130 199 0.2684And 36.85 61.48 24.63 129 198 0.2633And 69.07 98.40 29.33 181 278 0.3310Incl. 69.07 84.00 14.93 198 304 0.3455 CL21048 50.57 162.50 111.93 194 298 0.3547Incl. 70.00 84.00 14.00 203 311 0.3707And incl. 94.00 134.50 40.50 219 336 0.3785

NOTES: - 1 ppm of Sc metal equals 1.5338 ppm scandium oxide (Sc2O3) ; 1 g/t equals 1 ppm. TREO+Y includes oxides of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb and Lu plus Y.

SECTION 350N DRILLING The hole intersected a cumulative thickness of 55.6 m of Sc-bearingCL21050 ? mafic Olivine Ferrosyenite (OLFESYN) intrusive with individual intersections of up to 20.0 m in core length. SECTION 600N DRILLING This hole intersected a cumulative 154.9 m (508.1?) of Sc-bearing OLFESYN commencing at 56.5 m in the hole. The azimuth of this hole was reversed from the other holes on Section to confirm our initial inverted cone geometry of the zone. The largest intersection returnedCL21052 ? 142.5 m (467.4?) of OLFESYN, starting at 56.5 m in the hole. Of interest was 6.7 m thick interval of pegmatite containing very coarse amphibole aggregates with several inclusions of zircon and up to 10% of fluorite at the contact between the OLFESYN and the footwall felsic syenite. The high fluorite commonly carries high rare earth grades elsewhere on the property. SECTION 650N DRILLING CL21051 ? The hole intersected a cumulative thickness of 54.2 m (177.8?) interval of favourable OLFESYN starting at 73.5 m in the hole. The hole was a shallow overcut to hole CL21051 and intersected aCL21053 ? cumulative interval of 19.3 m (63.3?) interval of favourable OLFESYN commencing at 22.2 m in the hole.

The mineralization on this Section has further confirmed that the system is building with depth and that the mineralization has a steep northern plunge geometry.

The core samples from holes CL21046 and CL21049 to CL21053 have been sent out for analyses and have been delivered to Activation Laboratories late last week. Results are anticipated to be delivered within three weeks of receipt of this remaining shipment.

Table 2 Borehole Location Table Crater Lake Project, Quebec

Borehole Section Easting Northing Elevation (m) Azimuth Dip Length (m)NumberCL21040 550N 440895 6133765 548 305 -47 117.0CL21041 500N 440823 6133748 550 305 -45 50.3CL21042 550N 440937 6133733 542 305 -50 213.9CL21043 550N 440867 6133786 551 305 -47 69.9CL21044 450N 440826 6133687 543 305 -47 186.8CL21045 450N 440792 6133711 548 305 -45 108.0CL21046 400N 440783 6133660 543 305 -47 190.0CL21047 400N 440757 6133678 547 305 -45 126.0CL21048 600N 440960 6133782 545 305 -47 208.0CL21049 600N 440930 6133802 548 305 -45 133.8CL21050 350N 440745 6133608 541 305 -47 151.0CL21051 650N 440987 6133824 545 305 -47 182.9CL21052 600N 440841 6133853 561 125 -55 229.0CL21053 650N 440951 6133855 553 305 -47 118.2 Total 2084.8

* Borehole Coordinate Datum : NAD83 Zone 20N

QA-QC Protocol

Strict QA/QC protocols have been implemented for the Crater Lake Project, including the insertion of certified reference materials (standards), duplicates and blanks at regular intervals throughout the sequence of samples.

A total of 611 samples, including 36 QA-QC samples, were sent to an analytical laboratory. All sample preparation and analytical work was carried out by Actlabs at their facilities in Ancaster, Ontario. Several analytical techniques were used to characterize the samples, which are combined at Actlabs into the analytical package 8-REE. This package includes whole-rock and trace element analytic techniques. Whole Rock analyses are done via a lithium metaborate/tetraborate fusion inductively coupled plasma (ICP) finish. Trace elements are also analyzed by fusion ICP/MS.

The technical content in this press release was prepared, reviewed and certified by Pierre Guay, P. Geo., Imperial's Vice-President, Exploration, a Geologist and Qualified Person as defined by NI43-101.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Qubec. Imperial is publicly listed on the TSX Venture Exchange as IPG and on the OTCQB Exchange as IMPNF and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin CHF Capital MarketsPresident and Chief Executive Iryna Zheliasko, Manager-CorporateOfficer CommunicationsPhone: +1 (514) 360-0571 Phone: +1 (416) 868-1079 x229Email: info@imperialmgp.com Email: iryna@chfir.com

Website:www.imperialmgp.com Twitter:@imperial_mining Facebook:Imperial Mining Group

This press release may contain forward-looking statements relating to the Companys operations or to its business environment. Such statements are based on the Companys operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise.Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 Crater Lake Drillhole Location Map https://www.globenewswire.com/NewsRoom/AttachmentNg/339b595c-b856-415a-9c6f-09d321dba712

Figure 2 Diamond Drill Cross-Section 450N, TG Zone, Crater Lake Project, Quebec https://www.globenewswire.com/NewsRoom/AttachmentNg/2b15915c-cdb7-43b0-9f24-4612b206de5f

Figure 3 Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebec https://www.globenewswire.com/NewsRoom/AttachmentNg/5be7ed52-17a4-4deb-bba8-7af779621169