GlobeNewswire Inc | Jun 23, 2021 08:30AM EDT

June 23, 2021

Highlights:

-- Assay results from the first four drillholes continue to return impressive intercepts of 99.8 m (327.3) grading 299 g/t scandium oxide (Sc2O3), including 24.2 m (79.4) grading 331 g/t Sc2O3 and 77.3 m (253.5') grading 313 g/t Sc2O3. -- Elevated levels of total rare earth oxides plus yttrium (TREO+Y) ofup to 0.46 % characterize the scandium-bearing intercepts.

-- All drill assays have been received and the data has been transferred to our engineering group to complete the 43-101 resource estimation work on the TG Zone.

MONTREAL, June 23, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received the final batch of assays from the winter definition drill program on the Crater Lake TG scandium mineralized Zone (the Zone). Assay results continue to return substantial intersection widths of scandium- and rare earth-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press releases April 28th and May 27th, 2021). A delay on delivery of the final results from the laboratory will push the date of the completion of the resource estimation into July but remains within anticipated delivery expectations.

The final drilling results at the Crater Lake property continue to show consistently high grade and wide scandium and rare earth intersections over the entire TGZ mineralized system, said Peter Cashin, Imperials President & Chief Executive Officer. We are now in the process of delivering the project data to our consultants to commence 43-101 resource estimation work. Having drilled the northern lobe on 50 m centres, we believe that a portion of the resource will provide indicated as well as inferred category resources. With the resource estimation in hand, likely in July, and completion of our metallurgical flowsheet, we will commence work on delivering a Preliminary Economic Assessment (PEA) for the project some time this fall, as originally scheduled.

DRILLING PROGRAM

In total, 14 drillholes for 2,084.8 m have been completed (Table 2, Figures 1, 2 and 3). All drillholes intersected the target mafic intrusive host rock which show a high degree of grade homogeneity. 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 Sc (g/t) Sc2O3(g/t) TREO+Y (m) (%)CL21046 107.15 160.60 53.45 172 264 0.3258Incl. 107.15 125.65 18.50 187 287 0.3382 CL21049 38.00 115.43 77.43 204 313 0.3441Incl. 49.00 76.00 27.00 215 330 0.3478And incl. 83.50 98.50 15.00 220 337 0.3580 CL21050 45.63 53.30 7.67 170 261 0.3305And 91.74 111.92 20.18 183 281 0.3873Incl. 96.70 107.66 10.96 214 328 0.4555 CL21051 90.45 98.65 8.20 177 271 0.3197And 104.64 121.80 17.16 182 279 0.3218And 131.00 156.71 25.71 208 319 0.3481incl. 131.00 137.95 6.95 240 368 0.3942 CL21052 55.95 155.75 99.80 195 299 0.3417incl. 100.50 117.00 16.50 217 333 0.3710And incl. 119.30 143.50 24.20 216 331 0.3665 CL21053 44.56 53.28 8.72 188 288 0.3720And 58.40 63.67 5.27 196 301 0.4239

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.

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 726 samples, including 43 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.

Table 2 Borehole Location Table Crater Lake Project, Quebec

Borehole Section Easting Northing Elevation Azimuth Dip Length (m)Number (m)CL21040 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

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.comTwitter:@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/87dbf4ed-6acf-45ed-a836-e3ac4ac3294c

Figure 2 Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec https://www.globenewswire.com/NewsRoom/AttachmentNg/877f253a-0ab5-496c-bfa3-6af214c141ba

Figure 3 Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebec https://www.globenewswire.com/NewsRoom/AttachmentNg/f87dd3ff-c72f-428b-8a81-55461626c861