Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.

Resignation of David Wodar

On June 18, 2008, Industrial Minerals, Inc. (the "Company") accepted the negotiated resignation of David Wodar as President and Chief Executive Officer and as a director of the Company's subsidiary. The resignation is to be effective as of the close of business on June 12, 2008. There were no material disagreements between Mr. Wodar and the Company as to its operations.

Paul Cooper, the Company's Chief Operating Officer, will act as the senior officer of the Company until a president is appointed.