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

Appointment of Christopher Crupi and Gregory Borden Bowes as Directors

On June 23, 2008, the Board of Directors of Industrial Minerals, Inc. (the "Company") appointed Christopher Crupi to fill a vacancy on the Board. Mr. Crupi in a chartered accountant. Mr Crupi in the president and chief executive officer and a director of Paramount Gold and Silver Corp, a publicly traded company listed on the AMEX and TSX stock exchanges. From 2000 to 2004, Mr. Crupi was a Vice President of Pricewaterhouse Coopers LLP. From 1996 to 2000 Mr. Crupi was with Ernst and Young. From 2005 to December 2007, Mr. Crupi was also president and chief financial officer of AMMEX Gold and Silver Corp., a publicly traded exploration mining company with property interests in the United States and Mexico. Mr. Crupi received a Bachelor of Commerce degree from the University of Ottawa in 1992. Mr. Crupi received his Chartered Accountant designation in 1995. Mr. Crupi was a special assistant to the Honorable Don Mazankowski, Deputy Prime Minister and Minister of Finance from 1988 to 1993. Mr. Crupi is 40 years old.

On June 23, 2008, the Board of Directors of the Company appointed Gregory Borden Bowes to fill a vacancy on the Board. From February of 2006 to March of 2008, Mr. Bowes was the president and CEO of San Anton Resource Corporation, an exploration mining company and reporting issuer in Ontario, Canada, whose shares trade on the TSX Stock Exchange. From January of 2004 to March of 2007, Mr. Bowes was the vice president and then chief financial officer of Orezone Resources Inc., a publicly traded mining company with reserves in West Africa. From 1992 to 2003, Mr. Bowes operated his own consulting firm providing financial, investment and management services to mining, mineral exploration and engineering clients. Mr. Bowes holds an MBA in Finance and Accounting from Queens University (1979) and a BA with Honours in Earth Sciences (Geology) from the University of Waterloo (1977). Mr. Bowes is 53 years old.

Resignation of William Thompson as Director

On June 20, 2008, William Thompson resigned as a Director of the Company. There were no material disagreements between Mr. Thompson and the Company as to the Company's operations or reporting.

Resignation of Patrick Michaud as Chief Financial Officer

On June 23, 2008, the Company accepted the resignation of Patrick Michaud as Chief Financial Officer of the Company. There were no material disagreements between Mr. Michaud and the Company as to the Company's operations or financial reporting.

Appointment of Robert Dinning as Interim Chief Financial Officer

On June 23, 2008, Robert Dinning was appointed to replace Patrick Michaud as the Company's Interim Chief Financial Officer. Mr. Dinning was the Company's Chief Financial Officer from September 15, 2006 to April 4, 2008. Mr. Dinning is a Chartered Accountant and life time member of the Alberta Institute of Chartered Accountants. Mr. Dinning has operated a consulting practice since 1977. He has an extensive background in corporate finance, operating in the mining and high tech industries. Mr. Dinning has been an officer and director of various public and private companies for the past 35 years, including companies in the United States and Canada. Mr. Dinning is currently a director of Apollo Gold & Energy Inc. Mr. Dinning is 68 years old.