June 30, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Infrastructure Materials Corp. (OTCBB: IFAM) has closed a $1,603,831 non-brokered private placement on June 25, issuing 6,973,180 common shares at a price of $0.23 per share in the private placement. The company said it will use the proceeds to fund its Blue Nose Plan of Operations Drill Program scheduled for early summer, as well as for general corporate purposes.

Infrastructure’s Blue Nose Project consists of 301 mineral claims covering over 6,000 acres located 90 miles northeast of Las Vegas, Nevada in Lincoln County. The company said it is expecting to receive approval of the Plan of Operations from the Bureau of Land Management in the next two weeks, allowing the Company to commence an extensive 25,000 foot drill program with an estimated cost of $1.2 million.

Infrastructure said the program is designed to provide the data necessary to calculate an indicated resource and begin pit design engineering. Management believes the Blue Nose Project is well suited to economically reach markets in California, Nevada, Idaho, and Utah.

The company is of the view that advancements of the Blue Nose Project are well timed to meet upcoming cement market recovery. Late this month, a Nevada State Legislative Committee recommended the creation of a new north-south Interstate 11 freeway incorporating portions of US Highways 93 and 95 and running from Las Vegas to Reno. Additionally, plans progress toward the development of a $3.5 billion high speed train between Las Vegas and Los Angeles. Both proposed construction developments are within close proximity to the Blue Nose Project, according to Infrastructure.

Nevada-based Infrastructure Materials is an exploration stage mining company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada.

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