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DEVELOPMENT PROJECTS
1. Ntaka Hill Nickel Sulphide Project, Tanzania (IMX 100%)
The final NI 43-101 Technical Report for the updated Preliminary Economic Assessment for the Ntaka Hill Nickel Sulphide Project was completed during the quarter. In addition, the following work was ongoing during the quarter:
-- Continuation of the definitive metallurgical test work program being carried out at G&T Metallurgical Laboratories in Canada, which included optimisation flotation test work on the various mineralised zones;-- Completion of a program of sterilisation drilling for the proposed process plant, waste rock dump and tailings dam locations, with assays outstanding on this drilling;-- Completion of a program of hydrogeological drilling to determine requirements for pit dewatering and also potential for process water supply; and-- Completion of the Relocation Policy Framework for land acquisition.
A copy of the NI 43-101 Technical Report is available under the Company's profile on SEDAR or on the IMX website.
2. Mt Woods Magnetite Project, South Australia (IMX 100%)
During the quarter, various studies either commenced or continued at modest rates incurring minimal expenditure, in order to enhance the Company's understanding of key project risks and opportunities. These studies included:
-- Metallurgical test work to confirm the metallurgical response of the Snaefell ore and the suitability of the product for direct sinter feed in steelmaking;-- Completion of an options study for project power supply which showed the technical feasibility of a number of power supply options; and-- Completion of a desktop review of project water supply which determined that sufficient water should be available from ground water in the project area to support the proposed operations.
Results of the metallurgical test work are expected to be available in the first quarter of 2013.
In addition to the ongoing studies, the Company continues to explore options for the commercialisation of the Mt Woods Magnetite Project.
3. Cairn Hill Phase 2 (IMX 51%)
During the quarter, work continued on the approval process associated with the Cairn Hill Phase 2 development. The revised Program for Environment Protection and Rehabilitation ("PEPR") is expected to be submitted in 2013, with a final production decision made once the PEPR approval has been obtained.
EXPLORATION
1. Nachingwea Property, Ntaka Hill (IMX 100%)
Sleeping Giant
During the quarter, exploration activity at Ntaka Hill focused on infill drilling of the Sleeping Giant Zone with a total of 60 holes for 15,488 metres. In addition, three holes totalling 1,000 metres were completed as part of the geotechnical program at the Sleeping Giant Zone. The key objectives of the drilling program, which concluded in early December, were to:
-- Upgrade the current mineral resource;-- Expand the higher grade core of the Sleeping Giant Zone; and-- Further define the near-surface zones of hanging wall disseminated mineralisation within the northern, shallower half of the deposit area.
Owing to the onset of the wet season, field crews demobilised in early December and the Ntaka Hill camp was placed on care and maintenance.
New nickel sulphide intersections from the first round of drilling assays received from the Sleeping Giant Zone continued to confirm the overall continuity of the zone. A potential new sulphide lens located near the north eastern edge of the Sleeping Giant Zone assayed 1.04% Ni and 0.22% Cu over 32.65 metres, including 1.45% Ni and 0.25% Cu over 14.05 metres. This mineralisation is currently interpreted to represent an eastern dip extension of the main Sleeping Giant Zone. In addition, multiple zones of disseminated nickel sulphide mineralisation assaying above 0.5% Ni were intersected in the hanging wall within the Sleeping Giant Zone.
