Based on a share price of A$0.07 per share, the value of IMX's investment in Uranex Limited stood at $3.8 million at the end of the quarter.
Appointment of Company Secretary
On 14 December 2012, IMX announced the appointment of Mr Stuart McKenzie to the position of full-time Company Secretary. Mr McKenzie was previously Company Secretary with Anvil Mining Limited for almost six years, prior to which he held senior roles with Ok Tedi Mining Limited, Ernst and Young and HSBC.
2012 Advantage SA Regional Awards
IMX was awarded the state-wide Westpac Large Business Category for its outstanding contribution to Coober Pedy and the Far North region, as a part of the 2012 Advantage SA Regional Awards ceremony. IMX was recognized not only for its contribution to the Far North region, but also to the Port Adelaide area where the company exports its iron ore.
Designated Foreign Issuer status
As a consequence of the completion of the acquisition of CNI, IMX became a dual-listed company, with listings and official quotation on both the ASX and TSX. The shares are fully exchangeable between the two exchanges.
Owing to less than 10% of the Company's equity securities being owned by residents of Canada, IMX qualifies for designated foreign issuer ("DFI") status under Canadian securities laws. As a consequence, the Company is exempt from certain Canadian continuous disclosure obligations, including quarterly financial statements, management discussion and analysis, annual information forms (other than when prepared to make an issuer eligible to file a short form prospectus) and various other requirements. The continuous disclosure exemptions granted to the Company under its DFI status, are subject to compliance with comparable disclosure obligations of the ASX.
Neil Meadows, Managing Director
About IMX Resources Limited
IMX Resources Limited is an Australian-based mining and base and precious metal exploration company listed on the Australian Securities Exchange and Toronto Stock Exchange (TSX), with exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in southeast Tanzania, which includes the potentially world-class Ntaka Hill Nickel Sulphide project. Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the world's best un-developed nickel sulphide projects and has the potential to produce a very clean, high-quality premium nickel concentrate.
In Australia, IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 kilometres south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite-copper-gold DSO product at a rate of 1.8Mtpa.
IMX is actively developing the Mt Woods Magnetite Project on the highly prospective Mt Woods Inlier in South Australia. IMX currently has a JORC Inferred Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell have the potential to produce a direct sinter feed product which has the potential to attract a significant price premium.
IMX has also entered into a joint venture with OZ Minerals Limited (the Mt Woods Copper-Gold JV Project) to explore the Mt Woods tenements for copper and gold. OZ Minerals Limited is spending a minimum of $20 million for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron ore rights and 100% of the iron rights.
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