Completion of Mt Woods benchmarking study
During the quarter, IMX appointed Azure as its corporate advisor.
One of Azure's first tasks was to assist IMX in an evaluation of the Mt Woods Magnetite Project, prior to advising the Company on the strategic commercial options for the project. The results of the benchmarking study carried out by Azure for the Mt Woods Magnetite Project were very positive with the project comparing favourably against domestic and international peers over a range of metrics.
The outcomes of the benchmarking study resulted in a recommendation to finalise a Scoping Study on the project which will outline three difference scale development scenarios. The benchmarking study highlighted the attractiveness of the approximately 1.8Mt per year scenario, due to its extremely attractive capital intensity as a result of the utilisation of existing Cairn Hill infrastructure.
Retention of Mt Woods JV
During the quarter, IMX announced that it was not proceeding with the sale of its 49% interest in the Mt Woods JV to Oz Minerals.
As a consequence, IMX retains 100% of the iron ore rights and 49% of the non-iron ore rights over the Mt Woods JV, along with legal title to all of the Mt Woods JV exploration licenses.
Appointment of Country Manager, Tanzania
During the quarter, IMX announced the appointment of Heavenlight Edward Kavishe ("Kavishe") as Country Manager, Tanzania, reporting to the Company's Managing Director, Neil Meadows.
As Country Manager, Kavishe will be responsible for general administration at IMX's offices in Dar es Salam, where he will be based, and will work closely with Tanzanian government authorities and industry stakeholders. Kavishe will also support the Company's activities in community relations and regulatory and legal compliance.
Termination of Revolving Line of Credit
During the quarter, the Revolving Line of Credit with LinQ Resources Fund, which was fully repaid by Termite Resources NL in December 2012, was terminated. The Line of Credit was due to expire on 30 May 2013 but was fully repaid in December 2012, well short of the facility's term.
Neil Meadows, Managing Director
About IMX Resources Limited
IMX is an Australian based mining and base and precious metals exploration company, listed on the Australian Securities Exchange and the Toronto Stock Exchange (TSX: IXR)(TSX: IXR.WT)(ASX: IXR), with exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in south-eastern Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide project, located approximately 250km west of the port town of Mtwara. 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 900Mt-1,200Mt @ 20-32% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell, have the potential to attract a significant price premium.
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- AIG to Create 230 Jobs in Charlotte
- General Motors Names Mary Barra as First Female CEO
- Russia Says Nyet to Canada North Pole Claim
- Bipartisan Negotiators Reach Modest Budget Agreement
- Justin Bieber Visits Typhoon Victims, Plays Concert
- Bitcoin Clones Lurch Onto Financial Scene
- Senate Dems Move Forward With Obama Nominees
- MasterCard to Split Shares, Raise Dividend
- New Obama Aide to Focus on Climate Change