IMX Resources Limited ("IMX" or the "Company") (TSX:IXR)(TSX:IXR.WT)(ASX:IXR)
and including its subsidiaries (the "Group") is pleased to report on the
activities of the Group for the first quarter ended 30 September 2013. All
amounts are in Australian dollars unless otherwise stated.
SUMMARY
Cairn Hill Operations
-- Steady state operations with 451,898 tonnes shipped during the quarter
-- Positive cash flow from operations of $3.7 million (June quarter: $21.3
million)
-- Cairn Hill JV cash of $17.8 million (IMX 51% share $9.1 million)
-- Distributions to joint venture partners of $14.2 million (IMX share $7.2
million)
-- Assessment of potential for a Phase 2 extension to Cairn Hill ongoing
Ntaka Hill Nickel Sulphide Project
-- Completion of five year US$60 million earn-in and joint venture
agreement with MMG Exploration Holdings Limited ("MMG") over the
Nachingwea Exploration Project - IMX free carried through expenditure of
US$60 million
-- Exploration focus to be on high-grade nickel targets identified by new
exploration model
-- Under the terms of the earn-in and joint venture agreement with MMG, the
Stage 1 expenditure of $10 million to which MMG is committed and the
corresponding 15% earn-in, imply a $61 million pre-money valuation of
Nachingwea
-- Updated global Mineral Resource estimate for Ntaka Hill comprised of:
-- Measured and Indicated Mineral Resources of 20.3 million tonnes @
0.58% nickel and 0.13% copper for 117,880 tonnes of contained nickel
-- Inferred Mineral Resources of 35.9 million tonnes @ 0.66% nickel and
0.14% copper for 238,500 tonnes of contained nickel, a substantial
increase in the grade of the Inferred Mineral Resource from 0.30%
Mt Woods Exploration and Development
-- During the quarter, the Company released an NI 43-101 Technical Report
setting out the results of the Mt Woods Magnetite Project Scoping Study
-- Azure Capital progressing discussions with potential JV partners
-- Investigation of rail, port, shipping and power supply options to
support a number of throughput scenarios to further improve project
-- Hematite exploration program commences with appraisal of geophysical
data
Corporate
-- IMX cash of $2.9 million excluding cash invested in Cairn Hill JV - loan
payable of $2.5 million to Taifeng
-- Sale of Uranex shareholding for proceeds of approximately $1.3 million
OPERATIONS
Cairn Hill Joint Venture (IMX - 51%)
Summary information on production and shipments for the quarter is shown in
Table 1 (figures represent the full (100%) results of the Cairn Hill Joint
Venture (the "Cairn Hill JV").
Table 1. Cairn Hill JV: Production and shipment performance for the June quarter
2013
----------------------------------------------------------------------------
September June Comparison with
Quarter 2013 Quarter 2013 Previous Quarter
----------------------------------------------------------------------------
Waste removed (BCM) 573,210 276,399 107.4%
----------------------------------------------------------------------------
Waste and Ore (BCM) 668,452 377,900 76.9%
----------------------------------------------------------------------------
Ore Mined (tonnes) 409,539 436,456 (6.2%)
----------------------------------------------------------------------------
Ore Crushed (tonnes) 429,363 486,992 (11.8%)
----------------------------------------------------------------------------
Road Haulage (tonnes) 433,233 459,138 (5.6%)
----------------------------------------------------------------------------
Rail Haulage (tonnes) 439,161 456,751 (3.9%)
----------------------------------------------------------------------------
Ore Shipped (tonnes) 451,898 455,670 (0.8%)
----------------------------------------------------------------------------
Operations
Ore production, transport and shipping continued in steady state.
The Total Recordable Injury Frequency Rate increased to 16.4 (June quarter:
13.7) as a result of one Recordable Injury during the quarter. The on-going
focus on improving overall safety performance continued with the implementation
of improvement initiatives identified in a safety audit of operations which was
carried out in April.
Mining recommenced in Pit 2 during July with the first ore from Pit 2 scheduled
to be mined in the December quarter. Total volumes mined increased as a result.
Ore mining decreased slightly due to tight mining conditions in the bottom of
the open pit.
A total of 451,898 tonnes of ore were shipped for the quarter. Five shipments or
375,000 tonnes are forecast to be shipped during the December quarter due to the
cumulative impacts of weather delays earlier in the year. Forecast shipping
volume for the 2013 financial year is 1.75 Million tonnes.
For the September quarter, FOB costs averaged $82 per tonne shipped ($99 per
tonne CIF) (2013 financial year: $83/$99). While total expenditure for the
December 2013 quarter is stable, FOB costs are forecast to increase to $99 per
tonne shipped ($115 per tonne CIF) as a result of reduced shipments for the
quarter. FOB costs for the remainder of the 2014 financial year are forecast to
return to an average of $81 per tonne shipped ($99 per tonne CIF).
Stockpiles
At the end of the quarter the book value of ore stockpiles being the cost to
deliver the stockpiles to their present location was $8.8 million (30 June 2013:
$12.2 million). The decrease in the book value of ore stockpiles was due to
shipping volumes being in excess of tonnes mined during the quarter resulting in
lower physical quantities of stockpiles. The breakdown by stockpile location is
shown in Table 2.
Table 2. Ore stockpiles at 30 September 2013
----------------------------------------------------------------------------
Pre-Crusher Post Crusher Rankin Dam Port Adelaide
----------------------------------------------------------------------------
Stockpile (tonnes) 65,595 76,009 55,103 26,476
----------------------------------------------------------------------------
Sales and Marketing
Demand for Cairn Hill ore remained competitive during the quarter, with sales to
four different customers. Strong interest continues to be seen for cargo
placement for the remainder of 2013, with the Company receiving approaches from
a number of new interested parties.
Negotiations for 2014 cargo placement are well advanced and the Company expects
to have concluded sales agreements for its 2014 cargo during the December
quarter.
An increase in the AUD/USD exchange rate offset the rise in prices for iron ore
and copper during the quarter. The provisional price received per tonne of
magnetite copper ore shipped during the quarter was $121 per tonne CIF (June
quarter $126 per tonne CIF).
Operations Cash Flow
Positive cash flow of $3.7 million was generated from the Cairn Hill operation
during the September quarter (June quarter: $21.3 million). The difference
between the June and September quarter's cash flow is shown below.
Table 3. Reconciliation of June quarterly cash flow to September quarterly cash flow
----------------------------------------------------------------------------
$m
----------------------------------------------------------------------------
June quarter cash flow 21.3
----------------------------------------------------------------------------
June quarter overstated by final invoice adjustments (Note 1) (6.0)
----------------------------------------------------------------------------
September quarter understated by final invoice adjustments (Note 1) (6.1)
----------------------------------------------------------------------------
Provisional pricing difference between June and September (Note 2) (2.1)
----------------------------------------------------------------------------
September quarter payment of bi-annual royalty (Note 3) (1.1)
----------------------------------------------------------------------------
Receipt of only 80% provisional invoice for 6th ship in September
quarter (Note 3) (1.2)
----------------------------------------------------------------------------
Other (1.1)
----------------------------------------------------------------------------
September quarter cash flow 3.7
----------------------------------------------------------------------------
Note 1 - IMX receives 100% provisional payments for the shipments when loaded
based on commodity prices two months prior to the ship's departure from Port
Adelaide. The Company then receives or pays final invoice adjustments based on
final grades and commodity prices in the month post the ship departing Port
Adelaide. When commodity prices show volatility, final invoice adjustments can
be significant.
In the September quarter $6.1 million was repaid to customers on final invoices
relating to June quarter shipments due to the decrease in commodity prices and
iron ore grades.
The June quarter was overstated as a result of $6.0 million of final invoice
adjustments received relating to ships that left during the March quarter.
Note 2 - Provisional pricing was $2.1 million lower in September than the June
quarter as a result of the provisional price being calculated two months prior
to the ship's departure from Port Adelaide. Therefore, some of the provisional
pricing from June quarter shipments was calculated from early February where the
iron ore price was over $150/t and copper price was over $7,900/t.
Note 3 - September cash flows were also impacted by a shipment occurring late in
the quarter resulting in payment of only 80% of the provisional invoice amount
for this shipment and the bi-annual royalty payment.
Cairn Hill life of mine
Work on a Phase 2 development to extend the life of operations at Cairn Hill
continued during the quarter. Phase 2 is located immediately adjacent to the
current mining operation at Cairn Hill and the existing equipment, haul road and
rail and port infrastructure are suitable for mining this resource. Phase 2 has
the potential to extend the life of Cairn Hill for 12 to 15 months beyond the
currently planned completion in early 2015.
It is not economic to directly ship the Phase 2 resource and it will need to be
upgraded by dry magnetic processing following an additional stage of crushing.
It is anticipated that any additional equipment can be sourced from contractors.
Metallurgical test work on Phase 2 ore is ongoing and discussions have commenced
with potential customers for the product. The Company expects to be able to make
a decision on whether to commit to Phase 2 early in 2014.
EXPLORATION
1. Nachingwea Property, Ntaka Hill (IMX 100%)
Earn-in and JV agreement with MMG
During the quarter, the Company entered into a five year US$60 million earn-in
and JV agreement with MMG under which MMG may earn up to a 60% JV interest in
the Company's Nachingwea Property which includes the Ntaka Hill Nickel Sulphide
Project.
MMG has proposed a new exploration program, focussed on high-grade mafic
intrusive style nickel mineralisation at Ntaka Hill. The JV partners believe
that this program has the potential to increase the grade and size of the
existing resource.
The immediate priority is to target down-plunge extensions to known, shallow
high-grade mineralisation.
Under the terms and conditions of the agreement with MMG, IMX can continue to
manage smaller-scale exploration work on the regional tenements, so long as such
work does not conflict with MMG's sole funded program.
It is expected that IMX will be free carried through to a decision to develop as
a result of this joint venture.
Ntaka Hill - Resource Upgrade
Exploration work by Continental Nickel Limited ("CNI") and IMX at Ntaka Hill in
2012 was focused on resource definition and delineation in support of
near-surface, open pit mining opportunities. This resulted in an updated Mineral
Resource Estimate consisting of Measured and Indicated Mineral Resources of 20.3
million tonnes @ 0.58% nickel and 0.13% copper for 117,880 tonnes of contained
nickel and Inferred Mineral Resources of 35.9 million tonnes @ 0.66% nickel and
0.14% copper for 238,500 tonnes of contained nickel.(1) This represented a more
than doubling in the grade of the Inferred Mineral Resource.
In relation to the Measured and Indicated Mineral Resources and Inferred Mineral
Resources at Ntaka Hill that was announced on 19 August 2013 and referred to
above, IMX confirms that since announcing such information, it is not aware of
any new information or data that materially affects the information included in
that announcement and that all material assumptions and technical parameters
underpinning the estimates in that announcement continue to apply and have not
materially changed.
Ntaka Hill - exploration activity
Exploration activity at Ntaka Hill included diamond drilling; geochemical soil
sampling and sample processing; geological ground traverses; and geophysical
surveys which entailed induced polarization ("IP"), down hole magnetic and
electro-magnetic ("EM") surveys.
A total of 5,309m of diamond core was drilled in 14 holes (NAD13-366 to
NAD13-379). The primary objectives of the drilling were to seek extensions to
mineralisation along strike and down-dip from J, G and P Zones and the Sleeping
Giant and Zeppelin deposits. Holes targeted coincident soil geochemistry
anomalism, down hole EM conductors and gravity highs.
Assay results available to date confirm that the Sleeping Giant and Zeppelin
deposits are connected and remain open to the east, north, south and at
depth.(2)
A summary of significant intersections is shown in the table below.
Table 4. Significant intersections at Ntaka Hill during the quarter
----------------------------------------------------------------------------
Location Hole
East/ North Depth From To
Hole UTM:WGS84 Az / Dip (m) (m) (m) % Ni % Cu Target
----------------------------------------------------------------------------
NAD13-368 IP and EM
451095.832mE anomalies
/ south of
8883000.082mN 91 / -60 520.8 83.00 84.00 0.83 0.32 Zeppelin
----------------------------------------------------
108.00 111.00 1.02 0.21
----------------------------------------------------
118.00 120.20 2.35 0.83
----------------------------------------------------
123.00 127.00 0.66 0.19
----------------------------------------------------
132.00 145.00 0.64 0.20
----------------------------------------------------
444.00 451.00 0.53 0.17
----------------------------------------------------------------------------
NAD13-370 450875.678mE Zeppelin /
/ 8883600.898 Thunder
mN 90 / -65 414.7 116.00 125.00 0.59 0.18 extension
----------------------------------------------------
306.00 308.00 2.36 0.49
----------------------------------------------------------------------------
NAD13-371 450734.362mE Test between
/ 8883101.032 97.3 / Sleeping Giant
mN -70 573.2 150.50 157.50 0.81 0.14 and H zone
----------------------------------------------------
326.00 349.00 0.55 0.13
----------------------------------------------------
417.00 420.00 0.84 0.19
----------------------------------------------------------------------------
NAD13-373 EM plates and
possible
extension of
known
450349.852mE mineralization
/ 8883404.727 below Sleeping
mN 95 / -64 406.6 104.45 114.00 0.49 0.15 Giant
----------------------------------------------------
187.90 200.00 0.46 0.10
----------------------------------------------------------------------------
NAD13-374 Extension of
450759.581mE Sleeping Giant
/ 8883350.414 towards
mN 93 / -70 455.1 95.00 119.00 0.36 0.11 Zeppelin
----------------------------------------------------
177.00 186.00 0.50 0.12
----------------------------------------------------
201.00 216.00 0.58 0.13
----------------------------------------------------------------------------
Results from holes drilled during the June quarter in the northern part of the
Ntaka Hill Intrusion were received during August and contained disseminated
mineralisation, suggesting that the northern extent of the higher grade envelope
has been defined. Drilling between G and J Zones intersected shallow
mineralisation indicating the two deposits may be connected.
Lionja intrusion
At the Lionja prospect, 8km to the south of Ntaka Hill, two north-east oriented
700m long nickel-copper-chromium soil anomalies have been identified coincident
with a major gravity high from a detailed gravity survey in November 2012. This
indicates the potential for mineralisation in that location and presents a
potential drilling target.
2. Nachingwea Property, Regional Targets (IMX 100%)
Regional soil sampling and field mapping commenced during the quarter, with a
total of 6,155 soil samples collected over various prospects in the Nachingwea
Project area.
3. Mt Woods Magnetite Project-Regional Targets (IMX 100%)
IMX has commenced an exploration program for direct shipping ore ("DSO")
hematite, starting with an appraisal of regionally extensive airborne gravity
data and magnetics data. Arrium Limited's Peculiar Knob DSO hematite mine is
located within 6 km of IMX's Mt Woods exploration licences. IMX considers all of
its tenure in the Mt Woods Inlier as potentially hosting hematite bodies that
could be concealed beneath the cover of shallow sands.
4. Mt Woods Copper-Gold JV Project, South Australia (IMX 100%)
Subsequent to the end of the September quarter, OZ Minerals Limited ("OZ
Minerals") advised IMX of its intention to withdraw from the Mt Woods
Exploration JV. As a result, OZ Minerals will relinquish its interest in the
non-iron rights over the Mt Woods tenements and ownership of those tenements and
all mineral rights will revert to 100% ownership by IMX. The Company views this
as an opportunity to refresh the exploration effort on what it considers to be
highly prospective tenements. Several parties have expressed interest in
assessing the data set with a view to a possible exploration JV covering the
area.
5. Mibango Nickel Project, Tanzania (IMX 100%)
No exploration was conducted during the September quarter.
6. Milange Nickel-Copper-PGE Project, Mozambique (IMX 100%)
A decision was taken in August to withdraw the submission of exploration licence
renewal applications and allow such licences to lapse due to poor results from
the soil sampling program conducted in 2012.
7. St. Stephen Nickel-Copper JV Project, Canada (IMX 50%)
As part of the acquisition of CNI, the Company acquired CNI's interest in the
St. Stephen Nickel-Copper Project located in south-western New Brunswick,
Canada.
No exploration was conducted during the September quarter.
DEVELOPMENT PROJECTS
1. Ntaka Hill Nickel Sulphide Project, Tanzania (IMX 100%)
Metallurgical test work and other engineering investigation work related to
potential project development at Ntaka Hill have been put on hold.
Engagement with Tanzanian authorities and infrastructure owners and providers
continued during the quarter, in order to ensure that the Company is well
positioned when project evaluation and development activities recommence.
Delivery of community development projects in cooperation with local
stakeholders has continued during the quarter. These projects have included the
completion of community buildings and refurbishment of local water wells in the
Lionja village, along with commencement of the construction of school dormitory
buildings in the Nditi village.
2. Mt Woods Magnetite Project, South Australia (IMX 100%)
Following completion of a favourable scoping study for the development of a
project at the Snaefell deposit located at Mt Woods(3) (the "Mt Woods Scoping
Study"), development work has continued with a focus on investigating
alternatives to improve the return from the Mt Woods Magnetite Project. These
alternatives have primarily targeted rail, port, power supply and shipping
options to support several throughput scenarios between 1.8Mtpa and 3.5Mtpa of
production and work to date has included engagement with key infrastructure
owners, focussed on securing access to critical project infrastructure and
delivering satisfactory outcomes for both the owners of existing infrastructure
and the Mt Woods Magnetite Project.
Preliminary engagement has also commenced with South Australian Government
authorities including the Department of Environment, Water and Natural Resources
and the Department for Manufacturing, Innovation, Trade, Resources and Energy
("DMITRE"). These discussions have focussed on the allocation of water for the
project and securing the required project approvals.
In preparation for the next phase of project development work, a geological,
metallurgical and geotechnical drilling program has been developed for the
Snaefell deposit and has been submitted to DMITRE for its approval. A heritage
survey of the proposed drill collars has also been completed, with results and
heritage approval expected during the December quarter. This will expedite the
program once funding is obtained.
The work under way with Azure Capital Limited to secure a partner for the
evaluation and development of the Mt Woods Magnetite Project continues, with a
number of parties engaged and at different stages of assessment.
CORPORATE
Cash flow
As at 30 September 2013, the Consolidated Group had cash at bank of $20.7
million, as detailed in Table 5 below:
Table 5. Consolidated Cash Position
----------------------------------------------------------------------------
30 Sept 2013 30 June 2013
($m) ($m)
----------------------------------------------------------------------------
IMX Resources Limited (see reconciliation
below) 2.9 2.9
----------------------------------------------------------------------------
Cairn Hill JV (51% IMX share is $9.1 million) 17.8 23.5
----------------------------------------------------------------------------
Consolidated Group 20.7 26.4
----------------------------------------------------------------------------
The Cairn Hill JV cash balance is the working capital required to fund the
operation. Distributions to the JV partners are made on a monthly basis so as to
retain a cash balance of at least $3 million.
Distributions to the Cairn Hill JV partners amounted to $14.2 million, of which
IMX received $7.2 million. Forecast distributions to the Cairn Hill JV partners
in the December quarter are $7.7 million (IMX share $3.9 million). Reduced
tonnes shipped in the December quarter will limit distributions in the March
quarter.
The IMX cash balance remained unchanged during the quarter due to distributions
received from the Cairn Hill JV being used largely to continue exploration at
Nachingwea prior to the finalisation of the JV with MMG on 18 September 2013.
This is shown in the following cash flow summary for IMX for the September 2013
quarter.
Table 6. IMX Cash Flow Summary (not consolidated)
----------------------------------------------------------------------------
$m
----------------------------------------------------------------------------
Opening Cash 2.9
----------------------------------------------------------------------------
Distributions from Cairn Hill JV (51%) 7.2
----------------------------------------------------------------------------
Repayment of preferential distribution to Cairn Hill JV (see below) (5.0)
----------------------------------------------------------------------------
Loan from Taifeng (see below) 2.5
----------------------------------------------------------------------------
Disposal of Uranex 1.3
----------------------------------------------------------------------------
Exploration and project development (4.7)
----------------------------------------------------------------------------
Administration / other (1.3)
----------------------------------------------------------------------------
Closing Balance 2.9
----------------------------------------------------------------------------
During the March 2013 quarter, Taifeng agreed that the Cairn Hill JV would make
preferential distributions of $5 million to IMX following the decision to
withdraw from the transaction contemplated with OZ Minerals. During the
September quarter, this was converted into a $2.5 million unsecured, interest
free loan with Taifeng.
This loan is scheduled to be repaid in December 2013. The forecast distributions
from the Cairn Hill JV to IMX, together with cash on hand are sufficient to
repay the loan and cover the Company's ongoing expenditure obligations.
Cash Flow guidance - current mine life
The current mine plan for Cairn Hill Phase 1 forecasts shipping to cease in
early 2015. The free cash flow for 100% of the Cairn Hill JV and the forecast
distributions to the Cairn Hill JV partners from October 2013 until then are
shown in the following table:
Table 7. Remaining Life of Mine Cash Flow and Distributions from Cairn Hill JV
----------------------------------------------------------------------------
Using Consensus Using Current Spot
Economics Data ($m) Pricing1($m)
----------------------------------------------------------------------------
Free Cash Flow (100%) 29.5 33.5
----------------------------------------------------------------------------
Add Current Cash 17.8 17.8
----------------------------------------------------------------------------
Less Current Net Creditors (22.9) (22.9)
----------------------------------------------------------------------------
Distributions to JV
partners (100%) 24.4 28.4
----------------------------------------------------------------------------
1 Fe $132/t, Cu $7,085/t, FX 0.965
Investments
In August, the Company disposed of its interest in Uranex Limited, when it sold
54,246,482 shares for gross proceeds of $1,356,162.
Resignation of directors
During the quarter, Mr Stephen Hunt, who had served as a non-executive director
since 2007, tendered his resignation. The process to identify a replacement for
Mr Hunt is under way.
Subsequent to the end of the quarter, Managing Director Neil Meadows resigned.
In the interim period until a permanent replacement is identified, Mr Meadows'
role will be assumed by IMX Chairman John Nitschke.
John Nitschke, Acting Managing Director
About IMX
IMX Resources Limited is an Australian based mining and base and precious metals
exploration company, listed on the Australian Securities Exchange ("ASX") and
Toronto Stock Exchange, with projects located in Australia, Africa and North
America.
In Africa, IMX owns 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 undeveloped nickel sulphide projects and has the potential to
produce a clean, high quality premium nickel concentrate. IMX has formed an
exploration JV with MMG to fund further exploration of this Project whereby MMG
can contribute up to US$60 million to earn a 60% interest in the Project.
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 Mineral Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit(4)
and a Global Exploration Target of between 900Mt-1,200Mt @ 18-32% 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.
The Global Exploration Target tonnage quantity and grades estimates are
conceptual in nature only. These figures are not a Mineral Resource estimate as
defined by the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves or NI 43-101, as
insufficient exploration has been conducted to define a Mineral Resource and it
is uncertain if further exploration will result in the target being delineated
as a Mineral Resource.
IMX confirms that the Inferred Mineral Resource at Snaefell that was announced
on 1 March 2012, was prepared and first disclosed under the JORC Code 2004. It
has not been updated since to comply with the JORC Code 2012 on the basis that
the information has not materially changed since it was last reported. IMX
further confirms that since announcing the Inferred Mineral Resource at
Snaefell, it is not aware of any new information or data that materially affects
the information included in that announcement and that all material assumptions
and technical parameters underpinning the estimates in that announcement
continue to apply and have not materially changed.
Visit: www.imxresources.com.au
Competent Persons / Qualified Persons
Information relating to quality control and technical information on exploration
results at the Ntaka Hill Nickel Sulphide Project has been prepared under the
supervision of Mr Mathew Perrot in his capacity as Senior Exploration Geologist
for IMX. Mr Perrot is a registered member of the Australian Institute of
Geoscientists and has sufficient relevant experience to qualify as a Competent
Person under the 2012 Edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves ('JORC 2012') and as a
qualified person under Canadian National Instrument 43-101 ('NI 43-101'). Mr
Perrot has verified the data underlying the information contained in this
announcement and approves and consents to the inclusion of the data in the form
and context in which it appears.
Information relating to the Global Exploration Target of between 900Mt-1,200Mt @
18-32% Fe on the Mt Woods Magnetite Project is based on data compiled by Mr
Peter Hill who is a Member of the Australian Institute of Geoscientists, and who
is a full-time employee of the Company. Mr Hill has sufficient relevant
experience to qualify as a Competent Person under the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr Hill approves and consents to the inclusion of the data in the
form and context in which it appeared.
Information relating to Australian exploration results is based on data compiled
by Mr Peter Hill who is a Member of the Australian Institute of Geoscientists,
and who is a full-time employee of the Company. Mr Hill has sufficient relevant
experience to qualify as a Competent Person under the 2004 JORC Code and as a
Qualified Person for the purpose of NI 43-101. Mr Hill approves and consents to
the inclusion of the data in the form and context in which it appears.
Cautionary statement: The TSX does not accept responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained
herein.
Forward looking statements: This news release includes certain "forward-looking
statements". Forward-looking statements and forward-looking information are
frequently characterised by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may", "will" or "could" occur. All statements
other than statements of historical fact included in this release are
forward-looking statements or constitute forward-looking information. There can
be no assurance that such information or statements will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such information. Important factors could cause actual results to
differ materially from IMX's expectations.
These forward-looking statements are based on certain assumptions, the opinions
and estimates of management and qualified persons at the date the statements are
made, and are subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from those
projected in the forward-looking statements or information. These factors
include the inherent risks involved in the exploration and development of
mineral properties, the uncertainties involved in interpreting drilling results
and other geological data, fluctuating metal prices, the possibility of project
cost overruns or unanticipated costs and expenses, the ability of contracted
parties (including laboratories and drill companies to provide services as
contracted), uncertainties relating to the availability and costs of financing
needed in the future and other factors. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Exploration target tonnage
quantity and grade estimates are conceptual in nature only. These figures are
not resource estimates as defined by the 2004 JORC Code or NI 43-101, as
insufficient exploration has been conducted to define a Mineral Resource and it
is uncertain if further exploration will result in the target being delineated
as a Mineral Resource.
IMX undertakes no obligation to update forward-looking statements or information
if circumstances should change. The reader is cautioned not to place undue
reliance on forward-looking statements or information. Readers are also
cautioned to review the risk factors identified by IMX in its regulatory filings
made from time to time with the ASX, TSX and applicable Canadian securities
regulators.
(1) See ASX news release 19 August 2013
(2) See ASX news release 29 October 2013
(3) ASX news releases 4 June 2013 and 13 June 2013
(4) ASX news release 1 March 2012
FOR FURTHER INFORMATION PLEASE CONTACT:
IMX Resources Limited
John Nitschke
Acting Managing Director
+61 8 9388 7877
jnitschke@imxres.com.au
www.imxresources.com.au
Investor Relations
Tony Dawe
Professional Public Relations
+61 8 9388 0944
tony.dawe@ppr.com.au
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