IMX Resources Limited (ASX:IXR)(TSX:IXR)(TSX:IXR.WT) -
SUMMARY
Cairn Hill Iron Ore Operations
-- Phase 2 extension of the Cairn Hill Mine, with operations continuing
through to June 2015
-- Negative cash flow from operations of $1.4 million(1) due to receipt of
provisional invoice for the final shipment for the Quarter on 4 April
2014 (December Quarter: positive cash flow of $8.1 million)
-- Distributions to joint venture partners of $4.3 million, IMX's share
$2.2 million (December Quarter $11.9 million, IMX's share $6.1 million)
-- Iron ore price protection delivers average realised iron price of A$142
for the March Quarter exceeding the average 62% benchmark price of A$134
for the Quarter
Ntaka Hill Nickel Sulphide Project
-- Tanzanian regulatory approval of joint venture agreement with MMG
Exploration Holdings Limited ("MMG")
-- Assay results from final phase of December Quarter drilling identify new
zone of nickel mineralisation, 'Ntaka Kati'
-- Aggressive exploration program, involving a total of 14,775m of diamond
drilling and 8,700m of reverse circulation drilling expected to commence
in May 2014 (4 drill rigs currently on site)
Mt Woods Exploration and Development
-- Pilot hematite drilling program and occurrence of coarse specular
hematite at Fyans Prospect confirms hematite prospectivity of Mt Woods
-- Search continues for a development partner for the Mt Woods Magnetite
Project with roadshows undertaken in China and the Middle East
-- Several parties actively engaged in process to secure a joint venture
partner to explore for copper-gold on the Mt Woods tenements
Corporate
-- Appointment of Gary Sutherland as Managing Director and Derek Fisher as
Chairman, along with the relocation of the corporate office from Perth
to Adelaide
-- IMX cash of $3.3 million, excluding cash invested in Cairn Hill joint
venture
(1) All Dollars in this report are Australian Dollars unless otherwise stated.
OPERATIONS
Cairn Hill Joint Venture (IMX - 51%)
Summary information on production and shipments for the March Quarter are shown
in Table 1 below (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 March
Quarter 2014
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March December Comparison with
Quarter 2014 Quarter 2013 Previous Quarter
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Waste removed (BCM) 587,022 454,681 29.1%
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Waste and Ore (BCM) 689,482 554,770 24.3%
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Ore Mined (tonnes) 440,578 430,383 2.4%
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Ore Crushed (tonnes) 421,955 403,942 4.5%
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Road Haulage (tonnes) 411,337 422,691 (2.7%)
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Rail Haulage (tonnes) 431,592 418,871 3.0%
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Ore Shipped (tonnes) 450,344 381,735 18.0%
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Operations
While the Total Recordable Injury Frequency Rate decreased to 13.49 (December
Quarter: 19.1), one Recordable Injury occurred during the Quarter.
Mining continued in both Pit 1 and Pit 2 during the Quarter. Extra mining
capacity was utilised to accelerate pre-stripping activities in Pit 2. This
enabled ore to be accessed more quickly to partially compensate for the
underperformance of the Pit 1 orebody at depth (ASX announcement 3 March 2014).
Road and rail haulage volumes for the Quarter were adversely impacted by both
reduced availability of ore for transport and heavy rainfalls which resulted in
61.5 hours of lost road access.
A total of 450,344 tonnes of ore were shipped in six shipments, which was in
line with the Company's expectations. Six shipments are forecast for the June
Quarter.
For the March Quarter, FOB costs averaged $84 per tonne shipped and $104 per
tonne CIF (December Quarter: $94 and $111 respectively). The fall in costs per
tonne was attributable to the six shipments in the March Quarter compared to
five shipments for the December Quarter.
FOB costs per tonne shipped for the remainder of the 2014 financial year are
forecast to average $84 per tonne shipped ($106 per tonne CIF). These costs are
slightly higher than previously reported for the remainder of the 2014 financial
year due to the June 2014 quarter expecting six shipments instead of the
previously forecast seven shipments. The Company continues to operate with
increased rail capacity in order to recover some of the capacity lost due to
technical issues with locomotives and wet weather in 2013.
Operations Cash Flow
The Cairn Hill JV had negative cash flow from operations of $1.3 million
(December Quarter: positive cash flow of $8.1 million). This is a timing issue
only as the provisional invoice cash receipt of $8.6 million for the final
shipment of the March Quarter which departed on 30 March 2014 was received on 3
April 2014. Had the cash for this shipment been received during the March
Quarter, the cash flow would have been in line with the $6.8 million forecast in
the December Quarter.
The iron ore price and AUD/USD exchange rate fell during the provisional pricing
periods and the resulting provisional price received per tonne of
magnetite-copper ore shipped during the March Quarter was $127 per tonne CIF
(December Quarter $127 per tonne CIF). Hedges of the Platts 62% benchmark price
resulted in a positive $0.9m impact on cash flow during the quarter.
During the March Quarter, the Cairn Hill JV made payments of $2.7 million for
adjustments on final invoices, $1.2 million of which related to payments for
shipments in the December Quarter. At spot prices and exchange rates on 31 March
2014, payments for adjustments on final invoices due for settlement in the June
Quarter are estimated to be $7.3 million. This large settlement amount is due to
a combination of falling iron prices and low copper grades of the final two
shipments of the March quarter.
Stockpiles
At the end of the March Quarter, the book value of ore stockpiles, being the
cost to deliver the stockpiles to their present location, was $9.9 million (31
December 2013: $12.9 million). The decrease in the book value of ore stockpiles
was due to lower tonnes mined, which resulted in a drawdown of stockpile levels
in order to achieve six shipments for the Quarter. The breakdown by stockpile
location is shown in Table 2 below.
Table 2. Ore stockpiles at 31 March 2014
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Pre-Crusher Post Crusher Rankin Dam Port Adelaide
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Stockpile
(tonnes) 110,659 67,878 38,668 44,860
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Sales and Marketing
During the Quarter shipments were placed with existing, contracted customers.
DEVELOPMENT PROJECTS
1. Continuity of operations at Cairn Hill
Phase 2
During the Quarter, the Cairn Hill JV partners approved a Phase 2 extension of
the Cairn Hill Mine that will see it continue operation through to mid-2015 (see
ASX announcement 1 April 2014).
The Phase 2 extension will initially comprise the mining of two new open pits
(Pits 3 and 4) located to the east of the current Pit 1, with production of over
one million tonnes of product. There is potential to further extend the life of
the Cairn Hill Mine with a cut-back to the existing Pit 2.
Based on Consensus Economics forecasts for the first half of 2015 of US$115.50
per tonne for the 62% Platts Iron Ore index and an AUD/USD exchange rate of
0.86, financial modelling indicates that together with Phase 1 operations, the
Phase 2 extension is expected to generate post-tax, free cash flow of
approximately $8.0 million for the Cairn Hill JV.
Owing to the especially coarse nature of Cairn Hill magnetite, existing
customers have been able to produce very high-grade magnetite concentrates which
are highly desirable as feed to the steel-making process. As a result, the
intermediate product from Phase 2 is particularly attractive, with an existing
customer having provided a letter of intent to purchase up to 100% of the Phase
2 product under an agreed pricing model based on the 62% Platts Iron Ore index.
Built on the current mining operation and infrastructure that is already in
place, the Phase 2 extension is part of IMX's broader strategic vision to
establish a minimum five year life at the Cairn Hill Mine.
Hematite exploration
Exploration for direct shipping ore ("DSO") hematite is an important element of
the Company's efforts to maintain ongoing operations at Cairn Hill beyond 2015.
Any discovery of economic DSO hematite at Mt Woods has the potential for
near-term production utilising the road, rail and port infrastructure currently
used by the Cairn Hill Mine.
Results of a pilot drilling program to test hematite at Mt Woods that was
carried out in March 2014 returned wide intersections showing hematite derived
from alteration of a magnetite iron formation (see ASX announcement 1 March 2014
and 21 March 2014). These results show that hematite-forming geological
processes occur at Mt Woods and that the exploration methods applied in the
pilot drilling program can detect it. Since announcing these exploration results
on 1 March 2014 and 21 March 2014, IMX is not aware of any new information or
data that materially affects the information included in that announcement.
Exploration for this style of hematite mineralisation was given added impetus by
the identification of a significant occurrence of high-grade hematite from
previous drilling at the Mt Woods Project. The intersection was identified in
core drilled by former partner OZ Minerals Limited, who were exploring for
copper (see ASX announcement 4 April 2014). Assaying of the hematite rich
interval returned 8.4 metres @ 59.1% Fe from 406.7m (see Table 3).
Table 3: Hematite Fe% intercepts in hole DD112FYA002 - Fyans Prospect
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Main iron
Hole From To Width Fe % P % S % SiO2 % mineral
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DD12FYA002 384.0 389.3 5.3 49.80 0.03 0.02 20.75 Magnetite
DD12FYA002 406.5 414.9 8.4 59.10 0.04 0.10 11.70 Hematite
Includes 411.0 414.9 3.9 61.30 0.04 0.14 8.42 Hematite
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Since announcing these exploration results on 4 April 2014, IMX is not aware of
any new information or data that materially affects the information included in
that announcement.
This intersection at Fyans is too deep and narrow to be of direct economic
significance, but clearly demonstrates that the geochemical processes that
created Arrium's hematite mineralisation at Peculiar Knob were also active on
the Mt Woods tenements.
The Fyans Prospect is located approximately 11km south-west of Peculiar Knob.
2. Mt Woods Magnetite Project, South Australia (IMX 100%)
Investigation into optimised product handling solutions, particularly around the
port were completed during the Quarter, with concept designs developed for
changes to infrastructure.
The spring flora and fauna baseline survey for the Snaefell site was also
finalised, with the field work having been completed during the December
Quarter. This survey was undertaken to ensure that environmental baseline
studies did not impact on the critical path for project permitting.
The process to secure a partner for the evaluation and development of the Mt
Woods Magnetite Project continued during the Quarter. Azure Capital continues to
advise on the process, with a number of potential partners currently engaged at
various stages of review.
EXPLORATION
1. Nachingwea Property, Ntaka Hill (IMX 100%)
Joint venture with MMG
Having entered into a five year, US$60 million joint venture agreement with MMG
in September 2013, MMG immediately commenced funding and directing exploration
at the Nachingwea Project. MMG is targeting a resource in the order of 400,000
tonnes of contained nickel at greater than 1.5% nickel and has implemented a new
exploration program, focussed on delineating high-grade, mafic intrusive style
nickel mineralisation, which is considered to have the potential to increase the
grade and size of the existing resource.
Stage One progressing well
The 'Stage One' work program defined by MMG and which commenced in September
2013, has a budget of US$10 million, with rapid evaluation of the potential for
high-grade nickel discoveries and achievement of MMG's resource target, the
primary objective.
In late 2013, MMG commenced a number of geophysical surveys to further highlight
the potential within the Ntaka-Lionja corridor, including NSAMT (natural source
audio magneto-tellurics), MLEM (moving loop electro-magnetic (EM)) and infill
gravity surveys. Re-logging of oriented drill core and reassessment of down hole
EM (DHEM) surveys have continued and along with the surface geophysical work,
are providing a new understanding of the Ntaka intrusive.
Identification of drill targets is expected to be finalised in April, prior to
the commencement of drilling in the June Quarter.
New zone of mineralisation identified at Ntaka Hill
Assay results received during the March Quarter confirmed a new zone of
mineralisation, referred to as "Ntaka Kati", located 300m north of the current
Sleeping Giant and Zeppelin resource (see ASX Announcement 24 February 2014).
Two holes were drilled, each of which intersected mineralisation, with assay
results including:
-- 71.5m of nickel mineralisation, including 41m @ 0.40% Ni, 16m @ 0.5% Ni
and 14.6m @ 0.7% Ni within 150m of the surface (NAD13-388); and
-- 7.3m @ 1% Ni and 5.9m @ 0.6% Ni (NAD13-387).
Since announcing these exploration results on 24 February 2014, IMX is not aware
of any new information or data that materially affects the information included
in that announcement.
The discovery of Ntaka Kati continues to demonstrate the potential for the
various zones of mineralisation at Ntaka Hill to form part of a much larger
mineralised system up to 1.5km wide.
2. Nachingwea regional exploration
While primarily focused on the Ntaka Hill Nickel Sulphide Project to identify a
resource in the order of 400,000 tonnes of contained nickel at greater than 1.5%
nickel, MMG is also looking at the broader Nachingwea Project area which covers
6,800 km2 (tenements granted and under application).
Regional targeting for a virgin nickel sulphide discovery is based on an
interpretation of a detailed aeromagnetic/radiometric survey flown in 2010, an
extensive regional soil sampling program and a number of airborne EM (VTEM)
surveys which cover approximately 60% of the Nachingwea Project area.
3. Mt Woods Copper-Gold Exploration, South Australia (IMX 100%)
OZ Minerals completed its withdrawal from the Mt Woods Exploration JV during the
December Quarter, with all mineral rights over the Mt Woods tenements and
interest in those tenements now 100% owned by IMX.
The prospectivity of the Mt Woods tenements, together with the availability of a
significant exploration database established during previous exploration work,
makes this an attractive opportunity for iron oxide copper gold discoveries in
the world-class Gawler Craton mineral province.
A process to secure a joint venture partner for non-iron exploration on the Mt
Woods tenements commenced during the December Quarter and is continuing. A
number of parties have expressed an interest in non-iron exploration at Mt Woods
and several Australian and international copper-gold explorers and producers are
actively engaged in the process.
CORPORATE
Cash position and distributions
As at 31 March 2014, the Group had cash at bank of $12.1 million, as detailed in
Table 4 below:
Table 4. Consolidated Cash Position
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31 Mar 2014 31 Dec 2013
($m) ($m)
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IMX Resources Limited 3.3 3.1
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Cairn Hill JV (51% IMX share is $4.5 million) 8.8 13.7
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Consolidated Group 12.1 17.7
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The Cairn Hill JV cash balance is the working capital required to fund the
operation. Distributions to the JV partners are made so as to retain a cash
balance of at least $3 million at all times.
As at 31 March 2014, IMX's Tanzanian subsidiary Ngwena Limited held $0.1 million
of cash on behalf of MMG. This cash will contribute towards its expenditure on
the Nachingwea JV.
Distributions to the Cairn Hill JV partners amounted to $4.3 million, of which
IMX received $2.1 million (December quarter $11.9 million, IMX share $6.1
million).
In order to provide greater certainty in respect of cash flow from the Cairn
Hill Mine, price protection was put in place for 90% of the Group's iron ore
exposure from January to March 2014. The transactions entered provided a price
for the 62% iron ore benchmark of AUD146.59 (January); AUD144.16 (February); and
AUD136.52 (March) significantly above the spot prices that would have been
achievable.
Appointment of Managing Director and Non-executive Director
During February, Dr Derek Fisher, a highly credentialed mining executive with
over 40 years' experience in mining companies, spanning both corporate and
operational roles, with a particular emphasis on iron ore and nickel projects,
was appointed as a Non-executive Director. Subsequent to the end of the Quarter,
Dr Fisher was appointed Chairman of the Company.
Immediately following the end of the March Quarter, Mr Gary Sutherland was
appointed Managing Director. Mr Sutherland will drive IMX's iron ore growth
strategy, based on its 51% owned Cairn Hill Mine and portfolio of development
and exploration projects, including the 100% owned Mt Woods Magnetite Project.
In parallel with Mr Sutherland's appointment, IMX has decided to relocate its
corporate head office from Perth to Adelaide, a move which is consistent with
the Company's focus on its South Australian iron ore assets and will enable
consolidation of its operational and corporate teams in one location. While this
will result in some one off costs being incurred during the June and September
Quarters, it is expected to deliver significant savings in recurring overhead
costs.
TENEMENT INTERESTS
Table 5. Tenements Held and Location
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Tenement Ownership Project Location
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ML6303 - Cairn Hill 100% Cairn Hill South Australia
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EL4649 - Kangaroo Dam 100% Mt Woods South Australia
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EL4706 - Mt Woods 100% Mt Woods South Australia
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EL4963 - Warrina North 100% Mt Woods South Australia
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EL4964 - Warrina South 100% Mt Woods South Australia
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EL5048 - Mt Brady 100% Mt Woods South Australia
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EL4446 - Yarrabolina Hill 100% Mt Woods South Australia
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EL4866 - Mt Paisley 100% Mt Woods South Australia
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EL4982 - Brumby Creek 100% Mt Woods South Australia
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PL6489/2010 - Lubalisi 100% Mibango Tanzania
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PL6895/2012 - Mioni 100% Mibango Tanzania
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PL7464/2011 - Luegele 100% Mibango Tanzania
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PL8017/2012 - Molumbo Hill 100% Mibango Tanzania
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PL8124/2012 - Milanga 100% Mibango Tanzania
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PL8833/2013 - Kamafinga 100% Mibango Tanzania
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PL8901/2013 - Sifumbi 100% Mibango Tanzania
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PL8902/2013 - Mpondwe 100% Mibango Tanzania
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PL9299/2013 - Lwega 100% Mibango Tanzania
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PL9394/2013 - Nkulya 100% Mibango Tanzania
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PL4422/2007 - Ntaka 100% (i) Nachingwea Tanzania
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PL4917/2008 - Mbangala 100% (i) Nachingwea Tanzania
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PL4918/2008 - Lukumbi 100% (i) Nachingwea Tanzania
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PL5447/2008 - Noli SE 100% (i) Nachingwea Tanzania
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PL5971/2009 - Matambare 100% (i) Nachingwea Tanzania
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PL5977/2009 - Naujombo 100% (i) Nachingwea Tanzania
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PL5978/2009 - Kihangara North 100% (i) Nachingwea Tanzania
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PL6073/2009 - Chilalo 100% (i) Nachingwea Tanzania
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PL6148/2009 - Mbwemburu North 100% (i) Nachingwea Tanzania
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PL6149/2009 - Chilalo West 100% (i) Nachingwea Tanzania
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PL6153/2009 - Mbwemburu 100% (i) Nachingwea Tanzania
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PL6154/2009 - Nachingwea SW 100% (i) Nachingwea Tanzania
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PL6156/2009 - Noli SW 100% (i) Nachingwea Tanzania
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PL6158/2009 - Kiperere East 100% (i) Nachingwea Tanzania
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PL6161/2009 - Mtimbo 100% (i) Nachingwea Tanzania
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PL6397/2010 - Kiperere West 100% (i) Nachingwea Tanzania
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PL6409/2010 - Rappa 100% (i) Nachingwea Tanzania
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PL6412/2010 - Mujira 100% (i) Nachingwea Tanzania
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PL6414/2010 - Kihangara 100% (i) Nachingwea Tanzania
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PL6467/2010 - Nepanga 100% (i) Nachingwea Tanzania
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PL6634/2010 - Mihumo 100% (i) Nachingwea Tanzania
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PL6635/2010 - Nachingwea NW 100% (i) Nachingwea Tanzania
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PL7095/2011 - Nditi 100% (i) Nachingwea Tanzania
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PL7226/2011 - Ntaka South 100% (i) Nachingwea Tanzania
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PL8625/2012 - Nambu West 100% (i) Nachingwea Tanzania
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PL8626/2012 - Nambugu East 100% (i) Nachingwea Tanzania
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PL8627/2012 - Lumpumbulu 100% (i) Nachingwea Tanzania
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PL8628/2012 - Kipendengwa 100% (i) Nachingwea Tanzania
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PL8748/2012 - Kihue 100% (i) Nachingwea Tanzania
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PL8754/2012 - Chikoweti 100% (i) Nachingwea Tanzania
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PL8811/2013 - Chimbo 100% (i) Nachingwea Tanzania
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PL8812/2013 - Mbemba 100% (i) Nachingwea Tanzania
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PL9397/2013 - Mtimbo South 100% (i) Nachingwea Tanzania
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PL9442/2013 - Nachi West 100% (i) Nachingwea Tanzania
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PL9557/2014 - Nachunguru 100% (i) Nachingwea Tanzania
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New Brunswick,
Claim Block 4242 50% (ii) St Stephen Canada
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New Brunswick,
Claim Block 5787 50% (ii) St Stephen Canada
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(i) Subject to farm-in joint venture with MMG
(ii) Subject to 50/50 joint venture with ABE Resources
Table 6. Tenements Acquired During the Quarter
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Tenement Ownership Project Location
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PL9557/2014 100% Nachingwea Tanzania
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EL4982 100% Mt Woods South Australia
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Tenements Disposed During the Quarter
No tenements were disposed of during the March Quarter.
Farm-in Agreements
As at 31 March 2014, IMX held a 100% interest in the Nachingwea Project which is
the subject of a farm-in agreement with MMG.
Gary Sutherland, Managing Director
About IMX
IMX Resources Limited is an Australian-based mining and exploration company,
listed on the Australian Securities Exchange and Toronto Stock Exchange, with
projects located in Australia and East Africa.
In Australia, IMX operates and owns 51% of the Cairn Hill Mine, located 55km
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. This
operation generates cash flow which underpins the IMX investment proposition.
IMX is also actively exploring for direct shipping hematite at its Mt Woods
tenements, located near the Cairn Hill Mine, and progressing development options
for its Mt Woods Magnetite Project. Studies indicate that a smaller scale, lower
cost project may be developed utilising existing infrastructure already in use
at the Cairn Hill Mine. Efforts to secure a partner to support development of
the Mt Woods Magnetite Project are continuing.
In Africa, IMX owns the highly prospective Ntaka Hill Nickel Sulphide Project,
located within the broader 6,800km2 Nachingwea Exploration Project in
south-eastern Tanzania which is prospective for nickel and copper sulphide, gold
and graphite mineralization. Ntaka Hill is a potentially world-class nickel
sulphide project which is being explored under a US$60 million exploration joint
venture with MMG Exploration Holdings Limited.
Visit: www.imxresources.com.au
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 required approvals, issues associated
with 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
IMX Resources Limited
Gary Sutherland
Managing Director
+61 8 9388 7877
IMX Resources Limited
Phil Hoskins
Chief Financial Officer
+61 8 9388 7877
www.imxresources.com.au
Media:
Read Corporate
Paul Armstrong/Nicholas Read
+61 8 9388 1474
info@readcorporate.com.au
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