IMX Mt Woods Copper-Gold JV With OZ Minerals to Remain in Place

IMX Mt Woods Copper-Gold JV With OZ Minerals to Remain in Place 
- IMX retains 100% rights over iron ore and 49% rights over non-iron
ore minerals in JV 
- Cairn Hill cash flow to support IMX's 2013 operations and
exploration program 
- OZ Minerals to retain substantial shareholding in IMX Resources and
retains a 51% interest in non-iron rights 
PERTH, AUSTRALIA -- (Marketwire) -- 02/17/13 -- IMX Resources Limited
(ASX:IXR)(TSX:IXR)(TSX:IXR.WT) ('IMX' or the 'Company') announces
that it will not proceed with the sale of its 49% interest in the Mt
Woods Copper-Gold Joint Venture (the 'Mt Woods JV Project') to OZ
Exploration Limited Pty Ltd ('Oz Exploration'), a wholly owned
subsidiary of OZ Minerals Limited ('OZ Minerals').  
In November 2012, IMX entered into a non-binding heads of agreement
with OZ Minerals outlining the terms for the proposed sale of its 49%
interest in the Mt Woods JV Project to OZ Exploration (the 'Proposed
Transaction'). Completion of the Proposed Transaction was subject to
a number of conditions, one of which was the execution of binding
transaction documents, which OZL and IMX have elected not to proceed
with.  
As a consequence, IMX retains 100% of the iron ore rights and 49% of
the non-iron ore rights over the Mt Woods JV Project, along with
legal title to all of the Mt Woods JV Project exploration licenses.
Under the terms of the joint venture agreement over the Mt Woods JV
Project, OZ Exploration has committed to spend $20 million over a 5
year period beginning on 1 May 2010 to retain a 51% interest in the
non-iron rights. As at 30 September 2012, OZ Exploration had spent
approximately $14 million of the $20 million.  
IMX Managing Director Neil Meadows commented: 
"While disappointed not to have completed the Proposed Transaction
with OZ Minerals, we recognize the complexity involved in
shared-commodity agreements and respect OZ Minerals' position, as
they do ours. IMX remains committed to generating value from the
development of the Mt Woods Magnetite Project for which we are
actively seeking a partner and as such needed to maintain clear
tenure over the iron rights. At the same time, the substantial
reduction in operating costs at Cairn Hill during 2012 and improved
iron ore prices resulting in the Cairn Hill JV generating cash of
$4.2 m per month has reduced our immediate need for additional
funding via the proposed transaction with OZ Minerals. IMX and OZ
Minerals remain committed joint venture partners in the Mt Woods
Copper-Gold JV and OZ Minerals remains a major shareholder in IMX." 
OZ Minerals had agreed that upon completion of the Proposed
Transaction and subject to the approval of IMX shareholders, it would
cancel its holding of 33.909 million IMX shares (the 'OZ Minerals
Shares') for nil consideration. Notwithstanding that the Proposed
Transaction has not been completed, OZ Minerals has informed IMX that
it is their current intention to retain the shareholding in IMX for
the life of the joint venture.   
NEIL MEADOWS, Managing Director 
About IMX Resources Limited 
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 ('TSX'), with
exploration projects located in Australia, Africa and North America. 
In Africa, IMX owns and operates the highly prospective Nachingwea
Exploration Project in south-east 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 a joint venture with OZ Minerals (the Mt Woods Copper-Gold
Joint Venture Project) to explore the Mt Woods tenements for copper
and gold. OZ Minerals is spending a minimum of $20M for a 51%
interest in the non-iron rights, with IMX retaining a 49% interest in
the non-iron rights and 100% of the iron ore rights.  
IMX owns 25.65% of Uranex (ASX:UNX), a dedicated uranium exploration
company, which is developing the Mkuju Uranium project in southern
Tanzania.  
Visit: www.imxresources.com.au 
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 of
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. Such factors include, but
are not limited to, fluctuating metal prices, operational
performance, uncertainty in equity markets and other factors. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.  
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.  
The TSX does not accept responsibility for the adequacy or accuracy
of this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. 
Contacts:
IMX Resources Limited
Neil Meadows
Managing Director
+61 8 9388 7877
nmeadows@imxres.com.au
www.imxresources.com.au 
Investor Relations
Professional Public Relations
Tony Dawe
+61 8 9388 0944
tony.dawe@ppr.com.au
 
 
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