New Discoveries at Axehead and Tomahawk North Increase Mt Woods Magnetite Project Exploration Target to 1.5-1.8 Billion Tonnes

New Discoveries at Axehead and Tomahawk North Increase Mt Woods Magnetite 
Project Exploration Target to 1.5-1.8 Billion Tonnes 
PERTH, AUSTRALIA -- (Marketwire) -- 03/26/13 -- IMX Resources Limited
(TSX:IXR)(TSX:IXR.WT)(ASX:IXR) - 
Highlights 


 
--  Consistent, thick, coarse-grained magnetite intersected at Axehead and
    Tomahawk North 
--  Mt Woods exploration target tonnage increased by 168Mt-214Mt 
--  Combined Inferred Mineral Resource and exploration target tonnage of
    1.5-1.8 billion tonnes 

 
IMX Resources Limited ('IMX' or the 'Company') announces the
discovery of significant new iron rich magnetite formations at the
Axehead and Tomahawk North prospects within the Mt Woods Magnetite
Project (the 'Mt Woods Project') in South Australia.  
Six prospects were drilled, the results of which have increased the
Mt Woods Project exploration target tonnage by 168Mt-214Mt. When
combined with the existing Inferred Mineral Resource at Snaefell and
a review of regional magnetics data and historical exploration
drilling, the global exploration target tonnage now totals 1.5-1.8
billion tonnes, the details of which are shown in Table 2.  
Twenty-five reverse circulation ('RC') holes, totalling 3,486m were
drilled during October and November 2012, with all holes returning
significant magnetite iron intersections from five prospects near the
Tomahawk prospect, located 25 km south-east of the Company's Cairn
Hill mine in Coober Pedy, and Fitzgerald Dam which is located west of
Cairn Hill. The drill hole locations are shown in Figure 1 and a
summary of significant intersections is shown in Table 1.  


 
      Table 1. Summary of significant intersections from six prospects.     
                                                                            
----------------------------------------------------------------------------
                                                Total                       
                         East/North             depth   From,  Interval   Fe
Hole    Prospect      UTM Z53 MGA94  Az / Dip     (m)  to (m)       (m)  (%)
----------------------------------------------------------------------------
THRC017 Axehead      526819,6742980  360, -60     209  74-188       114 32.1
-------------------------------
---------------------------------------------
        Tomahawk                                                            
THRC013  North       527026,6744500  360, -60     143  40-136        96 32.4
----------------------------------------------------------------------------
MWRC078 Eagle        542835,6743329  025, -60     107   33-86        53 30.7
----------------------------------------------------------------------------
MWRC083 Penrhyn      512577,6745411  327, -60     185  60-185       125 33.0
----------------------------------------------------------------------------
MWRC081 Arapiles     522387,6746067  060, -60     113  22-102        80 32.5
----------------------------------------------------------------------------
        Fitzgerald                                                          
MWRC086  Dam         482220,6746188  100, -60     119  66-119        53 34.1
----------------------------------------------------------------------------
 (Fe. greater than or equal to 20%, maximum 4m internal dilution, XRF Total 
                               Fusion by Amdel)                             

 
The magnetite-quartz formations were found to have relatively
consistent iron grades across their full width, with the formations
also displaying minimal weathering of the magnetite mineralisation. 
The iron formations continue at depth, beyond all existing drilling
and like the Tomahawk magnetite deposit (ASX 25 January 2012) the
magnetite at Axehead and Tomahawk North is coarse-grained.  
Managing Director Neil Meadows commented, "These latest results have
boosted our global exploration target for Mt Woods beyond one billion
tonnes and confirms that the Mt Woods Project has significant
resource upside, as we have only scratched the surface from an
exploration perspective. IMX believes this project has excellent
development potential, with the ability to produce high-grade, very
coarse-grained magnetite concentrates that are in strong demand
globally and are attracting premium prices from steel producers. IMX
is working hard to find a development partner to realise this
potential for shareholders." 
Table 2. Resources and exploration target tonnages for the Mt Woods
Project 


 
----------------------------------------------------------------------------
Location                   Tonnes          Fe (%)     Classification        
----------------------------------------------------------------------------
Existing Snaefell Resource 569 Mt          27.1% Fe   Inferred Mineral      
                                                      Resource              
----------------------------------------------------------------------------
Prospects drilled Oct-Nov  330-400 Mt      25-32% Fe  Target tonnage,       
 2012, plus Tomahawk and                              ground magnetics and  
 review of historical data                            recent drilling       
----------------------------------------------------------------------------
Other regional prospects   600-800 Mt      20-30% Fe  Target tonnage        
                                                      airborne magnetics,   
                                                      historical drilling   
----------------------------------------------------------------------------
Global combined Inferred   1.5 - 1.8       25-32% Fe                        
 Mineral Resource and      billion tonnes                                   
 Target tonnage                                                             
----------------------------------------------------------------------------

 
IMX's RC drilling at the Tomahawk group of prospects has shown higher
average iron grades, minimal oxidation of magnetite and shallower
overburden compared to the Snaefell deposit. The Company now plans to
complete a program of Davis Tube Recovery analysis to indicate the
iron content of magnetically separated concentrates generated from
these samples primarily as these smaller, potentially higher yielding
targets could represent opportunities in terms of resources to
exploit on a smaller scale start-up project.  
Additional information, including the location of the drilling and
cross section figures, is available in Appendix 1. 
NEIL MEADOWS, Managing Director 
APPENDIX 1. ADDITIONAL INFORMATION ON MT WOODS MAGNETITE DRILLING  
Drilling was conducted across a number of prospects on the Mt Woods
Project, as shown in Figure 1. 
To view 'Figure 1. Magnetite prospects and October-November 2012
drilling', please visit the following link:
http://media3.marketwire.com/docs/fig1ixr.pdf  
The target tonnages of magnetite rock identified for each prospect
from the recent Mt Woods Project magnetite drilling program are shown
in Table 3.  
Target tonnage is a term that describes the Company's exploration
objectives for the Mt Woods prospects if further drilling continues
and enables the estimation of a mineral resource. Currently, there is
insufficient drill coverage to estimate iron resources according to
the JORC Code (2004) or NI 43-101 for all of these prospects and
target tonnages are approximated based on this first round of iron
exploration drilling, combined with interpretation of detailed ground
magnetics conducted as part of t
he Mt Woods Project exploration
program. Ground magnetics surveys assisted in the positioning of the
drill holes and interpretation of the drill data gives greater
confidence in using the magnetic surveys to also indicate the
thickness, dip, strike length and evenness of iron grades in the
magnetite quartz formations. A program of downhole wireline logging
in January 2013 provided further information about the magnetism and
specific density of the rock. 


 
 Table 3: Target Tonnages of magnetite rock from recent iron drilling at the
                               Mt Woods Project                             
                                                                            
----------------------------------------------------------------------------
Prospect                           Target tonnes (million)      Fe range (%)
----------------------------------------------------------------------------
Axehead                                              40-50             28-32
----------------------------------------------------------------------------
Tomahawk Nth                                         50-60             28-32
----------------------------------------------------------------------------
Fitzgerald Dam                                        8-10             27-32
----------------------------------------------------------------------------
Penrhyn                                              25-35             28-32
----------------------------------------------------------------------------
Eagle 5B                                              9-12             25-30
----------------------------------------------------------------------------
Eagle 1A                                             18-22             25-30
----------------------------------------------------------------------------
Arapiles                                             18-25             27-32
----------------------------------------------------------------------------
Total                                              168-214             25-32
----------------------------------------------------------------------------
 
1.  ASX announcement 19 March 2012 

 
Notable cross sections for the Axehead and Tomahawk North prospects
are shown on the following page.  
To view 'Figure 2: Cross section of Axehead prospect', please visit
the following link: http://media3.marketwire.com/docs/fig2ixr.pdf  
To view 'Figure 3: Cross section of Tomahawk North', please visit the
following link: http://media3.marketwire.com/docs/fig3ixr.pdf  
To view 'Figure 4: A lobe of Tomahawk North dipping to the
south-west', please visit the following link:
http://media3.marketwire.com/docs/fig4ixr.pdf  
Competent Persons / Qualified Persons  
Information relating to the exploration results and target tonnages
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 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (the JORC Code) and as a Qualified Person
for the purpose of National Instrument 43-101. Mr Hill approves and
consents to the inclusion of the data in the form and context in
which it appears.  
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
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 attract a significant price premium.  
IMX has a joint venture with OZ Minerals Limited ('Oz Minerals'), the
Mt Woods Copper-Gold JV 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), which is 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 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 grades estimates are conceptual in nature
only. These figures are not resource estimates as defined
 by the JORC
(2004) 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. 
ABN 67 009 129 560 
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. 
Contacts:
IMX Resources Limited
Neil Meadows
Managing Director
+61 8 9388 7877
nmeadows@imxres.com.au 
Professional Public Relations
Tony Dawe
Investor Relations
+61 8 9388 0944
tony.dawe@ppr.com.au