IMX Resources Limited: Report for the Quarter Ended 30 September 2013

IMX Resources Limited: Report for the Quarter Ended 30 September 2013 
PERTH, AUSTRALIA -- (Marketwired) -- 10/30/13 -- 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
Contacts:
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
 
 
Press spacebar to pause and continue. Press esc to stop.