IMX Engaging With Multiple Parties to Secure a Partner for Non-Iron Exploration
at Mt Woods, South Australia
PERTH, AUSTRALIA -- (Marketwired) -- 01/14/14 --
-- Extensive database of geological and geophysical information available
to support exploration.
-- Highly prospective area for IOCG deposits that includes the Olympic Dam,
Prominent Hill and Cairn Hill mines.
IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) is pleased to
advise that it has commenced a process to identify a joint venture
partner for non-iron exploration on its Mt Woods tenements in South
A data room has been established, confidentiality agreements have
been executed and discussions are under way with several Australian
and international copper-gold explorers and producers. The process is
expected to be completed early in the June Quarter.
IMX's Mt Woods tenements comprise eight exploration licences covering
an area of more than 3,400 square kilometres, located on the eastern
edge of the Gawler Craton in South Australia within the 'Olympic IOCG
Province', a world-class copper-gold producing terrain. The Mt Woods
Project, which also encompasses the Mt Woods Magnetite Project, lies
12km south-west of IMX's operating Cairn Hill Iron Ore Mine.
The Mt Woods tenements encompass almost half of the Mt Woods Inlier,
which is part of the greater Gawler Craton which hosts three
producing copper-gold mines based on iron oxide copper-gold ("IOCG")
deposits (Figure 1). These include BHP Billiton's Olympic Dam mine,
one of the world's largest copper-gold mines, OZ Minerals' Prominent
Hill mine and IMX's Cairn Hill mine.
The shallow depth of cover on the Mount Woods tenements, relative to
the rest of the Gawler Craton, facilitates exploration in this highly
A previous non-iron exploration joint venture with IMX over its Mt
Woods tenements resulted in the establishment of an excellent
database of geophysical and geological information which was compiled
between April 2010 and October 2013.
Acting Managing Director John Nitschke said that the exploration
opportunity at Mt Woods was significant.
"The outstanding prospectivity of the Mt Woods tenements, coupled
with the availability of a significant exploration database, makes
this an attractive opportunity for companies targeting potential new
IOCG discoveries in the heart of the world-class Gawler Craton
mineral province. We look forward to reaching agreement with a
partner to refresh the exploration effort over these tenements."
John Nitschke, Acting Managing Director
To view Figure 1, location of IMX's Mt Woods tenements, please visit
the following link: http://media3.marketwire.com/docs/922007i.pdf
About IMX Resources Limited
IMX Resources Limited is an Australian-based mining and exploration
company, listed on the Australian Securities Exchange ('ASX') and
Toronto Stock Exchange, with projects located in Australia and East
In Australia, IMX operates and owns 51% of the Cairn Hill Mining
Operation, 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 operation, and
progressing development options for its Mt Woods Magnetite Project.
Studies indicate that coarse grained concentrates could be produced
at Mt Woods with the potential to attract a significant price
In Africa, IMX owns the highly prospective Ntaka Hill Nickel Sulphide
Project, located within the broader 7,000km2 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.
Cautionary Statement: 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.
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. 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.
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
IMX Resources Limited
Acting Managing Director
+61 8 9388 7877
IMX Resources Limited
Chief Financial Officer
+61 8 9388 7877
61 8 9388 1474
61 8 9388 1474
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