IMX Repays Revolving Line of Credit in Full
December 09 2012 - 5:46PM
Marketwired
IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or the
'Company') is pleased to announce that the Line of Credit
previously secured by Termite Resources NL ('Termite'), and
reported in May(1) has been fully repaid.
The Line of Credit with LinQ Resources Fund has been repaid out
of continued positive cash flows from the Cairn Hill Mining
Operation during the December 2012 quarter however it remains in
place providing the Joint Venture with undrawn headroom of $15
million until 30 May 2013.
Neil Meadows, Managing Director of IMX said, "The repayment of
the Line of Credit from continued positive cash flows from Cairn
Hill is a tremendous achievement considering the recent downturn
experienced in iron ore prices. The repayment of the Loan Facility
leaves the Joint Venture and IMX debt free and will ultimately
enable distributions to be made by the joint venture to its
shareholders. The subsequent cash flows to IMX will be available to
continue exploration work at both the Ntaka Hill Nickel Sulphide
project and the highly prospective Nachingwea exploration
area."
NEIL MEADOWS
Managing Director
(1) ASX : 30 May 2012
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base
& precious metal exploration company dual-listed on the
Australian and Toronto stock exchanges
(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 southeast Tanzania, which
includes the potentially word-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 also entered into a joint venture with 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 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.
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.
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.
Contacts: IMX Resources Limited Neil Meadows Managing Director
+61 8 9388 7877nmeadows@imxres.com.au www.imxres.com.au
Professional Public Relations Tony Dawe Investor Relations +61 8
9388 0944tony.dawe@ppr.com.au