Address to IMX Shareholders at 17 September General Meeting
![Address to IMX Shareholders at 17 September General Meeting](https://www.minenportal.de/media/goldseiten-news.jpg)
West Perth WA (FSCwire) - Please find attached the Address to Shareholders from the Acting Chief Executive Officer, which is to be delivered at the General Meeting of IMX Resources Limited (ASX: IXR), scheduled to be held at 2:30 pm (Perth time) on Wednesday, 17 September 2014.
Yours faithfully
To view the graphic in its original size, please click here
http://www.fscwire.com/sites/default/files/NR/740/3963_imxsig.jpg
DEREK FISHER
Chairman
For further information, please contact:
Derek Fisher, Chairman
Tel: +61 8 8311 1110
Media
Nicholas Read/Paul Armstrong – Read Corporate
Telephone: +61 8 9388 1474
E: info@readcorporate.com.au
Phil Hoskins, Chief Executive Officer
Tel: +61 8 8311 1110
Address to Shareholders: General Meeting, 17 September 2014
Ladies and Gentlemen
I would like to briefly recap the key developments over recent months which have changed the course of the Company’s strategy, allowing us to reshape our corporate focus and concentrate on those assets which we believe have the best chance of success.
In June, IMX’s 51%-owned Cairn Hill iron ore mine in South Australia became one of the first casualties of the sustained downturn in iron ore prices, resulting in the appointment of Voluntary Administrators to the holding company, Termite Resources NL.
Shortly afterwards, our joint venture partner at the Nachingwea Property in south-east Tanzania, MMG Exploration Holdings Limited (“MMG”), announced its withdrawal after completing the Stage 1 expenditure commitment of US$10 million and thereby earning a 15% interest.
Notwithstanding these setbacks, the Company had already been pursuing a broader exploration strategy within our Nachingwea Property, which offers exceptional exploration upside and is prospective for a range of valuable minerals including nickel, gold, copper and graphite.
While MMG had been focusing on a nickel project at Ntaka Hill, some of the extensive data generated both by the joint venture with MMG and work carried out in recent years, gave our exploration teams some exciting new leads, enabling us to identify two outstanding new prospects.
First was the discovery of the Kishugu Prospect, a very large, coherent, gold-in-soil anomaly which measures 4km by 5.5km, that has been defined by an extensive grid of reconnaissance sampling and has emerged as a standout gold exploration target.
Second was confirmation of the significant graphite potential at the Chilalo Prospect, where rock chip samples have returned high-grade graphite results with assays of up to 29.6 per cent carbon. The Chilalo Prospect is located within the Mozambique belt, which is well known for hosting high-grade, coarse flake graphite deposits such as Syrah Resources’ Balama deposit and Uranex’s Nachu Project.
We are looking forward to the commencement of ground-based exploration activities – including drilling, which is scheduled to begin in October – at both Chilalo and Kishugu.
In order to enable commencement of exploration programs at Chilalo and Kishugu, and to ensure that the Company is appropriately positioned, we recently announced an underwritten placement of 110 million shares at 2.7 cents per share to sophisticated investors to raise $2.97 million before costs, to fund the upcoming exploration programs. The shareholder approval sought today is for the second tranche of this placement comprising the issue of 55 million shares, following successful completion of the first tranche last month. In addition, we have undertaken a restructure of board, management and staffing to align with our focus on exploration in Tanzania.
In summary, I am confident that we now have the right team, the right assets, and the right focus to move forward and create value for our shareholders.
I look forward to keeping you informed of our progress as exploration activities in Tanzania commence next month.
Phil Hoskins
Acting Chief Executive Officer
IMX Resources Limited, 17 September 2014
About IMX Resources Limited
IMX Resources Limited is an Australian-based exploration company, listed on the Australian Securities Exchange and Toronto Stock Exchange (“TSX”), with projects located in Tanzania, east Africa.
In Tanzania, IMX controls the Nachingwea Property in south-eastern Tanzania. The Nachingwea Property lies in the world-class Mozambique Belt which is prospective for graphite, nickel, gold and copper mineralization.
At Nachingwea, IMX is carrying out exploration at its Chilalo graphite prospect and at its Kishugu gold prospect and there is a significant nickel resource at its Ntaka Hill nickel project.
Visit: www.imxresources.com.au
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.
On 19 June 2014, IMX announced the appointment of Voluntary Administrators to Termite Resources NL (“Termite”). Termite is wholly-owned by an incorporated joint venture entity, the board of which comprises nominees of IMX and Taifeng Yuanchuang International Development Co., Ltd. Termite holds the joint venture's interests in the Cairn Hill iron ore mine, located 55 kilometres south-west of Cooper Pedy in South Australia.
The first meeting of Termite creditors was held on 30 June 2014. The final report to Termite creditors was issued on 4 September 2014 and the second meeting of Termite creditors took place on 15 September 2014.