Image Resources NL: Boonanarring Mineral Sands Project
10.05.2017 | ABN Newswire
Perth - Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) is pleased to provide the Company's latest presentation at RIU Sydney Resources Round-up Conference.Company Description and Focus
Image Resources NL
Advanced mineral sands exploration company with extensive tenement holdings hosting substantial high-grade mineral resources and ore reserves in the North Perth Basin in Western Australia.
The Company is actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project and targeting transitioning to mineral sands producer in early 2018.
Key Growth and Transition Milestone
8 June 2016, Equity Transaction completed with Murray Zircon Pty Ltd and Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd
Completion of transaction allows Image to tick the boxes on a number of critical project development issues and focus squarely on a fast-track path to production.
Key Benefits of Transaction
- CAPITAL EQUIPMENT
o All plant & equipment and internal infrastructure items necessary to construct a complete heavy mineral recovery operation; from slurry unit in the mine to wet concentration plant for HMC.
- SHORT TERM FUNDS
o $4M Short-Term loan funds with very favourable terms
- OFFTAKE AGREEMENT
o Contracted off-take agreement with Orient Zirconic for 90% of zircon at market price (~70% of revenue)
- WORKING CAPITAL
o 2ndary working capital loan funds of US$8M following First Production
- MINERAL SEPARATION SERVICES
o Access to mineral separation services in China
o Purchase option for a Mineral Separation Plant in SA
o Local toll-processing option
- CORNERSTONE SHAREHOLDER
o New cornerstone shareholder with 20 years zircon processing and global zirconium products sales
- INDEPENDENT CHAIRMAN
o New very experienced independent Chairman
- NEW DIRECTORS WITH PRODUCTION EXPERIENCE
o 3 new Board members including Managing Director, all with mineral sands operations experience
- EXPERIENCED MANAGEMENT
o Project development and operations experienced senior management team
- MINORITY SHAREHOLDER PROTECTIONS
o Contracted protections for two years
o No interference with 3 incumbent Directors or replacements
o No vote on merger related issues
o Mandatory equity raising support for 1 year
o Additional board seat for shareholder with >10% shareholding
- LOW CAPITAL COSTS
o Significantly lower remaining capital requirements with acquisition of wet plant and equipment
To view the full presentation, please visit:
http://abnnewswire.net/lnk/8U0D3Y11
About Image Resources NL:
Image Resources NL (ASX:IMA) is an emerging Mineral Sands producer focused on the development of its high-grade Boonanarring Project in the North Perth Basin while continuing to expand its resources and reserves base.
Contact:
Image Resources NL
Patrick Mutz Managing Director
T: +61-8-9485-2410
E: info@imageres.com.au
www.imageres.com.au