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IMX Resources Files Revised Preliminary Economic Assessment (PEA) Technical Report on Ntaka Hill Project

WEST PERTH, AUSTRALIA -- (Marketwire) -- 11/14/12 -- IMX Resources Limited (ASX:IXR)(TSX:IXR)(TSX:IXR.WT) -


--  Estimated C1 cash costs of USD 5.00 per pound of payable nickel which is
    mid range for global nickel producers 
--  Clear cash operating margin demonstrated over various metal price
    assumptions, including current spot price  
--  Estimated mine life of approximately 15 years 
--  Average annual contained nickel production of 10,000 to 15,000 tonnes
    per annum 
--  Confirmed modest pre-production capital investment of USD 227M 
--  NPV of USD 212M after tax based on 2011 PEA metal pricing (compared to
    USD 207M) 
--  NPV of USD 147M using three-year trailing average prices in line with US
    SEC guidelines which compares favourably to the 2011 PEA analysis (USD
    122M) using these same metal prices 


--  Potential increase in both grade and tonnage at Sleeping Giant from: (i)
    in-fill drilling of near surface hanging wall mineralisation to the
    north, and (ii) extension drilling targeting down plunge higher grade
--  Potential for delineation of new near surface mineralised zones close to
    the existing resources, currently being drill-tested 
--  Optimisation of flotation conditions is likely to improve the already
    excellent metallurgical performance. A definitive test work program,
    which includes extensive variability testing, is currently underway 
--  Future optimisation of the mining plan as part of a PFS, has potential
    to reduce up-front stripping requirements and defer cash flow for mining

IMX Resources Limited ('IMX' or the 'Company') reports the filing of the NI 43-101 Technical Report for the updated preliminary economic assessment (PEA; Scoping Study) for the development of the Ntaka Hill Nickel Sulphide Project ('Ntaka Hill' or the 'Project'). The Project is located approximately 250km west of the port town of Mtwara, and is part of the 100% owned Nachingwea property in south eastern Tanzania.

Managing Director Neil Meadows said "The Technical Report provides the details on the economic assessment and other technical investigations that have been carried out to date. The next stage of evaluation of the project is to incorporate the results of this year's drilling program at Ntaka Hill into an updated Resource estimate and to assess the potential for discovery of new mineralised resources at the broader Ntaka Hill intrusion."

Table 1 provides a summary of the project and economic outcomes with more details provided in the appended tables. Additional details are provided in the announcement of 1 October 2012 and the full technical report that is available on SEDAR and at

Table 1 - Highlights of Project and Economic Outcomes

                                                               Open Pit with
Parameter                                        All Open Pit    Underground
Initial processing rate, Mtpa                             1.0            1.0
Expanded processing rate, Mtpa                            4.8           1.85
Total mill feed, Mt                                      57.3           21.1
Total open pit material mined, Mt                       410.0          142.2
Total underground material mined, Mt                        -            4.7
Strip ratio                                              6.16           5.95
Average Feed Grade, %Ni                                  0.48           0.79
Average Ni Recovery, %                                   75.2           79.7
Average Concentrate Grade, %Ni                           16.2           16.2
Concentrate Contained Ni, lbs'000                     454,036        293,486
Capital Costs                                                               
Initial Capital Cost, US$M                              225.1          227.0
Total Capital Cost, US$M                                551.1          450.3
Unit Production Costs, C1(1) US$/lb. payable                                
 Ni                                                      5.77           5.00
Metal Price Assumption                                                      
(based on 3 year trailing average)                                          
Nickel, USD/t                                          20,826         20,826
Copper, USD/t                                           7,976          7,976
Economic Outcomes, US$M                                                     
Net after-tax cash flow                                   532            406
After-tax internal rate of return, %                     12.1           19.2
After-tax NPV(2) @ 8% discount rate                        90            147
Note: All cases in this Preliminary Economic Assessment are preliminary in  
nature and include both Indicated and Inferred Mineral Resources. Inferred  
Mineral Resources are considered too speculative geologically to have the   
economic considerations applied to them that would enable them to be        
categorized as Mineral Reserves. There is no certainty that the Preliminary 
Economic Assessment will be realised.                                       

Ongoing Work and Next Steps

Based on the results of the updated PEA, IMX's board and management are committed to continuing with the evaluation and long lead development activities for the Project in order to reduce the project risk profile. The following work program is currently underway:

--  Continued investigation and discussion with the Tanzanian government
    departments and other groups to secure access to key project
    infrastructure such as power, roads and port facilities. 
--  Completion of the environmental and social impact assessment (ESIA) that
    is already well advanced with the aim of receiving environmental
    approval by the end of the first quarter of 2013. 
--  The definitive metallurgical test work program that is currently
    underway on approximately 12t of sample at G&T Metallurgical
    Laboratories in Kamloops, Canada is expected to be completed during
    early 2013. 
--  A Mineral Resource update based on the recent drilling program
    (20,940m), is expected in the first quarter of 2013. 
--  Optimisation of the mining options for the project will continue in
    order to identify a single development plan based on the updated
    resource, ready for consideration at the end of the first quarter of

Subject to the outcomes of the work programs and prevailing market conditions, a PFS/DFS(3) will be commenced in mid-2013. If the study is positive, a final investment decision is expected to be made in early 2014 with production commencing in late 2015 / early 2016.

NEIL MEADOWS, Managing Director

Competent Persons / Qualified Person / NI 43-101 Statement

The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue that might materially affect this estimate of Mineral Resources. The projections, forecasts and estimates presented in the PEA constitute forward-looking statements, and readers are urged not to place undue reliance on such statements. Additional cautionary and forward-looking statement information is provided below.

The Qualified Persons for the purpose of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" for the PEA are shown below.

Section                                 Company             Qualified Person
Mineral Resources                           RPA       Chester Moore, P. Eng.
Mining and Mine Capital and                                                 
 Operating Costs                    Mining Plus   Neil Schunke, MAusIMM (CP)
Metallurgy, flowsheet design,                                               
 performance predictions            Mineralurgy         Peter Munro, FAusIMM
Process plant and infrastructure                                            
 operating/capital costs             Lycopodium     Jacqueline McAra,P. Eng.
Concentrate marketing and freight   Mining Plus   Neil Schunke, MAusIMM (CP)
Financial modelling and general                                             
 aspects                            Mining Plus   Neil Schunke, MAusIMM (CP)

All Qualified Persons have reviewed this press release and consented to the inclusion of the data in the form and context in which it appears, and approves this disclosure. Each Qualified Person is independent of IMX within the meaning of NI 43-101.

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 (ASX:IXR)(TSX:IXR)(TSX:IXR.WT) 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.


FORWARD-LOOKING STATEMENTS: This News Release includes certain "forward-looking statements". Forward-looking statements and forward-looking information are frequently characterized 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. Such statements and information in this news release include statements regarding mining parameters (including processing rates and mill feed), concentrate production, estimates of capital costs, internal rates of return, net present values, completion of environmental and social impact assessments in Q1 2013, completion of definitive metallurgical test work in early 2013, completion of a mineral resource upgrade in Q1 2013, completion of a preliminary or definitive feasibility study in late 2013, life of mine estimate of 15 years, and annual production rates of 10,000 to 15,000 tpa. 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. 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.

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.

To view the tables associated with this press release, please visit the following link:

(1) C1 cash costs are the costs of mining, milling and concentrating, onsite administration and general expenses, property and production royalties not related to revenues or profits, metal concentrate treatment charges, and freight and marketing costs less the net value of the by-product credits.

(2) NPV - Net Present Value

(3) PFS - Pre-Feasibility Study, DFS - Definitive Feasibility Study

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.

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