🕐18.01.12 - 23:27 Uhr

RESOURCE CAPITAL RESEARCH [RCR] - IMX RESOURCES LIMITED (ASX:IXR)





Fortbridge Media Release

Resource Capital Research [RCR] - IMX Resources Limited (ASX:IXR)

Resource Capital Research has released today an updated research report on IMX Resources Limited (ASX:IXR).

According to the report, while current focus is on renegotiating sales contracts at its Cairn Hill iron ore operations (51% IXR, current 1.7mtpa) the potentially large scale Nachingwea Ni-Cu project in Tanzania (IXR 53% beneficial interest, DFS underway) is considered to emerge as the jewel in IXRs crown.

Investment Points:

� Flagship project is 51% Cairn Hill (SA): Magnetite and copper DSO. Cairn Hill Phase 1 now operating at 1.7mtpa and targeting A$79/t opex (FOB basis).
� Cairn Hill Phase 2 (8.4mt resource) targets ~60% Fe upgraded product to maintain ~1.7mtpa after Phase 1.
� Snaefell Project (100% IXR): goal is 5mtpa operation in 3-5 years. Resource 110mt @ 30.1%Fe, potential >200mt.
� Nachingwea Ni-Cu (Tanzania): Near surface resource 181kt contained Ni, scoping study indicates US$207m NPV, low opex, full feasibility study to progress in 2012.
� Nachingwea resource upgrade is imminent after main high grade zone extended with recent drilling.
� Major drilling program on Mt Woods JV funded by OZL on six priority IOCG targets.
� Assessed NAV is A$0.62/share (current share price is A$0.31). Value of Nachingwea seems to be ignored. Expected Nachingwea newsflow 1H12 and improved iron ore sentiment supports our A$0.45/share six month target.

To get the full report, go to

For further information, please contact:

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+612 9252 9405




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