Perth, Feb 25, 2008 AEST (ABN Newswire) - Image Resources (ASX: IMA) is pleased to announce that it has entered into an agreement to acquire a 90% interest in exploration licence E70/3298, which hosts a significant part of the Bidaminna heavy mineral (HM) resource in the North Perth Basin. The remainder of the resource and its potential northern extension is held on Image's 100%-owned tenements.
The defined Bidaminna Inferred Resource of 1.3Mt of HM concentrate (44Mt @ 3% HM) was previously drilled out by Geopeko and is 6km in length and 40m in width. Image has outlined at Bidaminna more than 30km of additional targets including a 6km extension of the Bidaminna Resource and an 18km-long potential channel (as announced in the December 2007 quarterly report).
The previous work by Geopeko indicates that the Bidaminna resource comprises two stacked strands with the upper strand containing ilmenite with characteristics suitable for local processing to synthetic rutile and a lower strand more suitable for processing to titanium dioxide via the sulphate route.
In the last year the sulphate ilmenite price has risen from US$85/tonne to more than US$100/tonne following strong demand from Chinese processors. Global titanium dioxide pigment demand is forecast to be strong until at least 2012.
The Bidaminna acquisition is seen to be a significant strategic addition to Image's expanding resource inventory in the North Perth Basin.
The information in this report that relates to geophysics is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is an employee of Image Resources NL. George Sakalidis has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced in December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation. The Company achieved profitability in Q1 2019 and was cashflow positive in Q2 2019 and is now at steady state production.
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