Image Resources (ASX:IMA) Quarterly Activities Report For June 2009
Perth, July 31, 2009 AEST (ABN Newswire) - During the quarter Image Resources (ASX:IMA) raised A$3,000,309 by issuing 5,455,108 shares at 55cents per share to a combination of sophisticated and professional investors. The raising brings Image's issued capital to 85,099,354 fully paid shares and its cash and liquid assets to A$6.4 million at the end of the quarter. The funds will allow Image to accelerate its exploration and general feasibility work on its core mineral sand assets.
Image has signed a Memorandum of Understanding (MOU) on its North Perth Basin heavy minerals project with Fibonacci Group Ltd, a private Chinese investment house with the aim of facilitating third party review of the project as a step towards the commercialisation of these assets. Fibonacci aims to provide funds to emerging resource companies with near term production potential for commodities which are in demand in China.
Highlights include:
- A$3million capital raising completed to accelerate exploration and evaluation of the core mineral sand assets.
- Atlas high grade zone (average grade greater than 20% HM) at Cooljarloo increased to 1.4km in length. Updated resource estimate due at the end of July.
- High zircon grades (up to 20% of the heavy mineral fraction) identified at Atlas with potential to add significant value.
- Preliminary drilling identifies a new mineralised strand south of the Gingin mine.
- Major drilling programme at the Eucla Basin HM project scheduled to commence in August.
For the complete Image Resources Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61160-ASX-IMA-454919.pdf
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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