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 miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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