Boonanarring Mineral Sands Project: The next cab off the mineral sands rank

Managing Director Presentation at Noosa Mining Conference
Managing Director Presentation at Noosa Mining Conference
Perth, July 19, 2017 AEST (ABN Newswire) - Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) provides the Company's latest Managing Director presentation at Noosa Mining Conference.

Company Description and Focus

Image Resources NL
Emerging mineral sands producer

Actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project in the North Perth Basin in Western Australia.

First production targeted for early 2018.

Project Location

- North Perth Basin in Western Australia

- 80 km north of Perth CBD

- Proven mineral sands address
o Including majors Iluka and Tronox

- Infrastructure rich
o paved roads, power, gas pipeline water, telecommunications etc.

- Local communities and landowners experienced with, and accepting of, mineral sands mining.

Ore Reserves

o JORC Code (2012) Compliant
o High HM, VHM and very high zircon at Boonanarring

Bankable Feasibility Study

Base Assumptions

- Start mining at Boonanarring

- Dry, open-cut mining

- Production rate - 500 dry tonnes per hour
o 3.7M dry tonnes per year

- Conventional gravity separation using spirals

- Product: Heavy Mineral Concentrate (HMC)
o Production rate: avg. approx. 220K tonnes/annum
o Truck to Bunbury for bulk shipments to China

Offtake Agreement

Advantages of HMC Offtake vs Zircon Offtake

- results in securing 100% of revenue instead of 65-70% for zircon only;

- provides faster access to revenue;

o letters of credit can be converted to cash as soon as each shipment of HMC departs the Bunbury port, compared to having to wait until the HMC is processed into final products and the zircon is loaded and departs the port of loading;

- reduces total working capital requirements by A$7-8M (due to the faster receipt of revenue); and

- eliminates risks and potential extra costs associated with HMC processing (separation) including processing and delivery schedules, product quality issues, administration and marketing.

- Reduces overall project capital (no capital contribution for HMC processing)

Upside Potential

Upside potential at and near Boonanarring

- Confirmed potential to extend mine life with high grade mineralisation;

- Potential to process lower grade overlying layer of mineralisation;

- Several other deposits with high grade mineral resources in the vicinity.

To view the full presentation, please visit:

About Image Resources NL

Image Resources Ltd ASX:IMAImage Resources NL (ASX:IMA) is an emerging Mineral Sands producer focused on the development of its high-grade Boonanarring Project in the North Perth Basin while continuing to expand its resources and reserves base.



Patrick Mutz
Managing Director
T: +61-8-9485-2410

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