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IMAGE RESOURCES NL — Capital/Financing Update 2011
Jul 21, 2011
65117_rns_2011-07-21_4ed7caf6-99ab-4d29-8cc3-96fb7ce726f7.pdf
Capital/Financing Update
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2[nd] Floor, 16 Ord Street West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 [email protected] www.imageres.com.au
ABN 57 063 977 579
ASX Release ASX Code: IMA 22 July 2011
PRODUCT TONNES UPGRADE
TOTAL 9.5Mt HM, INCLUDING 1.07Mt OF ZIRCON
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HIGHLIGHTS
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Total contained HM tonnage in the North Perth Basin increased from 6.7Mt to 7.9Mt
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Total Image HM inventory increased to 9.5Mt, including 1.07Mt of zircon
North Perth Basin Mineral Inventory
The Gingin South resource upgrade announced on 21 July 2011 has enabled Image to revise its total in ground product tonnages. Table 1 shows the product tonnages associated with each heavy mineral (HM) deposit. The deposit locations are shown on Figure 1.
Table 1 North Perth Basin In-Ground Product Tonnages
| Dry Mining Resources | Dredge Mining Resources | Total | ||||||
| Cooljarloo | Gingin | Total | Cooljarloo | Bidaminna | Total | |||
| Total HM | Mt | 1.8 | 1.3 | 3.1 | 3.4 | 1.4 | 4.8 | 7.9 |
| Ilmenite | Mt | 1.0 | 0.80 | 1.8 | 2.4 | 1.1 | 3.5 | 5.3 |
| Zircon | t | 175,000 | 139,000 | 314,000 | 336,000 | 73,000 | 409,000 | 723,000 |
| Rutile | t | 104,000 | 50,000 | 154,000 | 41,000 | 13,000 | 54,000 | 208,000 |
| Leucoxene | t | 51,000 | 104,000 | 155,000 | 82,000 | 97,000 | 179,000 | 334,000 |
These results emphasise the significant HM resources that are being built up by Image in a historically well explored area. With current zircon prices approaching US$2,200/t and other products also increasing significantly in price, the in-ground value of Image’s resources has grown substantially.
Total Image Mineral Inventory
When the Cyclone Extended mineral inventory is added to the North Perth Basin (NPB) inventory Image has a total of 9.5Mt of HM containing 1.07Mt of zircon, as detailed in Table 2.
Table 2 Image Combined In-Ground Product Tonnages
| HM | Ilmenite | Leucoxene | Rutile | Zircon | |
|---|---|---|---|---|---|
| (Mt) | (Mt) | (t) | (t) | (t) | |
| NPB Dry Mining | 3.1 | 1.8 | 155,000 | 154,000 | 314,000 |
| NPB Dredge | 4.8 | 3.5 | 54,000 | 54,000 | 409,000 |
| Cyclone Extended | 1.6 | 0.4 | 20,000 | 134,000 | 345,000 |
| Total | 9.5 | 5.7 | 229,000 | 342,000 | 1,068,000 |
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Figure 1 North Perth Basin Project Location Plan
For more information on the company visit www.imageres.com.au
Please direct enquiries to: George Sakalidis Roger Thomson Managing Director Executive Director Phone (08) 9485 2410 Phone (08) 9485 2410 Mob 0411 640 337 Mob 0419 969 183
The information in this report is based on information compiled or reviewed by Paul Leandri BAppSc who is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation 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’. Paul Leandri consents to the inclusion of this information in the form and context in which it appears in this report.