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IMAGE RESOURCES NL — Capital/Financing Update 2018
Aug 13, 2018
65117_rns_2018-08-13_47ee1dca-3ff1-4193-b8d4-4166c270bd04.pdf
Capital/Financing Update
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14 August 2018
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CONSTRUCTION AT IMAGE RESOURCES’ BOONANARRING PROJECT ON TRACK FOR 4[TH] QTR COMMISSIONING
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Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to advise that through the end of July 2018, construction of an open cut mine and processing facility at its 100% owned, high grade, zircon-rich Boonanarring mineral sands project located 80 km north of Perth in the infrastructure rich North Perth Basin in Western Australia, remains on track for project commissioning and first production in the 4[th] QTR 2018.
WCP Relocation and Reassembly
All pertinent company-owned wet concentration plant (WCP) and associated equipment has been relocated from South Australia to Boonanarring and reassembly of the WCP is progressing on schedule (Photos 1 & 2).
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Photo 1: WCP construction looking northwest
Photo 2: WCP aerial view
Open Cut Mine Construction
Open-cut mine construction commenced in April 2018 with the removal and stockpiling of topsoil, followed by the commencement of removal of overburden for the initial box cut of the mine. Mining contractor Piacentini and Son continued to mobilise additional equipment and personnel to the site and ramping up overburden removal through July. Material movement is by excavators and trucks.
Hitachi 1800 excavators and Cat 785 trucks are the core of the fleet for overburden removal fleet in April and May 2018. The first of two Hitachi 3600 excavators arrived on site in late May (see Photo 3). The second 3600 arrived in early August and will be commissioned later this month to accelerate overburden removal rates. Mine construction works are welladvanced at the end of July (see Photo 4) and exposure of first high grade ore is scheduled for end of September 2018.
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312
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Photo 3: Hitachi 3600 Excavator and CAT 785 truck
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Photo 4: Overburden Removal for Initial Box Cut
Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872
Image Resources NL ABN 57 063 977 579 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312
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Site infrastructure (entry road, temporary offices, laydown areas and mine access roads) have been installed. In addition, the permanent administration offices have arrived on site and will be commissioned in August 2018.
On an overall project basis, construction at Boonanarring commenced with the site entry road in mid-March 2018 and as at the end of July, the project is within 2% of total budgeted cost and remains on schedule for wet commissioning and first production in the 4[th] Quarter 2018, despite wet weather resulting in six (6) days lost construction time in June.
The Boonanarring project is fully funded including funds to meet corporate overhead and minimum exploration expenditure commitments through to positive cashflow scheduled for the end of Q1 2019.
Additional Land Purchases
In July, the Company completed the purchase of two additional land parcels related to the Boonanarring project, both to the north of current mine and processing plant construction works and north of Wannamal Road West. These land acquisitions secure access to more than 90% of the total area of current Boonanarring ore reserves.
Updated Aerial Video
An updated aerial video (drone flyover 27 July 2018) showing site-wide construction progress at Boonanarring has been added to the Image website and can be accessed at www.imageres.com.au.
For further information, please contact:
Patrick Mutz
Managing Director +61 8 9485 2410 [email protected] www.imageres.com.au
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312
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