Image Resources NL Stock Market Press Releases and Company Profile

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 (googlechartASX:IMA) (googlechartIMREF:OTCMKTS) 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

- QUALITY 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:
http://abnnewswire.net/lnk/885GL97G


About Image Resources NL

Image Resources Ltd ASX:IMAImage 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.

abnnewswire.com 


Contact

Patrick Mutz
Managing Director
T: +61-8-9485-2410
E: info@imageres.com.au
www.imageres.com.au



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