Image Resources NL

ABN Newswire Stocks to Watch today include: Image Resources (ASX:IMA)(PINK:IMREF), Mission NewEnergy Limited (ASX:MBT), Atlas Iron Limited (ASX:AGO), Galaxy Resources Limited (ASX:GXY)(PINK:GALXF), Environmental Clean Technologies Limited (ASX:ESI), Kairiki Energy Limited (ASX:KIK)(PINK:KAIRF), and WestSide Corporation Limited (ASX:WCL).

Image Resources (ASX:IMA)(PINK:IMREF) is pleased to announce that it has appointed project management consultants Engenium Pty Ltd and its associated company, Pacer Engineers to assist in advancing the commercialisation of its heavy mineral assets in the North Perth Basin.

Image Resources (ASX:IMA) announces its quarterly report for the period ending 30 September 2009. Image has updated the resource at the Atlas heavy mineral (HM) deposit resulting in a significant upgrade.

Image Resources (ASX:IMA) has completed a 402-hole, 16,308m aircore drilling programme at Serpentine Lakes in the Eucla Basin, following up its previous drilling which intersected significant thicknesses of zircon-rich heavy minerals (HM). Zircon comprises up to 45% of the HM assemblage and is of great significance because it is the highest value mineral normally found in HM deposits (approximately 10 times the value of ilmenite).

Image Resources (ASX:IMA)(PINK:IMATF) has begun the second phase drill programme over its 100%-owned Serpentine Lakes tenements in the Eucla Basin. The Image tenements contain the southern extension of Diatreme Resources' (ASX:DRX) Cyclone heavy mineral discovery where DRX has reported an Inferred Resource of 60 Mt at 3.1% HM (DRX ASX release 31 March 2008).

Image Resources (ASX:IMA)(PINK:IMATF) has begun the second phase drill programme over its 100%-owned Serpentine Lakes tenements in the Eucla Basin. The Image tenements contain the southern extension of Diatreme Resources' (ASX:DRX) Cyclone heavy mineral discovery where DRX has reported an Inferred Resource of 60 Mt at 3.1% HM (DRX ASX release 31 March 2008).

Image Resources (ASX:IMA)(PINK:IMATF) is pleased to announce a significant upgrade to the Atlas resource at Cooljarloo. The major highlights include a change in resource category of heavy minerals and mineralisation, to Indicated from a mix of Inferred and Indicated. Over 120% increase in tonnes of contained zircon from 46,000 tonnes to 102,000 tonnes.

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 Resources (ASX:IMA) identifies a high grade zircon sone at the Atals deposit. Mineral assemblage analysis of selected samples from the high-grade zone at the Atlas deposit at Cooljarloo (Image 70%) has identified some unexpectedly high grades of zircon ranging from 18.1% to 20.8% of the heavy mineral suite, well above the previous estimate of an average zircon grade of 7%. The presence of high-grade zircon has the potential to add significant further value to the Atlas resource.

Image Resources (ASX:IMA)(PINK:IMREF) is raising A$3,000,309 by issuing 5,455,108 shares at 55 cents per share to a combination of sophisticated and professional investors. Following the placement Image will have 85,099,354 fully paid shares on issue and will hold cash and liquid assets of approximately $7 million after payment of the costs of the placement.