Image Resources NL (ASX:IMA)
Perth, May 4, 2009 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) is pleased to announce that another Memorandum of Understanding (MOU) has been signed on its North Perth Basin heavy minerals project. The objective of the MOU is to facilitate a review of Image's North Perth Basin HM project as a step towards the commercialisation of these assets.
The MOU was signed with Fibonacci Group Ltd, a private Chinese investment house based in Beijing, sourcing funds from private companies and sophisticated investors. Fibonacci plans to list in due course on the Hong Kong Stock Exchange to raise further capital but currently has US$500 million in funds to invest.
The aim of the Fibonacci Group is to provide funds to emerging resource companies world-wide with near-term production potential for commodities which are in demand in China. Fibonacci plans to act as a strategic partner to selected companies by direct injection of capital and working with these companies to start production and helping to sell the product into the Chinese market.
The directors of Image Resources welcome the interest of the Fibonacci Group in the development of the North Perth Basin project.
About Image Resources NL
Image 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.
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