IMX Mt Woods Copper-Gold JV With OZ Minerals to Remain in Place

Sun Feb 17, 2013 4:30pm EST

* Reuters is not responsible for the content in this press release.

IMX Resources Limited (ASX:IXR)(TSX:IXR)(TSX:IXR.WT) ('IMX' or the
'Company') announces that it will not proceed with the sale of its 49%
interest in the Mt Woods Copper-Gold Joint Venture (the 'Mt Woods JV
Project') to OZ Exploration Limited Pty Ltd ('Oz Exploration'), a wholly
owned subsidiary of OZ Minerals Limited ('OZ Minerals').

    In November 2012, IMX entered into a non-binding heads of agreement with
OZ Minerals outlining the terms for the proposed sale of its 49% interest
in the Mt Woods JV Project to OZ Exploration (the 'Proposed
Transaction'). Completion of the Proposed Transaction was subject to a
number of conditions, one of which was the execution of binding
transaction documents, which OZL and IMX have elected not to proceed

    As a consequence, IMX retains 100% of the iron ore rights and 49% of the
non-iron ore rights over the Mt Woods JV Project, along with legal title
to all of the Mt Woods JV Project exploration licenses. Under the terms
of the joint venture agreement over the Mt Woods JV Project, OZ
Exploration has committed to spend $20 million over a 5 year period
beginning on 1 May 2010 to retain a 51% interest in the non-iron rights.
As at 30 September 2012, OZ Exploration had spent approximately $14
million of the $20 million. 

    IMX Managing Director Neil Meadows commented:

    "While disappointed not to have completed the Proposed Transaction with
OZ Minerals, we recognize the complexity involved in shared-commodity
agreements and respect OZ Minerals' position, as they do ours. IMX
remains committed to generating value from the development of the Mt
Woods Magnetite Project for which we are actively seeking a partner and
as such needed to maintain clear tenure over the iron rights. At the same
time, the substantial reduction in operating costs at Cairn Hill during
2012 and improved iron ore prices resulting in the Cairn Hill JV
generating cash of $4.2 m per month has reduced our immediate need for
additional funding via the proposed transaction with OZ Minerals. IMX and
OZ Minerals remain committed joint venture partners in the Mt Woods
Copper-Gold JV and OZ Minerals remains a major shareholder in IMX."

    OZ Minerals had agreed that upon completion of the Proposed Transaction
and subject to the approval of IMX shareholders, it would cancel its
holding of 33.909 million IMX shares (the 'OZ Minerals Shares') for nil
consideration. Notwithstanding that the Proposed Transaction has not been
completed, OZ Minerals has informed IMX that it is their current
intention to retain the shareholding in IMX for the life of the joint

    NEIL MEADOWS, Managing Director

    About IMX Resources Limited

    IMX Resources Limited is an Australian based mining and base and precious
metals exploration company, listed on the Australian Securities Exchange
('ASX') and Toronto Stock Exchange ('TSX'), with exploration projects
located in Australia, Africa and North America.

    In Africa, IMX owns and operates the highly prospective Nachingwea
Exploration Project in south-east Tanzania, which includes the
potentially world-class Ntaka Hill Nickel Sulphide project. Nachingwea is
highly prospective for nickel and copper sulphide, gold and graphite
mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the
world's best un-developed nickel sulphide projects and has the potential
to produce a very clean, high quality premium nickel concentrate.

    In Australia, IMX operates and owns 51% of the Cairn Hill Mining
Operation, located 55 kilometres south-east of Coober Pedy in South
Australia, where it produces a premium coarse-grained
magnetite-copper-gold DSO product at a rate of 1.8Mtpa. 

    IMX is actively developing the Mt Woods Magnetite Project on the highly
prospective Mt Woods Inlier in South Australia. IMX currently has a JORC
Inferred Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and
a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in
the project. Studies indicate that coarse grained concentrates that could
be produced at Snaefell have the potential to produce a direct sinter
feed product which has the potential to attract a significant price

    IMX has a joint venture with OZ Minerals (the Mt Woods Copper-Gold Joint
Venture Project) to explore the Mt Woods tenements for copper and gold.
OZ Minerals is spending a minimum of $20M for a 51% interest in the
non-iron rights, with IMX retaining a 49% interest in the non-iron rights
and 100% of the iron ore rights. 

    IMX owns 25.65% of Uranex (ASX:UNX), a dedicated uranium exploration
company, which is developing the Mkuju Uranium project in southern


    Forward-looking Statements: This news release includes certain
"forward-looking statements". Forward-looking statements and
forward-looking information are frequently characterised by words such as
"plan," "expect," "project," "intend," "believe," "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may", "will" or "could" occur. All statements other than
statements of historical fact included in this release are
forward-looking statements or constitute forward-looking information.
There can be no assurance that such information of statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such information. Important factors
could cause actual results to differ materially from IMX's expectations.

    These forward-looking statements are based on certain assumptions, the
opinions and estimates of management and qualified persons at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results
to differ materially from those projected in the forward-looking
statements or information. Such factors include, but are not limited to,
fluctuating metal prices, operational performance, uncertainty in equity
markets and other factors. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. 

    IMX undertakes no obligation to update forward-looking statements or
information if circumstances should change. The reader is cautioned not
to place undue reliance on forward-looking statements or information.
Readers are also cautioned to review the risk factors identified by IMX
in its regulatory filings made from time to time with the ASX, TSX and
applicable Canadian securities regulators. 

    The TSX does not accept responsibility for the adequacy or accuracy of
this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.

IMX Resources Limited
Neil Meadows
Managing Director
+61 8 9388 7877

Investor Relations
Professional Public Relations
Tony Dawe
+61 8 9388 0944

Copyright 2013, Market Wire, All rights reserved.