Image Resources is an emerging Mineral Sands producer focused on the development of its high-grade Boonanarring Project in the North Perth Basin while continuing to expand its resources and reserves base.
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Image Resources is now advancing towards development of its high grade mineral sand assets delineated within the North Perth Basin. A resource upgrade at the key Boonanarring deposit (due in Feb 2013) is likely to further enhance the already robust economics outlined in the scoping study. Image has now embarked on a ‘bankable’ feasibility study with first production likely by 1H 2015.
After five years of exploration, Image Resources (ASX: IMA) has now created a significant portfolio of high grade mineral sands projects within the North Perth Basin, Western Australia.
Following the successful outcomes of a scoping study completed in 2011, the company is now implementing a clear strategy to develop these assets with first production from the Boonanarring deposit possible by early 2015. The recent A$6.7M capital raising (subject to shareholder approval) will be more than adequate to complete the necessary technical studies (as part of a broader feasibility study), the planned resource expansion drilling campaigns at Boonanarring and all company operating costs through to July 2013.
Initially, Image envisage construction of a 3.3Mtpa single mine and wet plant operation at Boonanarring. This initial, relatively low capital cost project should then provide the operating platform and cash flow for the staged development of parallel mining operations at Atlas and the other projects, together with the construction of a more capital intensive Dry Mill, capable of producing finished products.
This strategy is not only attractive in terms of project economics, but will provide a quicker path to production at lower risk, with a significantly lower up-front capital requirement than would be the case if a Dry Mill is constructed initially.
Image has a major land holding in the North Perth Basin (NPB) which comprises of a total JORC resource of 289Mt @ 2.9% HM (for ~8.4Mt of valuable Heavy Minerals)...
Official website: http://www.imageres.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/IMA
Markets: Mineral Sand