News Articles for Image Resources

Image Resources has completed the ramp-up of its Boonanarring project just north of Perth to full production in just two months, well in advance of the planned six month ramp-up schedule in the bankable feasibility study. The company has also shipped a full complement of about 20,000 tonnes of heavy mineral sands this month and expects to achieve positive project cash flow before the end of the current quarter.

Image Resources has banked its first cheque from the export of heavy mineral sands concentrate from its zircon-rich Boonanarring mineral sands mine located in the North Perth Basin region of WA. The first bulk shipment of about 10,000 wet metric tonnes of concentrate was shipped from Bunbury Port this week, with payment secured via a letter of credit from Image's Chinese off-take partner, Natfort.

Image Resources has completed wet commissioning of its flagship Boonanarring heavy mineral sands project just 80km north of Perth and the company has started to ramp up production. Management has set an aggressive schedule aimed at achieving the feasibility study target processing rate of 500 dry tonnes of ore per hour in just six months.

Image Resources is starting to transport its zircon-rich heavy mineral sands concentrate from the Boonanarring project north of Perth to port storage in Bunbury, barely a month after starting wet commissioning of the mine plant. First revenues could kick in before the end of the year with the first bulk shipment of the zircon-rich HMC scheduled to depart in December.

Image Resources has produced its first heavy mineral concentrate from its flagship Boonanarring zircon-rich mineral sands project located 80km north of Perth in the North Perth Basin region of WA. The processing plant will transition to full operation over the next 2-4 weeks. The company will receive its first revenue for ore production in January before progressing rapidly to a positive cash flow later in the March quarter.

Image Resources is well on the final stretch towards production at its Boonanarring mineral sands project 80km north of Perth after commencing wet commissioning of the processing facility. The company is on track to start producing mineral sands concentrate in the current quarter, receiving its first revenue in January 2019 and becoming cash flow positive by the end of the first quarter of 2019.

Image Resources has de-risked the sale of heavy mineral sands from its Boonanarring project just 80km north of Perth with the execution of a second binding offtake agreement with China's Hainan Wensheng High-Tech Materials. The agreement complements Image's existing agreement with Natfort as both offtake partners have agreed to take up the other's share of production in the event that one is unable to do so.

Mineral sands miner Image Resources has unearthed anomalous, shallow gold intersections during its first-pass drill program at the Erayinia prospect, located east of Kalgoorlie. The best result was 20m @ 0.7g/t gold from 40m down-hole, including 4m @ 1.2g/t gold from 48m and 4m @ 1g/t gold from 56m. The company will conduct a larger program of aircore drilling now to test 7km of prospective strike extensions.

Image Resources has increased the forecast value for its Boonanarring mineral sands project in Western Australia by $38 million to $235 million on the back of higher zircon price forecasts by consulting company TZ Mineral International. The pre-tax rate of return is up to 125 per cent while payback is now expected in 13 months, down from 16 months.

Many ASX juniors are artfully skilled at turning out feasibility studies but often not so good at traversing the debt and equity markets to make that quantum leap into production. Image Resources however, has done just that with $50m in debt and $25m in equity now locked away to take its zircon rich, multi-element, mineral sands play near Gingin in W.A into production within just months.

More than $12 billion of mining projects are in the pipeline for WA and likely to proceed, with major iron ore developments the biggest contributor.

Eight mineral sands projects are either under construction or consideration as the sector finally enjoys some pricing relief.

Emerging mineral sands producer Image Resources has set a good example for the WA mining industry by embracing solar power for its high-grade, zircon-rich Boonanarring development just north of Perth. The company has struck a deal with Perth-based Sunrise Energy Group that will see a 3-4MW solar farm built next door to its mineral sands project and supply about 25% of its power.

A solar power company founded by former Western Power manager Neil Danby and olympic basketballer Andrew Vlahov has picked up its first contract, winning $7 million of work for Image Resources' Boonanarring mineral sands project.

Emerging Western Australian nickel company St George Mining is pleased to announce it has successfully raised $4.0 million from institutional and sophisticated investors via a placement at an issue

Image Resources has launched a $25 million capital raising that will contribute to the construction of its Boonanarring mineral sands project near Gingin, which is targeting production by the end of the year.

Pancontinental Oil & Gas NL has successfully completed the acquisition of 100% of the shares of Bombora Natural Energy Pty Ltd.

Perth-based explorer Image Resources has entered into an agreement for the purchase of a wet concentration plant, and an offtake deal for product from its Boonanarring mineral sands project near Gingin, with a Chinese zircon company to emerge as a major shareholder.

Image Resources has appointed Collis Thorp as chief executive officer.

Western Areas NL - 28-Nov-03