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  • IMX Resources Appoints New Non-Executive Director 0 comments
    May 23, 2013 10:01 PM

    IMX Resources (ASX: IXR, TSE: IXR) has appointed Sun Wei as a non-executive director of the company from 23 May 2013, replacing Song Yuan Gang who resigned on the same day.

    Sun, who has been acting as an alternate director for Song, is general manager of TGA International, an Australian subsidiary of Taifeng Yuanchang International Development (Taifeng).

    Taifeng holds a 49% interest in the Cairn Hill Joint Venture near Coober Pedy, South Australia, as well as more than 10% of IMX's issued and outstanding shares.

    Sun is a non-executive director of both PepinNini Minerals (ASX: PNN) and Ferrowest Resources (ASX: FWl) and has significant experience in resources investment and mineral projects analysis.

    "The Board would like to thank Mr Song for his contribution during several years of service as a director and wishes him well for the future. The Board also welcomes Mr Sun, with whom it has worked closely in his capacity as an alternate director for Mr Song, and looks forward to his continued input," chairman John Nitschke said.

    IMX has this month started a regional exploration program to follow-up on the encouraging results from 2012 at its Nachingwea nickel sulphide property in Tanzania.

    This will involve analysis of satellite imagery to identify outcrop, review of existing VTEM anomalies identified during 2012, extensive regional soil sampling and potentially following up on the most prospective targets with drilling late in the season.

    It has also received confirmation that Mt Woods Copper-Gold joint venture partner OZ Minerals (ASX: OZL) will carry out a $2.6 million field program in the second half of 2013.

    This targets haematite-hosted iron oxide copper gold deposits and will involve 4,300 metres of diamond core drilling and delineation of targets using detailed ground based gravity and other geophysical surveys.

    IMX is trading at above half cash backing with $15.3 million in cash as of 31 March 2013 compared to its current market capitalisation of $29.33 million.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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