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Image Resources Requests More Time For Capital Raising

Image Resources (ASX: IMA) has requested additional time from the ASX to finalise the details of a capital raising, with the company entering a voluntary suspension today.

The company is working to expand the resource at its Boonanarring heavy mineral deposit, part of the North Perth Basin mineral sands project.

Image has recently delivered an additional Indicated JORC Resource of 7.4 million tonnes at 7% for 530,000 tonnes of heavy minerals at a 2.5% cut-off for Boonanarring.

The discovery brings the total project inventory to 10.5 million tonnes at 7% for 740,000 tonnes of heavy minerals at a 2.5% cut-off.

The key is the results support Image's strategy of bringing Boonanarring into production early to take advantage of high grades and excellent local infrastructure.

Image is targeting a resource upgrade for the project in February 2013.

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