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IMX Resources: OZ Minerals exceeds first year spend at Mt Woods, JV progressing well

IMX Resources (ASX: IXR) has reported that the MT Woods copper gold joint venture with OZ Minerals (ASX: OZL) is progressing well.

OZ Minerals exceeded its first year financial obligations by spending $5.83 million, with a second year program already underway with an approved joint venture budget of around $8 million.

Diamond drilling is scheduled to continue through the remainder of the 2011/2012 field season with over 11,000 metres planned, and in addition, ground geophysical validation of targets and target generation will also continue.

Andrew Steers, Acting CEO of IMX Resources was very upbeat and commented, “We are very encouraged by the progress we are starting to see from the joint venture, and are looking forward to more news flow as results become available.”

The joint venture covers all minerals excluding iron ore, with OZ Minerals required to spend $20 million over 5 years to retain a 51% interest. IMX Resources can contribute to maintain the company's 49% interest or dilute to a minimum 25% pre development.