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Image Resources In Pre Open Pending Possible Share Placement

Image Resources (ASX: IMA) has been granted a trading halt by the ASX pending an announcement on a possible share placement transaction, with the company's shares placed in pre-open.

The company recently confirmed the possibility of fast tracking the production of heavy mineral concentrate from Boonanarring - as the first step to becoming a multi-mine long life producer in the North Perth Basin.

Importantly - fast tracking the development of Boonanarring would generate positive cash flow earlier than indicated by the Scoping Study, which excluded the deposit due to insufficient drilling at the time, with Image potentially beginning production by early 2014, if not sooner.

Boonanarring is one of the largest undeveloped high grade heavy mineral resources in Australia, with existing infrastructure and upside exploration potential.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 11th July 2012.

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