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IMX Resources Signs MOU With Flinders Ports For Snaefell Magnetite Project

Established South Australian iron ore producer IMX Resources (ASX: IXR) has signed a Memorandum of Understanding with Flinders Ports to investigate the feasibility for development of a port solution at Port Pirie.

This solution is aimed at supporting IMX's wholly owned Snaefell Magnetite Project, with the agreement an important step towards proving the feasibility of the project - which forms part of the much larger Mt Woods Magnetite Project.

Neil Meadows, managing director, said that the company has demonstrated its ability to work cooperatively with Flinders Ports in the establishment of the innovative containerised iron ore storage and loading facilities at Port Adelaide.

"This MOU provides the basis for IMX and Flinders Ports to work towards developing a port solution to support the development of a large scale iron ore export and trans-shipment facility at Port Pirie for the Snaefell Magnetite Project."

Snaefell currently hosts a magnetite Resource 569 million tonnes 27% iron.

IMX has also been recently progressing other parts of the project, including recently initiating studies into water, power, ore characterisation, transport and logistics in anticipation of reaching a decision to commit to funding a Pre-Feasibility Study on the project by the end of 2012.

The company has also commenced the search for a suitable partner to support the development of Snaefell.