PERTH (miningweekly.com) – Dual-listed IMX Resources on Tuesday reported that the sale of its Mt Woods tenements would likely be finalised before the end of the month, after all conditions precedent to the sale were satisfied.
In September this year, IMX Resources had agreed to sell its Mt Woods tenements, in South Australia’s Woomera area, to private company Cu-River Mining Australia for A$3.68-million.
CEO Phil Hoskins said on Tuesday that the sale of the Mt Woods tenements allowed the company to concentrate on exploration at its Nachingwea property, in Tanzania.
“Completion of the sale of the Mt Woods tenements leaves IMX debt free and is an important milestone in our transition to a Tanzania-focused explorer. Drilling at Nachingwea commenced in October and we have been pleased by the initial high-grade results at the Chilalo graphite project and look forward to work shortly commencing at the Kishugu gold prospect.”
The funds received from the sale of the Mt Woods assets would enable IMX to extinguish the A$3-million liability to Flinders Ports, allowing the junior to be debt free.