IMX Resources chairman tops-up shareholding

IMX Resources (ASX: IXR) chairman Johann Jacobs indirectly acquired 50,000 ordinary shares at $0.42 per share on June 29 in on market purchases.

The shares were acquired for a consideration of A$21,000 and Jacobs now indirectly holds 955,000 ordinary shares through Finmin Solutions P/L.

IMX plans to complete the Ntaka Hill Scoping Study at the Nachingwea joint venture nickel project in Tanzania in October 2011.

Nachingwea is a joint venture between IMX Resources (25%) and Continental Nickel  (CVE: CNI) (75%).

The JV intends to expand the resources at the new Sleeping Giant Resource that is still open in all directions, continue to explore the broader Nachingwea tenements including following up the malachite showing that was uncovered by artisanal miners over the wet season, and advance Ntaka Hill towards production.

The Measured and Indicated Resources at Ntaka is 3.683 million tonnes at 1.52% nickel, 0.28% copper and 0.05% cobalt (at a US$80/tonne NSR cut-off).

In addition Inferred Resources, which are dominated by the new Sleeping Giant discovery, total 10.9 million tonnes at 0.98% nickel and 0.22% copper.

The contained nickel in all resource categories totals 161,800 tonnes.

IMX Resources last traded at $0.465 per share.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/17575/imx-resources-chairman-tops-up-shareholding-17575.html