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IMA - Image Resources

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Nice results. Shameful performance. High of 1.52, low of 1.25, whats up with that???

Ah well... $1bil worth and only a fifth the way through this one. Market cap 106 mil.

Think the fall was to do with the grade? 2.4% seems a bit dull.
 
BRR out today. George said he had been getting quite a lot of calls about the grade, but please have a listen to what he says.

Here is some media attention in The Australian today.

Seeking a clearer Image

SEEMS the traders -- and even a few analysts -- failed to get the message with the first resources statement from Image Resources (IMA).

Its shares were dumped when people interpreted the resource from its North Perth Basin mineral sands project as being small. No, it's not. There's 6.4 million tonnes of heavy minerals: 340,000 tonnes of leucoxene and rutile, 4.5 million tonnes of ilmenite, 545,000 tonnes of zircon and 390,000 tonnes of garnet. Here are two key factors: much of it can be dredge-mined, which is much cheaper than dry mining; and there's little overburden to be removed before mining.

This resource has an in-ground value of about $1.2 billion. Yet it is based on less than 10 per cent of IMA's ground in the area, and the group has another 250km of drill targets.

Image plans to put out a further statement today to try to get its message through. This resource is enough to sustain mining, and Image is looking at a pre-feasibility study.
Click to expand...

Finally the words, pre-feasibility!
 
I think it will not take too long before the market gets the message... all good, bought some more today :p:
 
I would really like to see the %holdings of the Top 20 shareholders. 1.2 bil value resource gives ~ 180mil after processing costs. So something like $2/share. Wonder what the top 20 are doing.
 
Not including the foreign investor, they have bought it within $1.8-$2.00/share. It's just a matter of time for the market to realize it.
 
Finally looks like we have some depth coming back into the buy side.

The scoping study is due for completion end of July 08.

Here are some extracts from the announcement today.

OTHER FACTORS

Overburden can add a significant cost to mining. Image is encouraged by its
relatively low overburden ratios of between 1.0 to 1.5 for the dredge
resources and 0.6 to 3.4 for the dry mining resources.
Indurated surface rock can be a seriously deleterious factor; it is absent in
Image’s resources.

The ilmenite in Image’s resources is predominantly synthetic rutile (SR)
ilmenite. SR ilmenite is used as feedstock for the value adding process plants
at Geraldton (Iluka) and Muchea (Tiwest) which produce synthetic rutile. The
Perth Basin produces 86% of the world’s synthetic rutile. Image’s ilmenite
(4.5M tonnes) is strategic and can potentially be used to fill spare capacity at
these plants.
Click to expand...

TARGETS
Based on these encouraging results, Image is now targeting resources containing between 15-20Mt of heavy minerals at world competitive grades in at least 247km of magnetic targets on its 2090sq km North Perth Basin project.
Click to expand...

Iluka has 34 million tonne of HM (from my latest reading) so a target of 15-20 million tonne shows Image will be of a huge size when drilling has been completed.
 
A fair bit of exposure for Image today on ABC Inside Business with one whole segment about Image.

It is the story titled "Opes prime collapse hits WA mining community" but it is not just about opes, and talks about the resource possibly coming under the eye of the majors such as RIO, BHP, Iluka....

George says that the shareholders are all behind him. I guess that includes me as a true believer!

http://www.abc.net.au/news/business/
 
Thanks for the link Grace, pretty interesting article...
I like this part:

"We have avoided going to areas and buying people's mines and saying let's find more material underneath their mine. We've always felt that the big ore bodies that are going to be found are outside those areas.

Some of the bigger companies have been mining for 30 years so naturally they've mined all their high-grade ore bodies.

So there profits are obviously going to decrease. Comparatively, we are quite different. Brand new fresh ore bodies, never been mined, near surface, great cash flow positive.

I guess if your resource base is big enough you'll have the attention of all the bigger mineral sand companies. You have BHP, Iluka, also Rio Tinto.

If our resource-base keeps going the way it has been there will be opportunities for them to be looking at our company. "

It does make sense (at least to me :p:)
 
grace said:
A fair bit of exposure for Image today on ABC Inside Business with one whole segment about Image.

It is the story titled "Opes prime collapse hits WA mining community" but it is not just about opes, and talks about the resource possibly coming under the eye of the majors such as RIO, BHP, Iluka....

George says that the shareholders are all behind him. I guess that includes me as a true believer!

http://www.abc.net.au/news/business/
Click to expand...


Same here Grace. They aren't getting my shares cheap. That link seems to be a general page which changes daily/hourly, i couldn't find the article.
 
Everyone, wake up wake up.......a takeover proposal is being made for Bemax (fellow mineral sands company). They are in trading halt....can't find anyone else in a trading halt though.....who could the predator be???

Anyway, it might be a good sign of things to come in the ancient beach sands sector! Lets hope...
 
grace said:
Everyone, wake up wake up.......a takeover proposal is being made for Bemax (fellow mineral sands company). They are in trading halt....can't find anyone else in a trading halt though.....who could the predator be???

Anyway, it might be a good sign of things to come in the ancient beach sands sector! Lets hope...
Click to expand...

Here is a link to the takeover proposal. 45.4% above last close price. Perhaps it is the start of consolidation in this industry. Failed to ignite any interest in Image though.

http://www.businessspectator.com.au...s-recommends-Cristal-offer-EZVW6?OpenDocument
 
Saudi Arabia's National Titanium Dioxide, the world's second-biggest producer of titanium dioxide, has bid for Australian mineral sands producer Bemax Resources, valuing it at $A301.5 million.
Click to expand...

Its a good sign to me. $A301.5 million for Beemax eh, not bad. Sector wise it could be a start. Illuka is banking on a surge in titanium prices followed by zircon. They believe the time of mineral sands is drawing near. My big worry is the AU$ strength. I don't see it diminishing anytime soon, at least not drastically. Then again Beemax still made a decent 2007 profit through better production and increased sales, but their hedging against the dollar will not hold out forever.

I'm sticking to my guns tho, and topping up along the way.
 
Down down and down... it seems to be the only way for IMA... is there any good news to expect before the scoping study in July.

For sure they are not good at all at communicating... I hope at least they are working hard at drilling! :eek:
 
Would anyone agree that it's found support at 1$? However, there are very strong intra-day variations...

Fundamentals are the same, but it looks like lots of believers have left (I'm still in, but maybe I should have left :(... at least to buy back cheaper)...
There's at least 1 more month to hold before any pontential good news... not sure what could prevent it from falling lower :banghead:
 
ChomChom said:
Would anyone agree that it's found support at 1$? However, there are very strong intra-day variations...

Fundamentals are the same, but it looks like lots of believers have left (I'm still in, but maybe I should have left :(... at least to buy back cheaper)...
There's at least 1 more month to hold before any pontential good news... not sure what could prevent it from falling lower :banghead:
Click to expand...

George has not been buying....I wish he would start. He said he is going to build up his holding, but that he won't be in a hurry (from ABC Inside Business interview).

Well, guess he doesn't mind the share price getting so low.

I am still holding my bucket loads of these. Not selling at these levels.

Image would make an easy takeover target, given George lost most of his shares via Opes Prime. At the current share price, others would have to be running their ruler over Image. I'm happy for them to stay away. Plenty of resources yet to prove up. Luckily, they still have money in the bank to keep drilling.

A number of brokers have recently put a buy on image.....yet no buying. Hopefully we have cleaned out the nervous nellies!
 
I think right now everyone is just not interested in mineral sands. Energy sector has taken most of the attention and while image is a good mineral sands explorer, mineral sands just arent on the menu right now. I think people are playing games with when to start buying the banks or when to switch from oil to uranium again or gold or silver or anything but mineral sands. A few brokers had this to be the year for Image, it was mentioned as a takeover target a few places including ASF as well. Fundamentals are there. Market cap less than 100 mil now, with a first resource worth 1.2bil. I'm a believer. But even a premium at 30 cents would suck hard, not to say i think it will get there; just abstract. My overall average buy price is 1.34 so I'm feeling the pain already.

With 40grand invested I am not selling until the fundamentals change.

:2twocents
 
A detailed ground magnetic survey (100m line spacing) has been completed over a recently granted tenement (E70/3328) at Cooljarloo North. The survey has identified two anomalous zones some 0.5Km x 1.5km and 0.5kmx 1.2km in area .... The western anomalous zone is interpreted to be the northern extension of the Helene heavy mineral resource. Indicated Resources at Helene currently stand at 11.5Mt @ 4.5%HM using a 2.5%HM cut off...
Click to expand...

Good news, this could increase the Helene resource. 2.5% cut off lvl is nice too, considering the upside.

Phosphate sands? whats that worth?
 
I think right now everyone is just not interested in mineral sands. Energy sector has taken most of the attention and while image is a good mineral sands explorer, mineral sands just arent on the menu right now. I think people are playing games with when to start buying the banks or when to switch from oil to uranium again or gold or silver or anything but mineral sands.
Click to expand...

I understand what you`re saying tukker.Iron ore makes steel, oil makes fuel and lubes, uranium makes power and gold ..... well it just sits there and is worth a lot per ounce.

But heavy metals ??? woss at?



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