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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.


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 :
 
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.


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
 


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...
 

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!
 
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
 

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.

 

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 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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