WEST PERTH, AUSTRALIA--(Marketwire - Sept. 30, 2012) -

Highlights

• Estimated C1 cash costs of USD 5.00 per pound of payable nickel which is mid range for global nickel producers
• Clear cash operating margin demonstrated over various metal price assumptions, including current spot price 
• Estimated mine life of approximately 15 years
• Average annual contained nickel production of 10,000 to 15,000 tonne per annum
• Confirmed pre-production capital investment of USD 227M
• NPV of USD 212M after tax based on 2011 PEA metal pricing (compared to USD 207M)
• NPV of USD 147M using three-year trailing average prices in line with US SEC guidelines which compares favourably to the 2011 PEA analysis (USD 122M) using these same metal prices

Upside

• Potential increase in both grade and tonnage at Sleeping Giant from: (i) in-fill drilling of near surface hanging wall mineralisation to the north, and (ii) extension drilling targeting down plunge higher grade core
• Potential for delineation of new near surface mineralised zones close to the existing resources, currently being drill-tested
• Optimisation of flotation conditions is likely to improve the already excellent metallurgical performance. A definitive test work program, which includes extensive variability testing, is currently underway
• Future optimisation of the mining plan as part of a PFS, has potential to reduce up-front stripping requirements and defer cash flow for mining activities

IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(News - Market indicators) ('IMX' or the 'Company') has received the results of the updated preliminary economic assessment (PEA; Scoping Study) for the development of the Ntaka Hill Nickel Sulphide Project ('Ntaka Hill' or the 'Project'). The Project is located approximately 250km west of the port town of Mtwara, and is part of the 100% owned Nachingwea property in south eastern Tanzania.

Managing Director Neil Meadows said, "It is encouraging to note that even at the current low spot metal prices there is an estimated healthy cash operating margin which indicates a potentially robust project at the range of prices to be expected in the highly volatile nickel market.

"The work carried out for the updated PEA was aimed at de-risking the Project in order to allow the Company to make an informed commitment to more detailed evaluation and development in the second quarter of next year. The ongoing program of drilling at Ntaka Hill, environmental permitting and definitive metallurgical test work together with a mineral resource update will be completed in the first quarter of 2013."

The updated PEA is based on information collected over the past year which includes the updated March 2012⁽¹⁾ resource, a more thorough preliminary investigation of possible mining methods, additional metallurgical and infrastructure studies, and environmental investigations and permitting activities. Two options continue to be considered: (i) open pit mining only, and (ii) open pit mining with underground mining of the Sleeping Giant Zone. Both options are identical for the initial production period. Project highlights and key potential economic outcomes for both of the options considered by the PEA are detailed in the following tables.

Table 1 - Highlights of Project and Economic Outcomes

Metal Price Sensitivity

In addition to the base case metal price assumptions, a series of sensitivity cases were investigated to test a number of commonly used pricing mechanisms. These included:

• Three-year trailing average prices in line with US SEC⁽⁴⁾ guidelines (base case)
• Three-year trailing average price combined with a two-year forward forecast price
• Long term consensus forecast price
• Current spot price

For all of these cases estimated returns from the project were positive with a healthy cash margin from operations. Table 2 presents the metal prices and key economic results from these sensitivity cases.

Table 2 - Results of Metal Price Sensitivity Cases

Ongoing Work and Next Steps

Based on the results of the updated PEA, IMX's board and management are committed to continuing with the evaluation and long lead development activities for the Project in order to reduce the project risk profile. The following work program is currently underway and expected to be completed early in 2013:

• Continued investigation and discussion with the Tanzanian government departments and other groups to secure access to key project infrastructure such as power, roads and port facilities.
• Completion of the environmental and social impact assessment (ESIA) that is already well advanced with an aim to receiving environmental approval by the end of the first quarter of 2013.
• Definitive metallurgical test work program that is currently underway on approximately 12t of sample at G&T Metallurgical Laboratories in Kamloops, Canada, and expected to be completed during early 2013.
• Mineral Resource update on the basis of current drilling program (between 20,000m and 25,000m), which is expected in the first quarter of 2013
• Continue optimisation of mining options to identify a single development plan based on the updated resource (1Q13)

Subject to the outcomes and market conditions, a PFS/FS⁽⁵⁾ will be commenced aimed at allowing a project commitment in late 2013 which could lead to production commencing in late 2015.

Description of Proposed Activities

Under both options, open pit mining is carried out by a mining contractor, however underground mining would be conducted on an owner operator basis by IMX. The mining schedule developed for this study indicates that stockpiling and blending will be required to optimise the mining rate, feed grade and tonnage to the processing plant.

Metallurgical test work has confirmed several assumptions including confirmation of good flotation performance on the disseminated hanging wall mineralisation⁽⁶⁾ and the amenability of J Zone mineralisation to upgrading by magnetic separation.

The design of the processing facilities, site infrastructure, access road and port facilities is unchanged from the April 2011 PEA, however costs have been updated to reflect changes in prevailing prices and improvements in estimates.

A power options study was completed in May 2012 to determine the optimal power supply arrangement for the Project. The PEA assumes the Tanzanian Government complete the proposed 132kV power line from the natural gas fired power station in Mtwara, to the town of Masasi. The Project will then connect to Masasi, approximately 90km from the site through new 33kV lines with capital costs for the construction of this connecting power line included in the increased Project infrastructure costs in the PEA.

Estimated Costs and Revenue

Capital and operating cost estimates for the Project have been updated and a summary of these is given in Tables 3 and 4. Smelting and refining terms and concentrate transport costs are unchanged from the April 2011 PEA.

Table 3 - Capital Cost Summary

Table 4 - Life of Mine Operating Cost Summary

Development Schedule

The conceptual development timeline for the project includes a number of key milestones with appropriate decision points. These milestones are outlined in Table 5.

Table 5 - Conceptual Project Development Timeline Milestones

Assuming a positive PFS/FS and a development decision in 3Q13, and subject to financing and other development contingencies, commissioning could commence in 3Q15 with first production at the end of 2015.

The PEA summarised here for the Ntaka Hill Nickel Sulphide project will be incorporated into an NI 43-101 compliant Technical Report to be available on SEDAR and IMX's website within 45 days of the date of this announcement.

NEIL MEADOWS, Managing Director

Competent Persons / Qualified Person / NI 43-101 Statement

The quality control and technical information compiled for this PEA were prepared by the following Qualified Persons (QP) as defined in Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects). All QP's have sufficient experience of the relevant areas of expertise listed to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. All QP's have reviewed this press release and consented to the inclusion of the data in the form and context in which it appears, and approves this disclosure. Each QP is independent of IMX within the meaning of Canadian National Instrument NI 43-101.

The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue that might materially affect this estimate of Mineral Resources. The projections, forecasts and estimates presented in the PEA constitute forward-looking statements, and readers are urged not to place undue reliance on such statements. Additional cautionary and forward-looking statement information is provided below.

About IMX Resources Limited

IMX Resources Limited is an Australian based mining and base & precious metal exploration company dual-listed on the Australian and Toronto stock exchanges (TSX:IXR)(TSX:IXR.WT)(News - Market indicators), with exploration projects located in Australia, Africa and North America.

In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in southeast Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide project. Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the world's best un-developed nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.

In Australia, IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 kilometres south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite-copper-gold DSO product at a rate of 1.8Mtpa.

IMX is actively developing the Mt Woods Magnetite Project on the highly prospective Mt Woods Inlier in South Australia. IMX currently has a JORC Inferred Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell have the potential to produce a direct sinter feed product which has the potential to attract a significant price premium.

IMX has also entered into a joint venture with OZ Minerals (the Mt Woods Copper-Gold JV Project) to explore the Mt Woods tenements for copper and gold. OZ Minerals is spending a minimum of $20M for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron rights and 100% of the iron ore rights.

IMX owns 25.65% of Uranex (ASX:UNX), which is a dedicated uranium exploration company, which is developing the Mkuju Uranium project in southern Tanzania.

Visit: www.imxresources.com.au.

FORWARD-LOOKING STATEMENTS: This News Release includes certain "forward‐looking statements". Forward-looking statements and forward-looking information are frequently characterised by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "could" occur. All statements other than statements of historical fact included in this release are forward‐looking statements or constitute forward-looking information. Such statements and information in this news release include statements regarding mining parameters (including processing rates and mill feed), concentrate production, estimates of capital costs, internal rates of return, net present values, completion of environmental and social impact assessments in Q1 2013, completion of definitive metallurgical test work in early 2013, completion of a mineral resource upgrade in Q1 2013, completion of a preliminary or definitive feasibility study in late 2013, life of mine estimate of 15 years, completion of each of the Project Milestones in Table 5, and annual production rates of 10,000 to 15,000 tpa. There can be no assurance that such information of statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors could cause actual results to differ materially from IMX's expectations.

These forward-looking statements are based on certain assumptions, the opinions and estimates of management and qualified persons at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. IMX undertakes no obligation to update forward-looking statements or information if circumstances should change. The reader is cautioned not to place undue reliance on forward-looking statements or information.

Readers are also cautioned to review the risk factors identified by IMX in its regulatory filings made from time to time with the ASX, TSX and applicable Canadian securities regulators.

To view the table entitled "All Open Pit Only Option - Summary of Cash Flow and Financials", please visit the following link: http://media3.marketwire.com/docs/ixr0930table1.pdf.

To view the table entitled "Open Pit With Underground Option - Summary of Cash Flow and Financials," please visit the following link: http://media3.marketwire.com/docs/ixr0930table2.pdf.