IMX Reports Extension of Sleeping Giant and Zeppelin Deposits

PERTH, AUSTRALIA--(Marketwired - Oct 29, 2013) -

HIGHLIGHTS

• Sleeping Giant and Zeppelin deposits are now connected and remain open to the north, south, east and at depth
• Intersections, include:
  • Hole NAD13-368:
    • 5 metres at 0.83% nickel and 0.17% copper from 106 metres including 1.65 metres at 1.9% nickel and 0.38% copper from 108 metres
    • 8 metres at 0.59% nickel and 0.19% copper from 118 metres including 1.2 metres at 2.35% nickel and 0.83% copper from 118 metres
    • 13 metres at 0.64% nickel and 0.20% copper from 132 metres
  • Hole NAD13-370:
    • 7 metres at 0.43% nickel and 0.08% copper from 39 metres
    • 8 metres at 0.61% nickel and 0.17% copper from 116 metres
    • 2 metres at 2.36% nickel and 0.49% copper from 306 metres
  • Hole NAD13-371:
    • 21 metres at 0.48% nickel and 0.11% copper from 77 metres
    • 5 metres at 0.84% nickel and 0.15% copper from 150.5 metres
  • Hole NAD13-373:
    • 11.55 metres at 0.55% nickel and 0.16% copper from 104.45 metres
  • Hole NAD13-374:
    • 5 metres at 0.54% nickel and 0.27% copper from 104 metres
    • 3 metres at 0.90% nickel and 0.21% copper from 180 metres

IMX Resources Ltd. (ASX:IXR)(TSX:IXR)(TSX:IXR.WT) ('IMX' or the 'Company') reports assay results of five drill holes at the Ntaka Hill Nickel Sulphide Project. Exploration of the Nachingwea Project which includes pursuing a new exploration focus on high-grade nickel mineralisation at the Ntaka Hill Nickel Sulphide Project is the subject of a five year US$60 million earn-in and joint venture agreement with MMG Exploration Holdings Limited ('MMG'). Under the terms of the agreement, MMG acts as manager of the joint venture.

Acting Managing Director John Nitschke commented, "These results demonstrate that the Sleeping Giant and Zeppelin deposits are connected and form part of a system of mineralisation which extends from the western edge of the Sleeping Giant deposit towards the P Zone deposit to the east. This system is approximately 1,300 metres wide and remains open to the north, south, east and at depth. Every hole drilled has intersected disseminated nickel mineralisation over significant widths and we expect that this will significantly add to the existing resource.

The presence of the massive sulphide intersections within these results is encouraging given the new focus of exploration for high-grade nickel mineralisation by MMG."

Three dimensional modelling of the Sleeping Giant and Zeppelin deposits incorporating the work done over the 2013 wet season which included the interpretation of the gravity survey, re-logging and structural interpretation of drill core and compilation and analysis of the data base of soil samples indicated continuity of mineralisation between these two deposits and potentially further to the east at the P Zone deposit. This drilling was carried out to test this model outside of the current resources. The extent of the gravity image shown in Figure 1 is thought to indicate potential for an even bigger footprint for the mineralisation.

The assays from this drilling indicate consistently high nickel tenor similar to the Sleeping Giant and Zeppelin deposits which have been shown to exhibit excellent metallurgical performance and allow for production of a high-grade nickel concentrate. The Company's 2013 drilling program has involved further drilling at the Sleeping Giant, Zeppelin and P Zone deposits, the results of which are expected to be available in the coming weeks.

Figure 2 shows the drill hole collar positions for NAD13- 368, NAD13-370, NAD13-371, NAD13-373 and NASD13-374.

The Mineral Resource (0.3% Ni cut-off) at the Sleeping Giant Deposit is comprised of an Indicated Mineral Resource of 17,200,000 tonnes at 0.49% Ni for 84,280 tonnes of contained nickel; and an Inferred Mineral Resource of 29,000,000 tonnes at 0.70% Ni for 203,000 tonnes of contained nickel, while at the Zeppelin deposit, there is an Inferred Mineral Resource (0.3% Ni cut-off) of 6.0Mt @ 0.52% Ni for 31,000 tonnes of contained nickel.¹

IMX confirms that since announcing the mineral resource estimate on 19 August 2013 for the Sleeping Giant and Zeppelin deposits, it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

To view Figure 1: Regional one VD gravity image and Figure 2: Initial Drill Hole Collar Locations, please visit the following link: http://media3.marketwire.com/docs/907459.pdf

Competent Persons / Qualified Person / NI 43-101 Statement

Information in this announcement relating to quality control and technical information on exploration results has been prepared under the supervision of Mr Mathew Perrot in his capacity as Senior Exploration Geologist for IMX. Mr Perrot is a registered member of the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a Competent Person under the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves ('JORC 2012') and as a qualified person under Canadian National Instrument 43-101 ('NI 43-101'). Mr Perrot has verified the data underlying the information contained in this announcement and approves and consents to the inclusion of the data in the form and context in which it appears.

Information in this announcement relating to the geology of the Gawler Craton and Mt Woods Inlier and the Global Exploration Target of between 900Mt-1,200Mt @ 18-32% Fe on the Mt Woods Magnetite Project is based on data compiled by Mr Peter Hill who is a Member of the Australian Institute of Geoscientists, and who is a full-time employee of the Company. Mr Hill has sufficient relevant experience to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hill approves and consents to the inclusion of the data in the form and context in which it appeared.

Quality Control

Drill core samples (NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre intervals or less, at the discretion of the site geologists. Sample preparation is completed at the on-site sample preparation laboratory under the supervision of ALS Chemex South Africa ('ALS'). Sample pulps were sent by courier to the ALS Chemex analytical laboratory in Johannesburg, South Africa. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples, or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (Analytical Code ME-ICP61). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES finish (Analytical Code PGM-ICP23).

Refer to Sections 1 and 2 of Appendix 2 for further information.

About IMX Resources Limited

IMX Resources Ltd. is an Australian based mining and base and precious metals exploration company, listed on the Australian Securities Exchange and Toronto Stock Exchange ('TSX'), with projects located in Australia, Africa and North America.

In Africa, IMX owns the highly prospective Nachingwea Exploration Project in south-eastern Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide Project, located approximately 250km west of the port town of Mtwara. 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 undeveloped nickel sulphide projects and has the potential to produce a clean, high quality premium nickel concentrate. IMX has formed an exploration JV with MMG Exploration Holdings Limited to fund further exploration of this Project whereby MMG can contribute up to US$60 million to earn a 60% interest in the Project.

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 Mineral Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit² and a Global Exploration Target of between 900Mt-1,200Mt @ 18-32% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell, have the potential to attract a significant price premium. The Global Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not a Mineral Resource estimate as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves or NI 43-101, as insufficient exploration has been conducted to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

IMX confirms that the Inferred Mineral Resource at Snaefell was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. IMX further confirms that since announcing the Inferred Mineral Resource at Snaefell, it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

The Company's Mt Woods tenements cover almost half of the Mt Woods Inlier which is part of the greater Gawler Craton in South Australia, an area notable for its IOCG deposits where one of the world's largest copper-gold mines is located at Olympic Dam and an area which is host to three producing copper-gold mines based on IOCG deposits.

Visit: www.imxresources.com.au

Cautionary Statement: The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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. 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. Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not Mineral Resource estimates as defined by JORC 2012 or NI 43-101, as insufficient exploration has been conducted to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. 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.

ABN 67 009 129 560