IMX Resources expects to begin an aggressive drilling program at Ntaka Hill nickel sulphide project in Tanzania commencing in May 2014.
Having received Tanzanian regulatory approvals for its joint venture agreement with MMG on the Nachingwea Exploration property in Tanzania, which includes the highly prospective Ntaka Hill, IMX Resources is well advanced with assessment of geophysical surveys, soil sampling results and review of the various data set s and historical core almost complete.
Under the terms of the Agreement, MMG may earn up to a 60 per cent interest in the Nachingwea property by spending up to US$60 million over a five year period, and is sole-funding expenditure of US$10 million for Stage 1 of the agreement to earn a 15 % interest in the project.
The approvals received comprise consent for the agreement from the Commissioner for Minerals in the Tanzania Ministry of Energy and Minerals and the approval of Stage 1 of the agreement by the Tanzanian Fair Competition Commission (FCC ). Discussions with the FCC regarding approval of the subsequent stages of the agreement are ongoing and expected to be finalised before the completion of Stage 1.