Nachingwea JV Project, Tanzania Iron ore producer, IMX Resources Limited reported that final assays have been received from the regional reverse circulation drilling program completed in 2010 on the Nachingwea JV Project in southern Tanzania.

The results confirm that ten RC holes intersected favourable ultramafic intrusive rocks, with two returning anomalous nickel-copper including hole NRC10-022 which intersected 0.51% Ni and 0.05% Cu over 6.0m.

In addition, three other RC holes intersected polymetallic base metal mineralization with anomalous values in copper, zinc, and silver.

The project is a 25:75 Joint Venture between IMX Resources and Continental Nickel Limited (CNI) of Canada.

As part of the regional evaluation of the Nachingwea JV project area, a 24 hole RC drill program totaling 2,257 metres was completed in November 2010. The program was designed to target selected soil geochemical anomalies and airborne and ground electromagnetic conductors located within a 50 by 15 km area surrounding the nickel copper sulphide deposits discovered at Ntaka Hill.

The results continue to highlight the Lionja area as an important nickel target area for further work.

IMX’s interest in the Nachingwea Ni-Cu Project is held through a direct 25% interest in the Tanzanian joint venture company, Ngwena Limited, and indirectly through a 37.2% interest in CNI. CNI recently completed its expenditure of CAD 15 million to earn an additional 5% of the joint venture, which reduced IMX’s joint venture interest to 25%. IMX is participating on a pro rata basis according to its joint venture interest.