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High Grade Massive Sulphides up to 13.63% Nickel Intersected at Sleeping Giant, Tanzania

Tuesday, December 14th, 2010

Iron ore producer, IMX Resources Limited is pleased to announce that high
grade massive nickel-copper sulphides have been intersected in the first core hole of the recently completed “Phase II” diamond drilling programme at “Sleeping Giant” at the Nachingwea JV Project in southern Tanzania. Drill hole NAD10-220 intersected 2.63m at 13.63% Ni, 2.17% Cu and 0.21% Co from a wider 23.3m interval grading 2.58% Ni and 0.41% Cu. The project is a 25:75 Joint Venture between IMX Resources and Continental Nickel Limited (CNI) of Canada.
Drill hole NAD10-220 successfully tested the Sleeping Giant zone 100m along strike to the
north of drill hole NAD10-211 which previously intersected 53.1m at 0.74% Ni and 0.15% Cu.

NAD10-220 intersected 23.3m of disseminated, stringer to massive sulphide mineralisation grading 2.58% Ni and 0.41% Cu which included the high
grade massive sulphide zone from 338.55m. Subsequent holes NAD10-221 and 223 also intersected the sulphide zone 100 and 200 metres up dip to the east. Both these drill holes intersected intervals of largely disseminated sulphide mineralisation for which assays are pending. The mineralisation remains open down dip to the west.
Managing Director Duncan McBain said “This exciting result highlights the otential for the Sleeping Giant zone to host high grade nickel – copper sulphide mineralisation as well as the disseminated mineralisation previously reported. The high grade mineralisation definitely adds to the Sleeping Giant story”. The Phase II drilling programme at Sleeping Giant comprised 7 drill holes totalling 2,036.4m.
The programme was designed to test for extensions along strike and up plunge to the north, and up dip to the east of the original discovery drill holes. All drill holes intersected variable zones of disseminated, stringer and net-textured sulphide mineralisation with occasional narrow intervals of massive sulphide corresponding to the Sleeping Giant Zone. Drilling has
now confirmed the presence of sulphide mineralisation for at least a 500 metre strike length and up to 300m down dip with the zone remaining open in all directions. Further assay results are awaited.

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 Cdn$15m 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.

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