IMX Resources has sold a key uranium asset in a bid to fund further exploration programs in South Australia.
The sale, which includes the Four Mile uranium project, was sold to Anglo Pacific Group for a reported $6 million.
According to the company, the sale will benefit shareholders and allow them to secure additional funding with the current market conditions.
The sale will reinforce IMX’s financial position and fully fund the company until June 2010.
IMX will now focus on exploration at its Mt Woods tenements in South Australia to develop a range of magnetite, copper and gold resources.
The sale is subject to regulatory consents and settlement is expected within 60 days.