Continental Nickel Amends Arrangement Agreement with IMX

Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or "CNI") announces
that it has entered into a second amending agreement with IMX Resources Limited
("IMX") in relation to the proposed arrangement with IMX (the "Arrangement").
The amendment was implemented as a result of certain proposed Canadian tax
changes and means that the common shares of Continental will be acquired under
the Arrangement by IMX directly rather than by a wholly-owned subsidiary of IMX.
No other changes to the Arrangement were made and shareholders will receive the
same consideration directly from IMX. 


As previously announced, under the proposed Arrangement each Continental
shareholder will receive 3.7 IMX ordinary shares plus 0.5 of an ordinary share
purchase warrant for each Continental common share held. Each whole warrant will
entitle the holder to acquire one IMX ordinary share at an exercise price of
A$0.60 or C$0.62 per IMX ordinary share (at the sole election of the holder) and
will expire three years from completion of the Arrangement. Any Continental
common shares acquired on exercise of existing Continental options prior to the
completion date of the transaction will participate in the Arrangement.


Shareholders are reminded that the special meeting of shareholders of CNI called
to consider the Arrangement will be held on September 12, 2012 and shareholders
are advised to carefully review the information circular mailed to Continental
shareholders. Shareholders are further reminded that the deadline for proxies to
be received is 48 hours (excluding Saturdays, Sundays and statutory holidays in
the City of Toronto, Ontario) prior to the time set for the special meeting or
any adjournments or postponements thereof.


Subject to obtaining the approval of CNI shareholders at the Shareholder Meeting
and the approval of the Ontario Superior Court of Justice (Commercial List) and
satisfying certain other conditions, including receipt of all necessary
regulatory approvals, the proposed Arrangement is currently anticipated to close
in September 2012, following the date of the Shareholder Meeting.


About Continental Nickel

Continental is focused on the exploration, discovery and development of nickel
sulphide deposits in geologically prospective, but under-explored regions
globally. The Company's key asset is its 75% interest in the Nachingwea project
in Tanzania. The project is a 75:25 joint venture between the Company and IMX
Resources Limited. The Company also has an option to joint venture on the St.
Stephen project in New Brunswick, Canada where the 2010-2012 diamond drill
programs discovered new Ni-Cu sulphide zones. 


As at the date of this release, the Company has 42,793,508 common shares issued
and outstanding (46,866,008 on a fully-diluted basis) and trades on the TSX
Venture Exchange under the symbol CNI. The Company had over $6.6 million in the
treasury as at March 31, 2012.


On behalf of

Continental Nickel Limited

Dave Massola, President and CEO 

About IMX Resources Limited 

IMX Resources Limited (ASX:IXR) is an ASX listed company headquartered in Perth,
Western Australia. 


IMX is a mining and mineral exploration company with an iron ore mining
operation in South Australia, and a pipeline of advanced exploration projects in
Australia and Africa, focusing on iron ore, nickel, copper and gold. 


IMX operates and owns 51% of the Cairn Hill Iron Ore Mining Operation, located
55 kilometers south-east of Coober Pedy in South Australia, where it produces a
premium coarse-grained magnetite-copper-gold DSO product with a clean saleable
Cu/Au concentrate, at a rate of 1.7 Mtpa. 


In Tanzania, IMX holds an approximate 53% beneficial interest in the Nachingwea
Nickel Project in southern Tanzania, operated by 75% JV partner Continental
Nickel Limited (TSX VENTURE:CNI). IMX has an approximate 37% direct equity
investment in CNI and a 25% interest in the Nachingwea JV Company. 


IMX is actively developing the Mt Woods Magnetite Project on the highly
prospective Mt Woods Inlier in South Australia. IMX owns 100% of the iron ore
rights of the Mt Woods tenement package. IMX has also entered into a joint
venture with OZ Minerals (the Mt Woods Copper-Gold JV Project) to explore the Mt
Woods tenements for copper and gold. OZ Minerals is spending a minimum of A$20M
for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in
the non-iron rights. 


IMX owns 27% of Uranex (ASX:UNX), a dedicated uranium exploration company which
is developing the Mkuju Uranium project in southern Tanzania. 


Visit: www.imxresources.com.au