IMX Resources Announces Closing of Acquisition of Continental Nickel by Plan of Arrangement

Continental Nickel Limited (TSX VENTURE:CNI) ("Continental") and IMX Resources
Limited (ASX:IXR) ("IMX") announced today that they have closed the plan of
arrangement (the "Arrangement") announced on May 16, 2012. 


Pursuant to the terms of the Arrangement, IMX has acquired all of the issued and
outstanding common shares in the capital of Continental that it did not already
own. Shareholders of Continental (other than IMX) received 3.7 ordinary shares
in the capital of IMX and 0.5 of an ordinary share purchase warrant of IMX for
each Continental share held. 


As a result of the Arrangement, Continental shares are expected to be delisted
from the TSX Venture Exchange at the close of trading on September 18, 2012, and
will resume trading as IMX shares on the Toronto Stock Exchange under the ticker
symbol IXR. 


Registered shareholders of Continental are reminded that, in order to receive
the consideration under the Arrangement, they must complete, sign, date and
return the letter of transmittal prepared in connection with the Arrangement to
the depositary, Computershare Investor Services Inc., in accordance with the
instructions specified in the letter of transmittal and management information
circular prepared by Continental in connection with the special meeting of
Continental shareholders called to consider the Arrangement. Beneficial
shareholders are advised to contact their bank, trust company, securities
broker, trustee or other nominee or intermediary to determine how to receive the
consideration.


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 Mining Operation, located 55 km
south-east of Coober Pedy in South Australia, where it produces a premium
coarse-grained magnetite-copper-gold DSO product at a rate of 1.7Mtpa. 


In Tanzania, IMX holds a 100% beneficial interest in the Nachingwea Nickel
Project in southern Tanzania, which is managed and operated by its wholly owned
subsidiary, Continental Nickel Limited. 


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 25.65% of Uranex NL (ASX:UNX), which is a dedicated uranium exploration
company, which is developing the Mkuju Uranium project in southern Tanzania. 


Visit: www.imxresources.com.au. 

About Continental

Continental Nickel Limited (TSX VENTURE:CNI) 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 Nickel Project in Tanzania. The project is a
75:25 joint venture between Continental and IMX. Continental also has an option
to joint venture on the St. Stephen project in New Brunswick, Canada where the
2010-2012 diamond drill programs discovered Ni-Cu sulphide zones not previously
identified. 


Visit: www.continentalnickel.com.