13 Nov 2014

Intex Resources ASA today published its third quarter results for 2014. For Q3 2014 Intex recorded a loss of USD 0.9 million compared to a loss of USD 2.0 million in Q3 2013. The Company's main priorities have been on partnership discussions, preparatory activities for paving the road to lift the mining moratorium on Mindoro, governmental dialogue, and perfecting the Company's permits. 

Highlights for the third quarter and important subsequent events include: 

  • Offer for Mindoro Nickel received on 21 October from a Chinese consortium - the offer is currently under evaluation 
  • Intex confirms strategic discussions with select number of Philippine industrial partners 
  • Operating loss in line with previous quarters - the operating loss (EBIT) for Q3 2014 ended at USD 0.9 million vs. USD 2.0 million for Q3 2013. 
  • The settlement of the sale of 8.9 million treasury shares was extended in accordance with terms of the agreement 

During the third quarter, including subsequent events, Intex has enjoyed a greater attention of its Mindoro Nickel project. The Company confirmed strategic discussions with a select number of Philippine industrial players and it also received, although unsolicited, an offer to acquire the project. The offer, which is currently under evaluation, is from a Chinese consortium and contains a small cash element and a free carried interest of 7.5% in the project. The Company will announce further details and its evaluation of it in due course. 

The current strategy of finding a local partner includes various forms of realization and co-operation alternatives, ranging from sale of assets, merger, joint-ventures and earn-in/farm in models - not unlike several other mining transactions. A domestic listing in the Philippines or elsewhere in Asia might also be an alternative. Intex today also confirms that it is still a mutual understanding between the industrial groups, that a partnership for the Mindoro Nickel project will create value for all parties well above the current market pricing. 

The work on increasing the social acceptability of the Mindoro Nickel project is an ongoing process. The Company has increased its work and is now reaching out with its social acceptance programs in a broader perspective on Mindoro, and in areas not affected by the Mindoro Nickel project. The reason for the broad reach-out is to pave the ground to lift the mining moratorium on Mindoro, which will be important for subsequent permits for the project. This will have a direct impact on valuation of the project under current discussions. 

Oslo, 13 November 2014

Henno Grenness

CEO

Intex Resources ASA


For further information, please contact:
Intex Resources ASA
Munkedamsveien 45F
0250 Oslo, Norway

Tel: +47 2311 3344
Fax: +47 2311 3345
Email: info@intexresources.com

About Intex Resources:
Intex Resources ASA is a diversified mineral exploration company, based in Oslo, Norway. The company is dedicated to the responsible development of natural resources. Intex's main asset is the world class Mindoro Nickel project, located in Mindoro, The Philippines.
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