Impact Minerals Earns 51% Interest In The Xade Cu-Ni-Pge Project, Botswana

Impact Minerals Limited (ASX: IPT) is pleased to announce that it has earned a 51% participating interest in the Xade Nickel-Copper-PGE project in Botswana where drilling is in progress.

The Xade Project covers a poorly explored gabbro intrusion (the Xade Complex) in central Botswana with excellent potential to host deposits of copper-nickel sulphides and PGEs. The project is close to excellent infrastructure and the World Class Orapa diamond mine (Figure 1).

Impact entered into an option agreement with private company Manica Minerals Limited (Manica) to spend US$1.2 million over two years to earn a 51% interest in the Xade project and this requirement has now been met.

Impact has until the 19th February 2013 to elect to proceed to a Joint Venture with Manica and a further 90 days to elect to increase its interest in the project to 75% by defining an Indicated Mineral Resource.

Drilling commenced at the Xade project in November 2012.

To date, three of five planned pre-collars to test areas of interest identified from airborne magnetic data and geochemistry studies have been completed and a fourth is in progress (Figures 2 and 3). Diamond drilling has been completed at one hole and detailed interpretation of the core is in progress.