Intex Resources ASA is pleased to announce that it 
has engaged CIBC World Markets (CIBC) as a financial 
advisor, and the law firm Wiersholm, Mellbye & Bech 
(Wiersholm) as its legal advisor, to assist the 
company with its stated goal to conduct a potential 
strategic transaction for its main asset, the world 
class Mindoro Nickel project, located on the island 
of Mindoro in the Philippines.

As previously announced, Intex Resources has received 
the Mindoro Nickel Definitive Feasibility Study (DFS) 
which was completed by Aker Solutions in February 
2010. According to the DFS, the estimated annual 
production from Mindoro Nickel is 52 700 tonnes of 
LME-grade nickel briquettes, 15 920 tonnes of cobalt 
sulphate, 74 100 tonnes of chromite concentrate, and 
147 100 tonnes of ammonium sulphate. Other potential 
marketable products include zinc sulphide (1 490 
tonnes per annum) and electricity. Power will be 
generated from steam produced by burning sulphur 
rather than fossil fuel. This will produce 110MW, of 
which 90MW will be used by the plant. 

The Mindoro Nickel DFS estimates a capital cost of 
USD 2 455 million, including a contingency of USD 339 
million, which gives the project a low capital 
intensity of USD 21 per pound nickel annually. The 
DFS also estimates a direct cash cost of USD 2.11 per 
pound nickel metal, and a direct cash cost after 
credits of USD 0.56 per pound of nickel metal. This 
makes the project a substantial low cost producer of 
nickel close to the Asian markets. 

Based on this study, Intex has calculated an estimate 
of after tax project IRR of 23.6%, and an estimated 
after tax NPV of USD 3 293 million (8%) at a long-
term nickel price of USD 8.25 per pound.

For further information and particulars of the DFS 
please refer to our announcement made on February 19, 
2010 which hereby is incorporated by reference, 
including the disclaimer contained therein.

CIBC is a leading global metals and mining investment 
bank with an in-depth knowledge of both the global 
nickel industry and the mining framework of The 
Philippines. 

Wiersholm is a leading Norwegian law firm with a 
strong focus on international transactions and 
extensive experience in assisting publicly listed 
companies throughout such processes.

Intex Resources ASA is a diversified mineral 
exploration company based in Oslo Norway. The company 
is listed on the Oslo Stock Exchange (OSE:ITX), and 
is dedicated to the responsible development of 
natural resources.  


Erlend Grimstad
President & CEO
Intex Resources ASA



For further information please contact:

Andrea Båsen, VP Corporate Development & IR
Phone:	+47 23 11 33 40
Mobile:	+47 412 39 704
Email:	ab@intexresources.com


Intex Resources ASA
Munkedamsveien 45 A
0250 Oslo
Norway
NO 976 094 875 MVA

Phone:	+47 23 11 33 44
Fax:	+47 23 11 33 45