IMX Resources (ASX: IXR) managing director Duncan McBain has resigned from the board and will undertake the role of CEO pending the appointment of a new managing director.
Over the past four and a half years McBain has taken IMX from being a multi commodity explorer to an iron ore producer and steel making raw material and copper explorer.
The company will immediately commence both a local and international search for a suitable replacement for McBain.
IMX continues to deliver a string of positive news from the 51% owned Cairn Hill project, with the latest a 139% boost in the Phase 2 Resource to a JORC 8.37 million tonnes at 46.7% iron with a 35% iron cut-off grade.
The significance of the Phase 2 resource upgrade is the economies of scale have improved at the site, which the company plans to bring into production by March 2012. Mine planning and optimisation studies are already underway.