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Article in Australian Today.....

It drew little attention, but parcels of shares in mineral sands hopeful Image Resources have been changing hands as UBS Securities sold down some of its stake, crystallising a profit from its faith in this junior. The UBS boys got some of those shares by converting 25c options, for which they paid about 20c. On one day when UBS was selling, Image shares were trading around $2.

Apart from the good profit margin (and UBS remains on the Image register), the institution was in there because it had taken a good look at the explorer and the people running it. As it turned out, their faith was justified, with Image now sitting on what looks to be a high-grade mineral sands find at Cooljarloo in Western Australia.

One of the catalysts for the UBS sell-down was the desire of some Singaporean bankers to get a slice of Image. Last week the Image directors also sold down some of their shares to the Singaporeans (although the directors then exercised some of their options, leading to a net overall increase in their holdings).

The Singaporeans now have about 7.9 per cent of the junior - and we understand that it has been made clear to Image that, when it comes to developing Cooljarloo, the money will be made available.

This means Image is no longer in a buyer's market, depending on one of its neighbours - Iluka Resources or the TiWest partners - to make an offer for the heavy minerals. The move into Image is a further sign of how Singaporean money is seeking a piece of what is left of the Australian resources pie after the big chunks have been swallowed by the Chinese, South Koreans and Japanese.