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Lithex Resources Gains Substantial Shareholder

Lithex Resources (ASX: LTX) has added new substantial shareholder Jason Peterson to its register with a 5% interest.

Peterson recently acquired 4.7 million shares for a total consideration of A$214,855.

Lithex is moving to more than double the size of its flagship Munglinup Graphite Project in Western Australia with the submission of an application for a fifth tenement exploration licence.

The Munglinup Project is located along strike and contiguous with the eastern and southern sides of Graphite Australia's Munglinup Deposit, which is anticipated to be Western Australia's first commercial graphite mine.

Pending approval by the Western Australia Department of Mines and Petroleum, the new exploration licence will add 200 square kilometres to the project, taking the total holding to 406 square kilometres.

Increasing the prospectivity of the new exploration licence under application, the area contains the Young River Graphite Deposit - an area comprising known historical graphite occurrences and reported to be of similar geological style and quality to the Munglinup Graphite Deposit.

Currently there is no defined Resource for the Young River Graphite Deposit. The Young River area is also prospective for nickel and vermiculite mineralisation.

Lithex is planning an initial near-term field visit to undertake geological mapping and sampling of the known historical graphite occurrences and to determine their potential significance.

The company held around A$2.5 million in cash at the end of December 2012.

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