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  • Mindax Makes Board Appointments  0 comments
    Apr 18, 2013 2:52 AM

    Mindax (ASX: MDX) has appointed experienced Chinese businessman Yonggang Li, who has significant exposure to iron ore mining and the Chinese market in general, as non-executive director.

    The addition of Li to the Board will provide Mindax with additional expertise as it progresses its flagship Mt Forrest Iron Project, particularly with China being the largest market for iron ore globally.

    Chenfei Zhuang has been appointed as an alternate director to Li.

    Zhuang is a substantial shareholder in Mindax and joint venture partner on the Meekatharra North Gold Project.

    Most recently, Mindax has identified three new detrital iron areas that host a continuous bed of iron mineralisation from first phase drilling at its Mt Forrest Iron Project in Western Australia.

    Importantly, this iron rich material may potentially beneficiate into a saleable product and has the potential to quickly add to the project's iron resources with thick historic intersections of up to 25 metres.

    Most samples had grades above 40%, according to XRF analysis, with a peak grade of 56.8% reported.

    Mindax is close to securing a partnership with Hong Kong based Perpetual Mining for Mt Forrest.

    The deal has the potential to fast track the project and be transformative for Mindax.

    Under the proposed memorandum of understanding framework, Perpetual Mining will acquire up to a 51% interest in the project's Direct Shipping Ore (DSO) rights and up to 49% in the project's magnetite rights.

    Perpetual Mining will spend up to $52 million by way of farm-in to propel the development of Mt Forrest.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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