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Mindax Limited To Update Proposed JV At Mt Forrest

Mindax Limited (ASX:MDX) is preparing to reveal details of the outcome of negotiations on the proposed joint venture at the company's Mt Forrest iron ore project.

Discussions have been continuing with the Hong Kong based Perpetual Mining Holding Limited.

The project comprises seven mining leases and is located 165 kilometres from the southbound railway at Menzies and around 648 kilometres from the port at Esperance.

Mindax has discovered and built a significant iron ore inventory in beneficiated magnetite and DSO materials.

The current primary magnetite JORC Resource stands at 1.71 billion tonnes at 31.8% iron (248.2 Mt at 32.6% iron Indicated and 1,462.4 Mt at 31.6% iron Inferred).

Recoveries from extensive Davis Tube Recovery (DTR) analysis are in the range 35-40% by weight and concentrate iron grades are of the order of 66-70% iron, 2.5-7% SiO2.

The halt will remain on place until the opening of trade on Tuesday 22nd July 2014, or earlier if an announcement is made to the market.

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